Should you outsource your gaming compliance needs?
Outsourcing gaming compliance functions of an online gambling or sports betting company to an expert consulting firm can mean several benefits for your team. Many internet gaming companies already outsource specific portions of their compliance responsibilities, including Know Your Client (KYC), geolocation, security assessments, AML assessments, and financial audits.
Over the next few weeks, we will take a look at how specific areas of your compliance function can be outsourced in an economical and efficient way, while allowing your organization to maintain full control over the decisions made in relation to corporate compliance.
Access subject matter experts in an ever-changing regulatory landscape
Regulatory requirements in the online gambling industry are dynamic. Consulting firms provide continuous monitoring of regulatory changes, ensuring that the company remains in compliance and adapts to new legal developments promptly. The online gambling and sports betting industry specifically is subject to complex and ever-changing regulations. Compliance consulting companies specializing in this field can provide up-to-date knowledge and expertise in navigating the legal landscape, ensuring the company’s operations adhere to all relevant regulations.
Leveraging relationships with regulators worldwide
Additionally, online gambling often involves operations in multiple jurisdictions, each with its own set of regulations. A compliance consultant experienced in both the domestic and international landscape can help you navigate and comply with diverse regulatory requirements. Having a one-stop shop for all areas of online gaming compliance can save on staffing costs, compared to directly hiring, onboarding, and training a specialist in all jurisdictions and areas of compliance.
Consultants can also leverage their relationships with regulators worldwide to benefit your organization. Consultants with established relationships with regulators often have valuable knowledge and insights into regulatory expectations, priorities, and upcoming changes. In the fast-changing world of online gaming and sports betting, many “rules” are not written in regulations; instead, operators are expected to have information that can only be gathered by having a strong working relationship with your local regulator. By maintaining open lines of communication with regulators, consultants can provide clients with insights into regulatory expectations and potential changes. This allows clients to adopt preemptive compliance strategies, ensuring that their operations align with both current and future regulatory requirements.
Developing a strong and dedicated partnership with seasoned experts
Partnering with an external consulting firm can also help with internal turnover and knowledge loss when key individuals leave the company. For example, Odds On Compliance maintains a deep bench of staff who can be called on as much or as little as needed – this includes former regulators, operators, gaming attorneys, independent test lab analysts, auditors, and more. If an online gaming company faces resignations in key areas such as anti-money laundering, responsible gaming, or technical compliance, a consulting firm can step in and bridge the gap until a replacement can be found. The longer a partnership with the consultant lasts, the more benefit the client will receive from the institutional knowledge gained into the company’s inner workings.
Expertise when you need it
Ultimately, a gaming compliance consultant can provide tangible value by being a dedicated partner in navigating the intricate landscape of gambling regulations. Their expertise allows companies to operate with confidence, knowing that they are not only meeting current compliance standards but also adapting to future regulatory changes in a strategic and informed manner.
It’s important for online gambling and sports betting companies to choose a compliance consultant with a strong track record in the industry and a deep understanding of the specific challenges and regulations that apply to their operations. Regular communication and a collaborative approach between the company and the consultant are also key to a successful outsourcing arrangement.
Stay tuned in the coming weeks as we break down the different roles an outsourced compliance consultant can fill for your team.