During the online conference SBC Digital Payments, experts have discussed the hottest topics in the payments vertical of the gambling industry and news important for the finance side of the market.
The regulatory climate and risks in payments were the most crucial questions to raise. The event speakers provided their opinions on pitfalls and challenges, which both operators and clients face. In addition to this, they considered the trends that will have the greatest influence on the gambling business in terms of financial transactions.
Regulations need balance, compliance mitigates risks
Discussing the regulatory aspects, which frame the payments sector in the gambling industry, experts have emphasized that compliance with all the requirements is a challenging task. Olga Golikova, Head of Payments at Parimatch, has said that payments consist of many regulatory parts, puzzles, and it is difficult to understand each market and provider. This makes compliance really challenging. She has also added that the main goal is the balance between the regulatory bodies and operators. While regulators defend financial institutions and vulnerable customers, operators, in their turn, take into consideration their users’ preferences. At the same time, they also pay attention to the clients with the signs of problem gambling and are responsible for solving this problem as well.
Among other challenges that operators often face, the conference speakers also named outdated banking systems and friendly fraud. All experts have concluded that customers choose payment methods, which are easy and familiar to them. That is why operators need to focus on cutting-edge technologies that will meet users’ needs to the full extent.
In one of the sessions, the conference participants also discussed risks in the payments sector and ways of mitigating them. Speaking about this topic, they have emphasized the importance of cryptocurrency as the penetration in this financial sector is growing. Nowadays, almost every gambler holds some crypto cash. That is why operators don’t need to make conversions in this direction and should just create an offer, remembering that crypto is a must. According to Thibaud Catry, Chief Compliance Officer at ConnectPay, the next decade will be marked by blockchain taking more place in the payments sector.
Emily Helmer, Head of Compliance & eMerchant Services at Tal Ron, Drihem & Co., has said that the payment aspect is becoming a real hurdle in the gambling industry. It is getting more and more difficult for operators to find a reliable payment provider. The speakers also touched upon the topic of the connection between licenses and payments. Boaz Gam, CEO at PayNetEasy, thinks that companies should have tools, which can help them balance between the types of licenses they have. Emily Helmer has added that it isn’t effective to work with only one license. Summing up the discussion, the speakers have agreed that being a compliant and safe business is a key to avoiding financial risks.
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