You previously worked for major operators like 888 Holdings and DraftKings, as well as for the provider SBTech, and now you are the Senior Compliance Director at a prominent provider such as Soft2Bet. How can this learning about the perspective of operators in terms of regulation and compliance be taken advantage of and applied in your current role at the company?
It has definitely been a valuable journey and a productive experience, both from an operator and a supplier perspective. The previous experience that I brought with me working for these industry giants was and still is inestimable and helpful. Applying everything that I have learned to a rapidly growing company such as Soft2Bet, is an amazing opportunity. In this sense, Soft2Bet is constantly developing and shaping into a first tier operator, while significantly growing its personnel and the number of markets that it is looking to enter into. Besides, Soft2Bet understands and dedicates considerable time to its compliance and regulatory efforts. Moreover, Soft2Bet’s commitment to creating a compliant environment underscores its dedication to maintaining high standards, which we take pride in.
What is the daily internal work of the compliance and legal area within Soft2Bet like?
The daily work within the legal and compliance departments at Soft2Bet is characterized by a dynamic and closely integrated collaboration. These teams engage in regular, in-depth discussions and joint strategizing to navigate the ever-evolving landscape of the online gambling industry. On a typical day, the legal team focuses on ensuring all operational activities are in line with legal standards, from contract negotiations to regulatory compliance. Concurrently, the compliance team dedicates their efforts to monitoring and enforcing adherence to both internal policies and external regulatory requirements. Their work is critical in identifying and mitigating legal risks, thereby safeguarding the company’s interests. This synergy is particularly evident during key projects such as market expansions, licensing processes, and acquisitions. In these instances, the legal team leads the charge in terms of negotiations and contractual aspects, while the compliance team brings invaluable insights into regulatory nuances. This collaboration certifies the successful acquisition of licenses and also the effective launches in new markets, exemplifying the essential role these departments play in the daily operations of Soft2Bet.
I imagine it’s both a motivation and a way of learning because you have to read tons of information about laws and markets, and each market represents a different challenge.
I have to admit that this work motivates me. Working in various jurisdictions with multiple regulators is what makes this job so interesting and fulfilling. Every day may bring with it new challenges, which encourages me to remain focused and ensure that I support the needs of the company properly. Therefore, working in the compliance sector in this industry is, in my opinion, fascinating and dynamic. Adding the fact that a company as Soft2Bet is constantly looking to grow and remain competitive. This allows me to enjoy my everyday tasks in a prosperous and valuable way.
Many times, people in the industry outside of this specific sector are unaware of the exhausting process it takes to obtain each license to approve the distribution of a new gaming product in a territory. Could you shortly describe that process, the challenges you face, and how your company can overcome them?
The licensing process differs from one market to another, with each market involving unique and new requirements and unexpected challenges. In order for S2B to achieve its goal of obtaining a license in a new market as swiftly as possible, it must first understand and evaluate the licensing and technical requirements (particularly, any new and unique ones that do not resemble the requirements in any other market where the company already operates, e.g. language, special reportings, submission deadlines, special approval processes, etc.). We, in the Compliance team, must then communicate the requirements clearly to the business, mainly to the product and R&D teams which we work very closely with. After that, they are able to determine the efforts it entails to apply and obtain the license, while putting necessary resources to make sure our products are fully compliant with the new regulations, and remains such during the operational cycle. In order to overcome regulatory challenges, the key is for operators to maintain flexible and adaptable activities to any regulatory changes that often take place, whether it relates to advertising restrictions or new reporting/testing requirements.
What is your point of view on the complex current legal and regulatory landscape in Europe, considering the increasing restrictions that regulators are implementing in the industry on this continent?
I honestly think that the main issue here for the industry is the lack of a meaningful, constant and transparent collaboration between all key players in the sector. I’m referring to operators, suppliers and regulators, with regards to new regulations that often involve rigid restrictions and country wide bans. There is definitely an increased need for proper communication channels in various EU markets prior to applying significant and impactful regulatory changes. There are few regulators in the EU that do appreciate this and follow this route prior implementing new changes, but I believe that we should see more regulators going through this process of consultation with the industry, and ensuring all voices are heard.
Which were the last licenses Soft2Bet obtained in 2023? What other markets are you going to focus your attention on in 2024 and why?
As an ambitious company, we are very proud of what we achieved during 2023, and are very excited about what is yet to come in 2024. In 2023, we added some major licenses to our portfolio: the Romanian license, the Italian license and the Greek license. As we recently launched our first brand in Romania, we are very excited to operate in this competitive market, and offer players our unique products and services. Taking a look into 2024, we are working vigorously towards obtaining a license in Ontario, Portugal and Germany. The U.S. is obviously a strong target for 2024, as it is an attractive market where we are looking forward to operating and offering our exceptional products.