American Gaming Association

Reg-tech – Easing the burden on compliance teams

Published

5 months ago

November 22, 2023

reg-tech-–-easing-the-burden-on-compliance-teams

Greg Ponesse, Chief Revenue Officer at Compliable

The year is coming to an end, and we can look back at an interesting 12 months that have seen the US betting and gaming landscape further expand into three new states, Vermont, North Carolina and Kentucky.

The American Gaming Association (AGA) recently released numbers that showed commercial gaming revenue was boosted in Q2 of 2023, hitting a record of $16.07bn. The impressive results marked the 10th consecutive quarter of growth for the industry.

Yet, some operators have had to navigate through choppy waters, with news stories from the last 18 months including Churchill Downs, MaximBet, PlayUp, Fubo, FOX Bet and WynnBet closing or pulling out of states as they struggle with profitability.

Sports betting, the main legalized vertical in the US, is such a low margin business that the ability to save money anywhere in operations is so important. Competition is extremely high, and the sports betting markets in the majority of legalized states have been dominated by a handful of behemoths such as DraftKings and FanDuel.

While these operators have large compliance teams to cope with the fragmented regulatory landscape that exists across states in the US, smaller to medium-sized companies have fewer resources to handle ever-changing regulations while also preparing for new states opening up.

Historically, if not handled by an internal team of compliance staff, regulatory issues were simply given to outside counsel with their associated high legal fees. Furthermore, overstressed smaller compliance teams leave room for mistakes as a result of human error which can lead to large regulatory fines.

The number of reg tech solutions now available in the gambling space can be hugely beneficial and can drive down costs in a number of ways, with one of the major advantages being that companies can benefit from compliance work that is being done in one market across similar jurisdictions.

Despite a lack of common regulatory approaches in legalized US states, there are still many similar obligations, and with technology, the process to complete these tasks can be automated. Licensing of employees and reporting of revenues or other data are common compliance duties that most regulators require. This type of requirement can easily be handled by technology rather than employees, significantly increasing efficiency, and freeing the team to focus on higher level problems which can be critically important when launching in new jurisdictions.

Simply put, reg tech allows a smaller team to operate with the same skills and efficiency as a much larger team and can help cut costs while still maintaining operational compliance.

Even if fewer US markets are currently opening up compared with a few years ago, successful gambling operators and suppliers are targeting multiple states at a minimum. We have passed the point where any one person can be an expert on every gambling jurisdiction’s requirements and tech is a necessary component to help manage the processes.

As 2024 is approaching, we will see further regulatory developments in the US betting and gaming space and more consolidation cannot be ruled out as operators grapple with being profitable in a hyper competitive sector.

Reg tech can play an important part, cutting costs while streamlining and simplifying processes and procedures, helping operators to succeed in the exciting US market.

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AGA

DraftKings Set to Launch Mobile Sports Betting in North Carolina on March 11

Published

2 months ago

March 8, 2024

GamingAmericas.com

draftkings-set-to-launch-mobile-sports-betting-in-north-carolina-on-march-11

Today, DraftKings Incorporated (DraftKings) (Nasdaq: DKNG) announced plans to launch its top-rated online sportsbook in North Carolina on March 11, 2024. This announcement is the culmination of DraftKings’ continued work with stakeholders and regulators across North Carolina to offer fans a responsible form of sports betting. Earlier this year, DraftKings and NASCAR agreed to terms on a written designation agreement, paving the way for the digital sports entertainment and gaming company to operate in the state. Once live in North Carolina, the DraftKings Sportsbook will be available in 27 United States states, in addition to Ontario, Canada.

North Carolina is known for its strong sports culture, housing the majority of the NASCAR industry, professional teams in the NFL, NBA and NHL as well as several universities competing at the Division-I level. Starting from March 11, DraftKings will provide eligible fans in the state several new and responsible ways to get in on the action. DraftKings’ online sportsbook provides a wide variety of betting markets and key offerings such as same-game parlays, in-game betting, special odds boosts and more on a safe, regulated platform with various customer protections in place such as deposit and time limits, access to responsible gaming resource materials, cool off and self-exclusion features along with DraftKings’ all new My Stat Sheet, an innovative responsible gaming feature that shows customers exactly how much time they’ve spent on DraftKings and the total amount of deposits they’ve placed on the platform.

“With the NCAA Tournament right around the corner and the NASCAR season in full throttle, we are thrilled to be launching our top-rated sportsbook app in North Carolina,” the President for DraftKings North America, Matt Kalish, said. “‘The Tar Heel State’ is home to a passionate fanbase and some of the most iconic college basketball programs of all time, making this an exciting time to introduce legalized online sports betting. We’re proud to be working alongside NASCAR as our market access partner and look forward to enhancing the fan experience across North Carolina with a fun, safe and seamless sports betting product.”

To celebrate the launch of legalized mobile sports betting going live in North Carolina, DraftKings, in collaboration with NASCAR, is teaming up with Carolina Panthers legend Greg Olsen for a ceremonial first bet on March 11, 2024. The event will take place at the NASCAR Hall of Fame in Charlotte and feature remarks from Olsen as well as DraftKings Chief Commercial Officer Jeremy Elbaum and North Carolina State Representative Zack Hawkins.

In addition to hosting the ceremonial first bet in North Carolina on March 11, DraftKings is also recognizing Problem Gambling Awareness Month (PGAM) in March, led by the National Council on Problem Gambling (NCPG) to increase public awareness of problem gaming and the availability of prevention, treatment and recovery services. DraftKings works closely with the NCPG to highlight the company’s responsible gaming initiatives and resources such as cool offs, limitations, key partnerships and mental health services.

Both active members of the American Gaming Association (AGA), DraftKings and NASCAR are committed to promoting the AGA’s Have A Game Plan: Bet Responsibly public service campaign, which educates customers on responsible gaming best practices such as establishing and adhering to a budget and only engaging with legal, regulated operators. DraftKings is committed to creating inclusive and responsible pathways for people to build, create, imagine and innovate through the DraftKings SERVES program.

Eligible customers in North Carolina can access the latest betting markets and more by downloading the DraftKings Sportsbook app available via iOS and Android. DraftKings is committed to providing customers with resources to help bet responsibly. Customers can review DraftKings’ responsible gaming tools here. For additional problem gaming support or services, North Carolina customers can call 1-800-GAMBLER.

AGA

MEDIA ADVISORY AGA to Host State of the Industry Presentation, Release Report on Record-Breaking 2023 Commercial Gaming Revenue

Published

3 months ago

February 1, 2024

GamingAmericas.com

*media-advisory*-aga-to-host-state-of-the-industry-presentation,-release-report-on-record-breaking-2023-commercial-gaming-revenue

The American Gaming Association (AGA) will hold its annual State of the Industry presentation with AGA President and CEO Bill Miller on Tuesday, February 20 at 11:30 AM ET/8:30 AM PT.

During the presentation, the AGA will release full-year 2023 commercial gaming revenue numbers, discuss gaming’s third consecutive record-setting revenue year, provide analysis on the current gaming landscape, and preview AGA priorities for 2024.

Media are invited to a press call immediately following the presentation for Q&A.

What: AGA State of the Industry: Gaming’s Look Ahead & 2023 Commercial Gaming Revenue Tracker Release

Who: AGA President and CEO Bill Miller and Vice President, Research David Forman

When: Tuesday, February 20, 2024 at 11:30 AM ET/8:30 AM PT

Where: WEBINAR REGISTRATION | PRESS CALL REGISTRATION

For questions about this event or AGA’s Commercial Gaming Revenue Tracker, contact [email protected].

AGA

OKTO Joins American Gaming Association

Published

3 months ago

January 19, 2024

GamingAmericas.com

OKTO, a leading global digital payment solutions provider, proudly announces its ally membership with the American Gaming Association (AGA), the premier national trade group for the U.S. casino gaming industry. The membership solidifies OKTO’s dedication to the highest regulatory standards, continual support for responsible gambling practices, and the advancement of digital transformation in the industry.

As the national trade group representing the U.S. casino industry, the American Gaming Association (AGA) fosters a policy and business environment where legal, regulated gaming thrives. The AGA’s diverse membership of commercial and tribal casino operators, sports betting and iGaming companies, gaming suppliers, and more lead the $329 billion industry and support 1.8 million jobs across the country.

As a member of the AGA, OKTO aims to bolster its ability to provide advanced payment services to regional merchants while actively engaging with local authorities for a secure and responsible gambling ecosystem.

Theo Engelis, OKTO’s Vice President North America, expressed, “Joining the AGA allows us to contribute to the advancement of the American gaming landscape. OKTO is committed to upholding stringent regulatory standards and collaborating closely with local authorities to deliver innovative, secure, and efficient cashless payment solutions in the American gaming industry.”

OKTO will actively participate in member events to share our unique perspective on the digital payments’ environment. This commitment underscores OKTO’s dedication to remaining at the forefront of the American gaming Industry, fostering industry relationships, and supporting shared business objectives.

OKTO’s membership with AGA highlights its proactive contribution to the industry’s growth and responsible development, showcasing a commitment to excellence, innovation, and the promotion of a secure and responsible gaming environment.