Eastern Europe
NSoft’s overview on regulatory challenges in SEE
Regulatory requirements strengthening the company’s know-how
In today’s business, the companies are being increasingly challenged with efforts to reach all set financial targets, and at the same time to comply with complex regulatory requirements. Gambling regulation is one of the most demanding areas for regulation in every legal system. If this fact is complemented by the fact that NSoft operates in over 35 countries (35 different legal systems) then it’s easily understandable that NSoft’s high regulatory challenges require continuous dedication.
However, with its expertise, NSoft is absolutely serious market player, playing a demanding regulatory “match” as well as complying with standards that regulators place in front of both, the company and its clients. Through the prism of NSoft, this match is to be perceived from two angles. The first one is where NSoft directly applies regulations in its field of activity, and the second one is when NSoft provides professional and advisory support to its clients. In both cases there is absolute commitment to comply with all regulatory standards in ensuring high quality business.
Dealing with the legal and regulatory risk
As said in the introduction, the regulatory requirements are becoming more and more complex, the intention is to regulate the market as much as possible. The special challenge are the growing sanctions for breach of the regulatory standards, which can expose each company both, financially and reputationally.
The question of how to deal with all of these challenges becomes legit. Many would say that it is enough to only know the rules and apply them consistently. However, NSoft approaches those problems much more comprehensively. Knowledge of regulations is something that is mandatory. Nevertheless, one should be aware that today’s regulations are so often ambiguous, leaving room for more interpretations and thus creating disagreements in deciding how to apply certain regulation and consequently leading to legal insecurity. In such situations it is not only crucial to know the regulation, but to manage legal and regulatory risk .
There is no uniform definition of these risks, but it is evident that the unexpected interpretation of the law or legal uncertainty could lead to financial, reputational or other damage for the company. This practically means that it is necessary to assess the risk, manage it, but in a way that does not cause any loss to the company or client, and that such a solution provides the basis for achieving previously agreed business objectives. Having this approach, in such an uncertain regulatory environment, allows us to provide additional security to our customers as we perceive these situations as a common challenge. New regulatory frameworks or modifications of the existent ones are approached from the aspect of rationality that is directly related to the aforementioned risk assessment.
This particularly implies on:
– establishing the sequence of activities of all participants
– defining the places and ways for cooperation and coordination of activities of different participants
– defining and managing tasks, both individual and team tasks
SEE region expecting changes to legal acts
If we take as an example the regulatory framework of the countries that geographically belong to South East Europe, then one basic common characteristics is easily identified – the need for a continuous improvement of improper legal solutions, completion of the process of harmonization with EU standards for non EU member states such as BiH, Serbia and Montenegro. Over the next period, from the aspect of regulation, both for clients and NSoft, the challenge will be to monitor the announced changes to legal acts within the gaming industry.
NSoft wants to be an active participant, whenever possible and when the procedures permit, in creation of regulations, making suggestions and objections, all with the aim of creating a better regulatory framework. We are aware that social responsibility in this segment is extremely important. As a company we are absolutely qualified for this kind of contribution to the community.
Don’t miss out on the chance to meet NSoft´s Team and find out more about NSoft’s products at upcoming ICE London. Book a meeting with our team or contact sales@nsoft .com .
Compliance Updates
Romania Bans Gambling Venues in Small Towns and Villages
Romania has announced a ban on gambling venues in small towns and villages with populations of less than 15,000 residents.
What’s known as the “law of slot machines” was passed by deputies in the lower house of parliament. “It is the first law adopted in Parliament in 30 years against this mafia that has controlled the political world until now,” said Alfred Simonis, the leader of the Social Democrats.
“Right now we are fighting an industry that has a total turnover of €10-12 billion.”
Industry figures complain they were not consulted, and hope that the authorities will control the black market as they promised.
Despite the unanimous vote, there was some dissent within the chamber. Two opposition parties that want to ban the “scourge” of gambling outright accuse the government of collusion with the gaming sector for not taking a stronger position.
On another front Ionut Mosteanu, the leader of the opposition USR, questioned how lawmakers had set the threshold.
“They thought that slot machines only damage 15,000 people,” he said. “There was not even a debate to see how many townships qualify for this 15,000. Why not 16, 17, why not two million and you would ban them definitively?”
Gambling venues have become ubiquitous across Romania over the last few decades. The National Gaming Office, the state body that monitors and approves the sector, has registered 12,000 sports betting, bingo, casino, lottery rooms.
The state collects taxes from gambling venue licenses and online ticket sales as from the amount betting houses spend on advertising.
There are no recent data to indicate how many people in Romania are addicted to gambling. The last survey was conducted in 2016, and found that there could be around 100,000 addicted people across the country. The number today could be much higher.
Conferences in Europe
Altenar becomes General Sponsor of EEGS 2024
The acclaimed Eastern European Gaming Summit (EEGS) gladly welcomes Altenar, a leading sports betting software provider, as a General Sponsor for this year’s edition of the event. The conference will be held on 27th and 28th of November at the IEC, Sofia, Bulgaria. For another consecutive year Altenar joins the event as a major sponsor with total commitment for fostering innovation and growth in the gaming and entertainment industry, as a whole. This enduring long standing partnership has brought significant mutual benefits and opportunities for both parties and all event participants over the years.
Altenar is delivering best-in-class solutions for licensed operators around the world. Ranging from a standalone sportsbook product to the provision of a turnkey sportsbook solution, Altenar offers proven stability coupled with a flexible and personalised service.
Launched in 2011, Altenar powers hundreds of online sports betting sites, while their self-service betting terminals and mobile app help ensure they meet all operator needs, with an exponentially growing client base in more than 30 countries.
Altenar COO Dinos Stranomitis said: “In Altenar we consider EEGS and BEGE as a key event to establish connection with East and Southeast Europe. Considering that Bulgaria is playing a key role in that region, our presence is a must. See you in Sofia.”
Altenar is an invaluable partner, thus contributing to the success and vibrancy of EEGS itself. The continued support highlights a shared commitment to excellence and progress within the industry, making this year’s event an essential platform for associated industry luminaries and entrepreneurs to explore the latest trends and opportunities in gaming, entertainment and hospitality in general.
The Eastern European Gaming Summit (EEGS), the premier conference of the region, provides a dynamic platform for industry leaders, innovators, and entrepreneurs to connect, collaborate, and explore the latest trends and opportunities shaping the gaming and entertainment landscape.
No doubt you wish to position your company alongside the Conference and exploit our expertise.
Compliance Updates
Booming Games secures Romanian B2B license
Booming Games, a fast-growing provider of iGaming content, has proudly obtained an Oficiul National Pentru Jocuri De Noroc (ONJN) license, a significant milestone that allows the company to extend its reach across Europe.
Booming Games recently received official confirmation of its B2B gaming license from the Romanian gambling authority (ONJN). With this license in hand, the company is now empowered to supply its content to licensed gambling operators throughout Romania. As a result, Romanian players can look forward to accessing beloved titles like Burning Classics, TNT Bonanza, Cash Pig, Buffalo Hold and Win, and Gold Gold Gold.
Booming Games’ acquisition of the ONJN license represents a strategic move towards expanding its European footprint. This milestone not only solidifies the company’s position as a leading provider of iGaming content but also opens doors to new opportunities in the broader European market. With the Romanian B2B gaming license complementing its existing licenses, Booming Games is well-positioned to continue delivering exceptional gaming experiences to players across Europe.
Frederik Niehusen, Chief Commercial Officer at Booming Games, said: “We’re thrilled to announce that we’ve obtained a full Romanian B2B gaming license. This exciting development allows us to expand our presence in the rapidly growing Romanian market. With this achievement, we’re well-equipped to build on our strengths and enhance our product offerings to better serve the needs of our customers.
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