The relationship between payment service providers (PSPs) and casino operators became the hot topic in the financial news of the gambling industry. And with many jurisdictions putting new gambling regulations in place, it’s also necessary to establish effective communication between the government, ops, and PSPs.
During the SBC Summit Barcelona, a panel named “The Cooperation Game” has pointed out the peculiarities of this relationship, discussed regulations and compliance in the payment sector, and outlined the best tactics for the cooperation of PSPs and gambling ops. Read this Login Casino news article to learn the experts’ opinions on the topic.
Experts’ insights into the topic
Olga Golikova, Head of Payments at Parimatch Tech, has spoken about two sides of the cooperation in the payment niche of iGaming – the relationship between casino ops and gambling authorities, and between operators and payment providers. The expert believes that the regulators should allow gambling companies to participate in setting the new rules. As an example, Golikova talked about a newly established jurisdiction in Ukraine, where the government created an expert committee, in which ops could voice out their concerns and suggestions about the gambling law. As for the cooperation with PSPs, Golikova notes that both the legal and product sides should be considered.
Elisabeth Isaksson, Director of Compliance at SlotsMillion, has noted that adding a layer of personal touch can strengthen the relationship between the gambling operator and the payment company. For instance, when the casino enters a new iGaming market, the payment service provider can help with localization and review the casino site or payment flow, etc. The expert has also highlighted that it’s important to ensure that the payment methods on the gambling platform are optimized for the right market.
When asked about compliance in the payments sector, Isaksson explained that ops and PSPs should cooperate to maintain the highest level of user experience. The expert stated that both sides should be aware of the regulations and help each other to meet all the requirements.
Jake Dovey, CEO and founder of Rubiks Tech, has added that a lot of PSPs misinterpret the new regulations and it has become a major concern for casino firms. Dovey has also stated that the payment provider is the closest partner of any casino company. So, operators need to be fully transparent and share their business strategy with the PSPs. Otherwise, a gambling company could miss out on opportunities for business growth.
Speaking from the operator’s side, Olga Golikova has highlighted the need to bolster transparency in the gambling sector. However, not all casinos and betting are ready to share all operational data, especially the information concerning VIP clients, limits, and gross gaming revenue of the company.
Read more: Stock market futures explained
Read more: Comprehensive guide to blockchain stocks