Legal and compliance is a huge topic for iGaming affiliates, and considering the recent fines and regulation changes, for good reason.
At Voonix, our team brings together over 30 years of combined experience in iGaming. We’ve seen it all on both sides of the coin (operator and affiliate), and if we had to share only one piece of advice with any new affiliate, it’s this: to be a success, compliance should be the backbone of your business.
After all, failing to toe the line is easy to come by in iGaming, and even if it were by a mere fraction, the cost could be severe.
Look at the penalties the UK Gambling Commission has dished out as an example. They’re worth over £200 million in total. The biggest was the £19.2 million fine that the William Hill Group had in March 2023. This was for social responsibility and anti-money laundering failures.
Yet, given the fast-changing iGaming landscape and the new laws that will surely follow, how does one stay compliant?
We’ll keep it on point in this article, with some useful tips to help you avoid any costly legal mistakes.
#1 Review Regulations of Jurisdictions
🔍 Why It Matters:
- Every region has its own set of rules.
- Understanding them can save you from some heavy fines or penalties.
📍 Key Focus Areas:
- Licensing Requirements: Are there any licenses you must obtain to operate?
- Advertising Standards: Do your affiliate marketing practices comply with the advertising regulations?
- Anti-Money Laundering (AML) Policies: Do your AML procedures match jurisdictional standards?
- Player Protection: What are the laws to protect players from gambling addiction and fair play?
- Tax Obligations: What taxes would you owe the local government and how could you file them?
- Data Protection: Are there any privacy laws you need to keep tabs on?
- Comparison: Can you spot common features between the new jurisdiction and the ones you already cover?
📌 Required Steps:
- Familiarize yourself with the local regulations.
- Stay informed on any updates and changes in laws.
- Consult with legal professionals who specialize in iGaming compliance.
#2 Educate & Train Your Team
🔍 Why It Matters:
- Prevents your team from making mistakes that can be avoided by staying up-to-date on the latest regulations.
📍 Key Focus Areas:
- Regulatory Updates: Search for sessions, events, and seminars for insights on future regulation.
- Best Practices: Look for ways to invest your time and resources to get your team up to scratch on the laws.
- Training Platforms: Are there any e-learning tools that can help train your staff on compliance?
📌 Required Steps:
- Set up regular training sessions with your team on legal/compliance.
- Engage and educate your team with hands-on workshops.
- Encourage your team to continue learning about compliance in their own time. They could do an online course, attend a webinar, or just watch a video on YouTube for instance.
#3 Use the Most Up-To-Date Technology
🔍 Why It Matters:
- Technology can not only boost your team’s level of productivity, but it can also help improve their compliance by ensuring they operate within the current jurisdiction.
📍 Key Focus Areas:
- Compliance Software: Are there iGaming tools that you can exploit to automate regulatory reporting?
- Data Security: What safe security measures can you use to protect sensitive data?
- Tools & Resources: Is there any software that you could incorporate to make your team work in a more timely and concise manner?
📌 Required Steps:
- Evaluate what your iGaming business needs.
- Look for technologies that would provide suitable support for your business needs.
- Keep all of your technology up-to-date and regularly maintained.
#4 Keep Accurate Records of Data
🔍 Why It Matters:
- When it comes to audits, accurate records go a long way to building trust with regulatory bodies and mitigating potential risks.
📍 Key Focus Areas:
- Data Collection: How will you collect and clean all the data of your iGaming business?
- Data Storage: Do you have a secure and easily accessible place to store your data?
- Retention Policies: What data retention policies have the regulatory bodies set in your jurisdiction?
📌 Required Steps:
- Plan on how you will collect, store, and manage your iGaming data.
- Don’t wait for the authorities for audits, do your own instead to assess your data and ensure legal compliance.
- Keep all your records accurate, up-to-date, and complete.
Take the First Step in Compliance with Voonix Freemium
As we just mentioned, keeping track of your data is a good step toward compliance in iGaming.
This is where technology comes into play. It’s not only easy on the eye, but it also helps you run your iGaming business on a large scale – and in a much quicker, concise, and compliant manner.
If you’re at an early stage of your affiliate career or not earning much, sign up for Voonix Freemium today and let us boost your journey.
We’ve been exactly where you are right now and know full well of the challenges you face. That’s why we designed this affiliate stats tracker. It’s for iGaming affiliates looking for a much-needed leg-up, and it tracks and analyzes your advertiser earnings all in one place for you.
The best part? It won’t cost anything if your monthly revenue is below €4000.