State-by-state differences in the US gaming space have created a complex regulatory environment, requiring strong industry expertise.
This is the viewpoint of Eric Frank, CEO of Odds On Compliance, who spoke to SBC Senior Media Executive Erin Gallagher at the latest SBC Summit North America at the Meadowlands Exposition Centre, New Jersey.
Outlining Odds on Compliance’s corporate history, the CEO observed that ‘there was so much complexity’ in the US sports betting arena with regards to regulatory compliance as the market’s growth accelerated following the repeal of PASPA in 2018.
He explained: “In the US it’s on a state by state level and globally it’s a country by country level, and compliance is always one of those areas that typically doesn’t get the most attention.
“What I found out was that there is a need for regulatory and compliance experts such as myself and the team we’ve put together to provide a service that can help companies large and small navigate state by state regulations, AML compliance and anti-bribery compliance – the whole suite of compliance needs for companies.”
The US betting and gaming space has got off to a roaring start into 2022, as the wagering market in the state of New York finally launched after months of preparations. Four operators – Rush Street Interactive, Caesars, DraftKings and Flutter Entertainment’s FanDuel – are now live in the state, with five more licencees due for approval by the New York State Gambling Commission NYSGC).
Looking ahead to the remainder of the year, Frank highlighted that Odds on Compliance would continue to expand its North American operations, whilst also maintaining its focus on other international markets.
Notably, he singled out the Canadian market, where some commentators have predicted strong growth over the coming years, with the province of Ontario identified by some as the market which will lead national growth.
Frank continued: “Right now we’re focused on the US and the incredible growth the industry has seen here, and that will continue to be our focus, but obviously we’re looking at Canada and what’s going to happen there over the next 24 months, as well as helping our clients in Europe, latin America, Australia and elsewhere. We’ve got a lot of plans and we’re really excited to share them with our clients and the rest of the industry.”
Describing 2022 as an ‘exciting year’, Frank further detailed Odds on Compliance’s aims to further develop its technology platform and leverage its partnership with AI company Cognistics to take its technology platform ‘to the next level’ and assist its clients with navigating the state-by-state compliance complexities posed by the US market.