In the realm of sports betting and iGaming, ensuring responsible gaming (RG) and steadfast compliance isn’t just a necessity—it’s an ethos. Jess Feil, VP of Regulatory Affairs & Compliance at OpenBet, has navigated the intricacies of regulatory affairs and compliance for several years, and certain strategies have emerged essential for operators.
She shares five approaches she believes can significantly sharpen an operator’s stance on RG and compliance.
1. Research and data must be a guiding light
Quality research that’s driven by independent parties with verifiable methods must be the foundation of our efforts. It’s not just about implementing best practices—it’s about understanding the rationale behind them.
For example, Dr. Michael Auer and Andreas Schneeberger have more than 15 years of unparalleled experience in developing software and services tailored for the industry, based on research that is peer-reviewed and published in reputable, academic journals. It is great that they are now part of the OpenBet family to further elevate our Protect proposition.
Setting deposit limits, recognizing and addressing loss-chasing behaviors, making the most of cooling-off periods—these aren’t just operational procedures; they’re strategies rooted in a deep understanding of player behaviour and welfare. These insights allow us to craft interventions that are both effective and empathetic. We are, after all, dealing with real people, with real emotions and challenges.
2. Staying ahead with advanced technology
The landscape of our industry is constantly changing, and we need to evolve with it. Integrating advanced technological solutions will ensure we can better monitor and respond to potential risks. Whether it’s employing RG technology, implementing rigorous anti-money laundering measures, or deploying sophisticated fraud detection systems, it’s crucial to remain proactive, not reactive. These systems are necessities.
RG and compliance should not be about doing just what laws and regulations require, but striving to be best in class and industry leaders in this space. OpenBet is focused on integrating and creating the latest tools and technologies that will ensure our operator partners are at the forefront of this space. This commitment ensures our betting systems are elevating player protection, which is an essential component of why players choose to bet with us.
3. Recognizing the power of customisation
Every jurisdiction comes with its unique nuances, and a one-size-fits-all approach simply won’t do. In my experience, flexibility in tailoring strategies to individual jurisdictions is essential. By ensuring solutions are adaptable, operators can remain agile in their response to diverse regulatory requirements without getting bogged down by complex technical adjustments. This means tailoring interventions, communications, and processes to resonate with diverse player demographics, all while upholding the core tenets of RG and compliance. It also means providing the data and reports that regulators are looking for, so there is transparency and the ability to evaluate the efforts we undertake with RG and compliance.
4. Harnessing real-time insights and AI
In today’s digital age, the value of real-time insights is irrefutable. By continuously collecting and analyzing data we gain a clearer understanding of player behaviors, enabling early risk detection and more targeted communication strategies. But collecting data alone is not enough—it’s about drawing actionable insights from it.
OpenBet’s AI-driven solution, powered by Neccton, is adept at constantly collecting and analysing player data and refining its algorithms with every new piece of information. Through this seamless collection of data and interaction with players, we can detect concerning patterns before they escalate. In turn, that ensures that players keep their betting as fun entertainment, which is essential not just to player protection but also to the long-term sustainability of the industry.
5. A comprehensive one-stop solution
Finally, an integrated approach to RG and compliance is a game-changer. By consolidating our efforts into a single, unified platform—addressing everything from anti-money laundering to customer relationship management—we can streamline operations and ensure that every aspect of the player experience is guided by a commitment to safety and responsibility. This not only leads to substantial cost savings but also ensures a swift time-to-market.
By prioritising research-driven strategies, leveraging cutting-edge technology, embracing flexibility, and taking a holistic approach, operators can create an environment that champions both player safety and operational excellence.
