Seasons change,TikTok trends come and go but year in year out, the importance of comprehensive compliance never goes out of fashion.

Just like any other industry in this world we live in, iGaming is definitely not immune to trends, and why would it be. A new slot takes the scene by storm, crash games become the hottest thing out there and all of a sudden sports betting is everywhere, from Premier League shirts to the endless sponsored segments in the four major American sports leagues.

But as the inevitable tide of innovation pushes the boundaries of what can and/or should be done, this can sometimes create unexpected problems from the legality point of view. What if a great visionary mind comes up with something that is completely unprecedented and there is no legislation to tell operators, or even more interestingly, the regulatory bodies how to handle the situation?

In a situation such as this one, having an agile compliance partner who is able to adapt to new situations is crucial. You have to be able to adjust on the fly as introducing wholesale changes through regulatory bodies is often like doing a hairpin turn with a freight train: it takes a lot of resources, effort and most importantly, time.

This is something that operators often do not have, as new trends can in today’s ecosystem explode within a few days to a global phenomenon, leaving stunned operators scrambling to catch up if they don’t have the means to react quickly enough to either protect themselves. Or conversely, to gain advantage of the newest developments in the industry and the profits that are out there if you jump aboard the hype train early enough.

On the opposite end of the spectrum, once new regulatory changes are brought to power for all the right reasons, they can inadvertently create worrying consequences that are currently plaguing especially certain jurisdictions. While player protection is something which is absolutely essential to keeping the industry alive and healthy, overregulation and overtaxation has been shown to have the adverse effect, choking the licensed operators and driving players to the arms of unlicensed operators.

Luckily there are companies like BetComply who specialise in such markets, allowing operators to navigate the strict regulations while still staying operationally efficient and contributing to the degree of profitability. Because you know what really hurts the bottom line? Losing your license, being fined for non-compliance or not seeing your new game idea come to life as you didn’t realise the compliance efforts you need to take to make it happen. This is why the operators need to ensure that they never let things get this far, no matter how strict or inconvenient the regulations may appear at first.

The current situation where there is an abundance of choice allows the players to have more freedom of choice but it comes at the cost of often having zero protection, something which is especially detrimental to the vulnerable individuals. This leaves the compliance matters to the hands of the operator who are not bound by traditional, government backed regulations, but luckily we are beginning to see more and more operators who choose a more responsible way of doing business. This often happens when they start to grow and attract wider attention as while doing so, the reality of consequences starts to loom ever larger in the sidemirrors.

Regardless of the heading the industry starts to steam next, the requirement to comply with the prevailing regulations, regardless where you are, will never go away. Even operators who do not hold a license from a certain region must have their wits about them to prevent any legal issues stemming from these regions, as local regulators are becoming more and more territorial and the ever increasing use of VPNs makes policing this sometimes difficult. Robust infrastructure and controls are needed to ensure clientele from these regions cannot access your services.

The gambling industry is a highly regulated one and for a very good reason. However, in the age of automation and social media, things are moving at breakneck speed, underlining the importance of constant oversight and internal controls for any serious operator to ensure the longevity of their business.

The best way to stay on top of your compliance, wherever you are located, is with a partner who has a proven track record spanning the globe. You know, like BetComply.