The entire world is facing the Covid-19 pandemic effects which forces the iGaming industry to make changes as well. It’s inevitable. The innovative SBC Digital Summit, gathered more than 10.000 delegates from over 100 countries, 50 exhibitors, 7 conference tracks featuring 160 speakers, 10 networking events and loads of entertainment as well.
It was Payments day, and panels discussed the new challenges the closure of offices brought, the banking crisis, blockchain payments, investing opportunities, the tribal gaming landscape and alternatives for sports betting while traditional sports are shut down.
A lot of attention was placed on North American gaming operations. While not as mature as the European gaming market, for example, the ability of the US market to provide a major source of revenue exists. Before that happens, though, several hurdles will have to be jumped.
The human element of the pandemic, in which panicked consumers’ daily habits are thrown out of sync, was the major subject in one panel. Steven Armstrong, Group Director of AML at William Hill, said that “in general, betting regulations are defined on a risk-based approach. From an operators’ view, this should help them adapt thresholds and their risk models, however, developing flexible procedures are trickier under this environment.”
Rahul Das, Head of Payments for VirginBet, added that standard AML procedures have been tested, as operators may be unaware of a customer’s monetary circumstance and noted: “Regulatory guidelines haven’t changed, but consumer circumstances have, making profiling more complicated. You might have a customer who passed affordability checks 2 months ago, but their financial situation might have changed drastically.”
In another topic, Samuel Barrett, Director of Gaming at Trustly, said that post-Covid-19 environment will be more cashless. He explained: “I speak to many retail operators who hit me with the same challenges time after time. How can we lower cash handling cost and become more operationally efficient? It’s no surprise retail gambling has high operational costs and suffers when trying to settle winnings instantly back to card.”
He took this opportunity to highlight a product Trustly has been working on over the last four years, Trustly Live, which allows land-based sportsbooks and casinos to instantly accept deposits and payout winnings instantly back to the player’s bank account just using a mobile phone and an internet connection.Follow us on