February 24, 2021
Regulation and compliance are an essential part of the iGaming world, ensuring operators follow regulations and prioritise customer care.
Rising investment in the industry has fuelled an exponential rate of growth predicted to reach nearly €30bn in revenue by 2022. This has corresponded to a demand for new talent to support start-ups and expanding companies. New growth has led to stricter enforcement and even regulation overhauls as gaming authorities seek to address the burgeoning online market in particular.
You may also like:
Increased regulatory demand
In H1 of 2020, the Malta Gaming Authority conducted 16 compliance audits and 153 checks on online gaming operators. These resulted in the revocation of 7 licenses, suspension of 2 others, and 9 fines, as well as issuing 11 warnings and 20 further notices of breaches or sanctions.
In 2020 the UK Gambling Commission conducted 234 security audits, 350 compliance assessments of land-based and online operators, followed up on 630 reports of suspicious betting activity, sports rules breaches and misuse of inside information. This resulted in the revocation of 11 licenses, the suspension of 5 and 12 financial penalties totalling over £30m, a 50% increase on 2019.
Sweden overhauled its regulatory system in 2019 to be better able to address modern compliance issues. This left operators with a steep new learning curve, leading to harsh penalties; out of 28 investigations, 19 resulted in warnings or fines.
This caused a surge in demand in the regulation/compliance sector in particular, as companies scrambled to keep pace with an ever evolving regulatory landscape. The growth of the market itself has also added to this, especially as countries such as Germany and The Netherlands begin to regulate for the first time, thousands of positions are being created. For Kerry Gillit, Pentasia’s Principal Compliance Consultant, this has been her busiest year in decades.
“Our predictions are that demand will only increase this year and beyond” she says. “Companies will aim to hire professionals with multi-jurisdictional experience and due to the creation of new job families in regulation, such as Responsible Gambling Managers there is much movement in the job-market.
In addition, AML regulations are being upgraded. This has created a surge in demand for experienced professionals in a market burdened by a talent shortage, also leading to increased salary expectations”
Synergistic salary rise
Indeed, a quality working relationship between operator and regulator is something worth paying for. According to Pentasia’s 2020 Salary Survey, Compliance, Legal and Fraud salaries have grown nearly 10% in the last three years.
“So many people see Compliance and Regulation as negative words…but these are extremely important” Kerry explains. “Getting compliance right from the outset ensures that a business will grow, be profitable and, by protecting players, not incur any sanctions or fines.”
Well trained compliance personnel are an enormous asset to any operator, with the option to pursue a substantially lucrative career path in line with experience.
Addressing the skills gap
The skills gap can be a major obstacle to candidates from junior to management level according to Kerry.
“To support this additional requirement for capable staff, my colleagues at the iGaming Academy are working with me to create bespoke additional training courses to help bridge the gap of new and updated Regulatory requirements across all jurisdictions.”
iGaming Academy’s training packages are always updated in line with the latest regulatory requirements, ideal for any professional looking to enhance their knowledge. With rising salaries, stability, valuable training and an ever increasing demand, now is the time to advance your career in compliance.