With Alberta marching ever closer to establishing itself as a regulated market in the iGaming landscape, our resident Canadian VP Product Compliance, Matt Denney, has provided some top tips to consider when looking to enter a newly regulated market, highlighting how we approach things here at Bede Gaming.
DO engage early and often with the regulator
Engaging early with a regulator is crucial for establishing a constructive and transparent relationship that can significantly benefit your company in the long run. Forging that relationship helps you gain further insight into the inner workings of the market you intend to operate in and demonstrates a proactive commitment to compliance.
Here at Bede, we take every opportunity to foster our relationships with regulatory bodies, including the AGCO in Ontario. From quarterly compliance check-ins to in-person meetings at their headquarters, the support and guidance we gain from this relationship is invaluable. For us, this method has proven effective across all regulators we work with and enables us to further support our customers with regulatory matters.
DON’T procrastinate with the application materials or responses to regulators
Entering a new regulated market often means complex application materials, shareholder disclosures, audited financials, a review of the technology / solution / product you intend to bring to market, etc.
Understanding all the license application requirements and the necessary documentation from the start is essential for navigating what is often a lengthy licensing process. Procrastination can quickly derail progress, leading to missed deadlines, incomplete submissions, and potential setbacks that could have been avoided with proper preparation.
We prioritise speedy responses to any regulator requests whether it be for additional information related to proposed new initiatives or products to run of the mill requests for clarification on monthly reporting. By being able to answer any questions promptly and fully, we establish ourselves as trusted suppliers by the regulators we work with.
DO perform gap analysis of technical requirements
New markets usually mean new sets of technical standards, the line-by-line requirements that must each be met and usually signed off by an approved testing lab, to allow you to operate in the market. Conducting a thorough review of all relevant technical standards is critical to ensure that any necessary software development is identified and addressed well ahead of planned launch timelines.
If you’ve identified a new market to explore, you’ll not be the only one. Gaining early market share is critical to positioning yourself as a leader in a newly regulated market. With that comes the importance of conducting a thorough gap analysis upfront to identify any downfalls of your current product and technical capabilities that may hinder launching on day-one. A key part of this includes a review of the relevant regulatory technical standards as while many newly regulated markets adopt or align with international or peer standards, they often add additional, jurisdiction-specific requirements that reflect local priorities or legal frameworks which can catch you up if not properly reviewed and addressed.
At Bede, our Compliance team conduct a detailed gap analysis of regulatory and technical standards for new markets of interest to our customers. Any gaps are promptly addressed and accredited testing labs are used to perform reviews of our platform solution against the relevant technical standards. Our aim is always to go beyond just meeting the requirements and deliver enhanced functionality that empowers our partners to succeed in new markets from day one. Thanks to our highly configurable solutions, this is often achieved with minimal development effort.
DON’T underestimate the licensing process
It’s important not to underestimate the complexities of a new licensing application project because these processes often involve detailed regulatory requirements, extensive documentation, and strict timelines that can easily become overwhelming if not properly managed. Add in that your company is often working off translated documents and it can quickly spiral into a case of misunderstanding the various tasks required.
When Bede enters a new market, it becomes a full-scale project. Initial regulatory reviews are performed by our Compliance team who outline gaps and any deficiencies in the Bede Platform relative to the new requirements. Project teams are then called in to break the work down into various pieces to then be made available to the development teams. Compliance then gets involved with facilitating the testing and audits and finally, any last steps that arise.
To put this into perspective, Bede’s supplier registration with the AGCO took approximately nine months from submission to approval, including a week-long face-to-face visit by a team from the AGCO who assessed different facets of Bede’s operations and ownership.
These are complex and intensive activities as would be expected when entering any regulated market. Take them seriously, allocate sufficient time and don’t let deadlines creep up on you. Be vocal and transparent with the regulator and testing lab along the way and you’ll set yourself up for success.
New markets bring big opportunities—if you know how to seize them. By following our proven tips and partnering with an experienced platform provider, you can launch with confidence and set the stage for long-term growth and success.
