The gambling world is full of regulation and red tape to ensure we are protecting players from harmful behaviour as best we can. If you are running a gambling business, compliance is key. Whether that’s an online casino, sports bookmaker, land-based casino or a retail operation, it’s important to your players and therefore your business that everything is up to code.
But between different jurisdictions’ different approaches to regulation, and the varying areas of concern, including responsible gambling monitoring and interventions, it can take huge resources and an enormous amount of time to keep track of everything that needs to be adhered to. With Mindway AI’s GameScanner solution, a lot of that burden can be taken off your operational and compliance team, saving your business money and increasing productivity.
The Evolution of Gambling Regulations
The thrill of the gambling industry is its ever-evolving nature. Over the past few years, we’ve seen an explosion in iGaming, the newly proposed legislation in Brazil is a prime example, for instance, which means established gaming companies have had to reckon with new regulations as they expand their services.
Meanwhile, other jurisdictions are constantly updating their safer regulations on behavioural monitoring, spending limits and advertising, usually as new governments are elected and tech evolves within the gambling sector.
A report by the UK Gambling Commission in 2023 said that they took action against more than 12 online gambling firms and imposed fines totalling almost £21 million for various regulatory breaches. Additionally, the Malta Gaming Authority (MGA) said in its 2023 annual report that it had issued 23 warnings, and cancelled 4 licenses due to various regulatory breaches. Whether due to a conscious attempt to skirt the law or ignorance, there are consequences to getting your gambling compliance wrong.
It’s important, but also time-consuming, for both new and established operators to keep up with this constantly changing landscape, and then implement the changes needed to keep up with regulation. But with effective compliance software, you won’t need human manpower to keep up to date with the latest changes in gambling legislation when you have an expert in the field in your corner.
Mindway AI’s approach
Mindway AI has two award-winning compliance software solutions to aid companies in the enormous task of keeping up with RG regulations.
– GameScanner
GameScanner is an explainable AI compliance software that allows operators to better understand and flag players who might be at risk. The software compiles information on each of your players, creating a profile that might point to a risky or problematic gambling habit early on. The explainable element comes in when the algorithm can conclude why it came to the judgement it did in a much more individualised focus than normally.
The GameScanner compliance software is made up of a series of algorithms that are trained to replicate RG experts’ assessment of gambling behaviour on your full player database and weigh different indicators to create an individual player profile daily. This means that an entire customer database profile can be made for your data and flag up issues before they get out of hand.
Some risk indicators might point to:
· binge gambling
· loss chasing
· repeated loss of winnings
· nightly play
· impulsive transaction behaviour, etc.
With the help of the GameScanner compliance software, operators can better identify problem areas in their platforms that might not adhere to compliance and therefore are encouraging irresponsible gambling behaviour. With a more informed approach, operators can better make decisions that will affect their players and their business. Operators can go on to create a better environment for players, in turn creating a better reputation for themselves, and a more sustainable business model.
– Gamalyze
Gamalyze, on the other hand, is a tool that a player can directly interact with. Gamalyze is essentially a self-assessment survey tool drawing on insights from neuroscience but with a gamified twist. With a more engaging element, in the form of an online card game, players develop self-awareness of their risk profile and their decision-making when they engage in gambling.
Gamifying is a novel way to keep users engaged and has been proven to be effective. For instance, The National Research Council in the US found that using game-like elements in learning can increase retention rates by 40% to 50%. With a gaming element to a simple survey, that otherwise wouldn’t interest players, Gamalyze can better incentivise taking part and gain from a much wider net of information.
In turn, this self-test will offer the player support and advice on how to move forward with their gambling patterns. With actionable prompts, Gamalyze provides insights into gambling tendencies, promoting self-awareness and responsible gaming practices.
All of Mindway AI’s compliance software solutions are rooted in neuroscience, utilising more than 10 years of experience born as a spin-out of Aarhus University in Denmark. With experts in cognitive science, researchers, and psychologists at the helm of your compliance software, you can be sure that the human element is at the forefront of your AI tools.
Conclusion
There are a lot of moving pieces of regulation to keep track of, but with the help of Mindway AI’s compliance software, a major element, responsible gambling, can be streamlined. You can protect your players and your business while at the same time making more informed and strategic business decisions that really matter to your company.
