Sports Betting and iGaming Licensure
European–based Sports Betting and iGaming companies entering the US market may find the regulatory landscape confusing and the various licensing procedures complicated, invasive and resource-intensive.
Nonetheless, companies that can efficiently navigate the approval processes stand much to gain as early entrants in a rapidly expanding market.
While land-based gaming is well-established in more than three-hundred US state and tribal jurisdictions, Sports Betting and iGaming are just getting started.
For those states that permit sports betting and online gaming, each has its own laws, regulations, administrative agencies, application processes, forms, fee schedules and timetables.
The submission, renewal and management of license applications is a particularly challenging component of the license application and maintenance process, as authorities typically require licensing not only of the companies, but of their officers, directors, principals, technicians and sales representatives as well.
Moreover, the license applications can be lengthy and require the compilation and submission of detailed and often confidential information regarding passports, drivers licenses, aliases, spouses, family members, education, military service, places of residences, employment, bank accounts, investments, tax returns, net worth, retirement accounts, business associations, political contributions, lawsuits and much, much more, with a single personal application often exceeding sixty pages and a company’s application package spanning hundreds.
Failure to provide the requisite data can result in an application being denied, which could then have to be reported in other jurisdictions and could impact licensure there.
Provided regulators grant a license for a given jurisdiction, there is then an ongoing obligation to submit renewal applications, additional change notifications and reports on strict schedules.
Since 2009 ArdentSky has been leveraging technology to help solve the challenges of regulatory compliance.
The ArdentSky Compliance Suite™ ꟷ the industry standard for gaming license automation, maintenance, and management ꟷ enables licensees to input detailed personal and business information into a secure, centralized data repository and then use this information to automatically populate employee and corporate application forms in under 60 seconds.
Using patented technology, ArdentSky has ‘automated’ nearly 2,000 application forms for US states, US tribal nations, Canadian provinces, First Nations jurisdictions in Canada, scores of international jurisdictions and now Sports Betting and iGaming applications. Once a new jurisdiction passes legislation permitting sports betting, online and/or mobile betting, ArdentSky ‘automates’ the relevant application forms and makes these available to its clients.
Benefits to an automated solution are enormous. Each corporate and employee application can be completed/reviewed in minutes instead of days or weeks expediting time to market. Repeatable best practice processes ensure greater accuracy and consistency.