The more legitimate operators there are, the better the industry’s reputation becomes.
Slotegrator has introduced a series of bespoke consulting services to support operators with a range of critical issues, from licensing to establishing corporate structure. Slotegrator Chief Legal Officer Petr Stehlík described the services and explained why they’re a great solution for operators in an interview with Login Casino.
The global iGaming market is an industry defined by change. Industry players are constantly looking for ways to innovate, from new kinds of games and technologies to new ways of attracting players. But the changes aren’t always easy to keep up with. Legal and regulatory requirements, already tricky to navigate, have a nasty habit of turning on a dime and blindsiding online casino operators.
To help operators - especially those who are on the threshold of starting a new business - make their way through the regulatory landscape of a variety of jurisdictions around the globe, Slotegrator has introduced a series of bespoke consulting and advisory services. From establishing the correct corporate structure to passing due diligence checks, Slotegrator offers advice on everything operators need to get their online casino platform up and running fast.
To introduce the company’s new services, Slotegrator Chief Legal Officer J.D. Petr Stehlík sat down for an interview with Login Casino.
Login Casino: Hi Petr, it's a pleasure to meet you! Slotegrator continues to amaze the industry and establish itself as a market leader by unceasingly finding new ways to innovate. Could you enlighten us by giving a deeper insight into your new services and the problems they solve for your customers’ businesses?
Petr Stehlík: Hi! Thanks for getting in touch. Slotegrator already has a lot to be proud of, but part of what makes us who we are is that we never stop looking for new ways to better serve the market. For a long time, we have been providing a complete package of corporate and licensing services that help our clients do everything they need to do in order to run an online gambling platform.
But we have recently restructured the way we work, and now we offer bespoke advisory services regarding legal, regulatory, and other issues which might give our customers a headache - all adjusted to their individual needs.
Now we offer a broader spectrum of services that can be broken down to suit specific customer needs at a granular level — from advisory and assistance with all the steps and requirements to establish a corporate structure to obtaining gaming licenses or software certification to fully packaged solutions. And in addition to including new services, we’re also expanding our reach - the number of jurisdictions where we offer licensing services has grown during the last year. We have always offered licensing in the jurisdiction of Curacao, but now we also offer licensing services in Malta, the UK, Gibraltar, and the Isle of Man.
Read also:How to Get a Curacao Gambling License
Through our consultation services, we provide advice on complicated and difficult legal, corporate and business matters, handling tricky questions like “What are the regulatory requirements in a given jurisdiction?” “In which country should an operator set up his company?” and “How do you efficiently set up due diligence processes?” We also offer operators help with trademark issues like registration, ongoing monitoring, and general advice, as well as assistance opening the bank accounts they need.
It is easy for an operator or software provider to get overwhelmed by constantly changing regulations, or even just the paperwork necessary to obtain a certain license. Luckily, we have a strong team of experts on board who have the know-how and experience to share with our customers. Our goal is to cost-effectively assist our clients and save their time by taking the complex tasks on our shoulders.
LC: Petr, as Chief Legal Executive at Slotegrator, you’re in the perfect position to tell us how your new jurisdictional consultancy services and your company's regulatory expertise will help new operators establish a company structure.
PS: Regulations (like the legal environment in general) are often very complicated and intricate, and to make things worse, they change all the time. Without previous experience in a certain jurisdiction, operators and providers might easily be confused about its particular requirements - or they might not even know which country is best suited to their goals in the first place. There are a variety of factors which come into play once operators have decided where to base their business and what license to apply for, like how difficult it is to obtain a license, how high the taxes are, what the requirements for financial structuring are, etc.
We are excited to share the expertise we’ve accumulated over years of doing business in markets across the world and to give solid, comprehensive advice about the legislative requirements of a variety of jurisdictions. This helps our customers choose the right jurisdiction, better their chances to comply with regulators by trusting us with the applications, and then launch their business trouble-free.
LC: Petr, what about the financial advisory services you mentioned earlier? What type of help do you provide for operators and why should they seek your expertise in resolving these matters?
PS: The biggest part of our financial services is advising operators on how to establish the right corporate structure. Additionally, choosing a jurisdiction with a solid reputation, a comprehensive licensing regime, and an attractive tax scheme gives an online gaming business the foundation it needs to prosper.
Another critical piece of the puzzle is finding the right bank. That’s why part of our advisory is helping operators to open an account at a financial institution that is regarded as trustworthy by regulatory bodies and won’t chip away at their profits with unnecessary fees.
LC: Petr, what is the key importance of compliance? How is Slotegrator going to help operators handle gambling regulation?
PS: Compliance is extremely important because disregarding laws and regulations is risky and unnecessary. It may save operators a little bit of money in the short term, but in the long run it very often winds up costing more. Operating without a license puts operators at risk of incurring penalties, and can cause banks to close customer accounts (a big problem) or even provoke relevant authorities to terminate businesses (an even bigger problem).
A big part of compliance is adhering to AML (Anti-Money Laundering) requirements. Setting up the necessary internal procedures, such as carrying out Due Diligence checks and monitoring players and business partners, is vital in order to run a legitimate online gaming business and avoid running into any problems with public authorities and banks.
And last but not least, nearly every regulated jurisdiction nowadays also imposes “responsible gaming” requirements and standards on operators in order to ensure that gaming is conducted in a socially responsible and fair manner.
We offer our help with all aspects of compliance. We can give insight into what the operator’s exact obligations are according to applicable laws, and also assist with setting up all internal procedures and drafting necessary documentation. Among other things, we can take care of everything regarding AML, such as providing internal AML policies (which are often required by law) and conducting DD reviews of documents the customer collects from his/her players and business partners.
In conclusion, we can handle everything clients need in order to avoid any problems with authorities and ensure smooth operation.
LC: This one’s regarding the value that your newly added services bring to the industry. What are they like? How significant are they?
PS: Our goal is to provide our customers with straightforward, professional and easy-to-understand advice. Guiding operators through the jungle of online gaming regulations helps to increase the amount of legitimate, responsible operators who operate fair gaming websites. At the end of the day, such a thriving legitimate gaming business is beneficial for everyone involved - players, operators and countries.
Also, we believe that the more legitimate operators there are, the better the industry’s reputation becomes, as compliance and transparency will gradually contribute to diminishing the stigma that is still typical for the industry.