Compliant gambling businesses have an opportunity to excel. When firms show that they take regulations seriously, they have a chance to stand out from competitors- especially those who are failing to take the protection of customers seriously.
All too often these days, we see headlines about companies failing to adhere to compliance obligations, or protect vulnerable customers from harm. As stories become ever more commonplace, it can be an ideal opportunity for gambling firms to reassess their regulatory obligations, and ensure they are doing right by their stakeholders, investors, and customers alike.
According to the 2021 Gambling Industry Fines report, at least eleven gambling operators were hit with regulatory settlements in the past year alone. Gambling companies had to pay £44 million in gambling regulator issued penalties in 2020, and already more than half of that amount was reached in the first quarter of 2021.
With this in mind, it’s more important than ever for licensed operators to ensure they maintain regulatory compliance. Regulations protect consumers from gambling related harm, and protect businesses too.
But it’s also clear we need to alter the narrative surrounding regulatory obligations. At a time when so many gambling firms are failing to understand the significant role compliance can play, it also means they lose out when it comes to gaining a competitive advantage.
Competitive Advantage
Instead of seeing regulatory obligations as yet another box to tick, operators can actually gain an advantage by adhering to compliance and regulatory obligations- which has the potential to increase that all-important bottom line.
At a time when gambling companies are facing penalties more than ever, it makes business sense to invest time and effort into boosting brands and reputations. This means compliance obligations should not just be met, but surpassed. When gambling operators comply with regulations, they not only demonstrate that they are able to meet the legal standards expected of them, but also show the consumer they can be trusted.
For example, if your direct competitors were hit with fixed penalties and fines, your gambling firm would therefore have an opportunity to win over their customers and build trust with them. Adhering to compliance shows that you take the welfare of your customers seriously, giving your firm a serious business advantage.
This is something our team has recognised over the years. With a rare combination of expertise in data science, compliance, operations and customer support within the gambling industry, we’ve created sophisticated NLP technology that not only has the capacity to help gambling operators to meet their regulatory requirements, but exceed them- time and time again.
Harnessing intelligence
Rdentify allows gambling firms to operate with confidence, and increase their commercial success.
Our advanced platform is perfect for gambling firms that are ready to improve their levels of compliance, and protect the wellbeing of their customers.
Built with advanced machine learning, Rdentify allows your teams to visualise risk data. Our software performs in-depth trend analysis of your entire customer base on the Rdentify User Interface, which allows firms to enhance their accountability by reviewing customer bases. Intelligence will then ensure appropriate actions are completed. This lowers the risks of penalties through actionable customer problem gambling risk flags, based on all previous interactions with the consumer.
Consistent use of our platform means that you will also be able to evaluate your company’s responsible gaming performance to ensure regulatory requirements are met. Our interface helps you mitigate regulatory risk, which in turn makes your business more efficient, trusted, and profitable- all with customer wellbeing in mind.
Rdentify offers smart protection to businesses, teams, stakeholders and customers simultaneously. We want to give reassurance to gambling operators by giving them the best-in-class tools for customer interactions, which will help exceed regulatory and compliance obligations.
When your business partners with us, you automatically protect yourself against financial losses associated with claims. Utilising state of the art technology, we help you monitor communications, emails and correspondence to detect vulnerable customers in real time, allowing your business to operate with confidence.
Rdentify isn’t about changing or replacing your current in-house processes. Our platform simply enhances them. Innovative customer risk analysis software blends seamlessly with your systems, and offers direct integration with your live chat and CRM tools. By using our trusted, reliable package, you’ll be able to conduct a full customer analysis, build accurate risk profiles from live chats, and access historical data in real time.
Firms that are serious about exceeding compliance and regulatory obligations have the opportunity to reap the rewards of innovative risk software. Use of our platform gives gambling operators the power to boost their bottom line, and uphold the reputation and credentials of their business.
Keen to give your gambling firm a competitive edge? Book a free demo with our expert team.
