In a recent panel discussion hosted by Daniela Guerreiro, Associate at MdME Lawyers, prominent figures in the gaming industry, Vincent Tong and Joe Pisano, shared their insights on key compliance requirements and strategies for operators in both established and emerging markets. Tong, with his extensive experience in compliance within Macau’s gaming industry, shed light on the evolving regulatory landscape, while Pisano emphasized the importance of responsible gaming practices and collaboration with local stakeholders to build trust and ensure sustainability.
Compliance Evolution in Macau:
Tong highlighted significant changes in Macau’s gaming industry, referencing the amended laws issued by the Macau Government. These amendments prohibited junket operators from depositing game chips or cash on behalf of third parties. Tong pointed out that this regulatory action was prompted by major cases, arrests, and criminal convictions related to illegal deposits made by some card game operators. These incidents exposed loopholes in the operations of certain operators, necessitating stricter compliance measures to uphold the integrity of the industry.
Creating an Established and Sustainable Gaming Industry:
The panelists delved into the challenge of establishing and sustaining a gaming industry while facilitating the growth of emerging markets. Pisano emphasized that compliance goes beyond mere paperwork and plays a crucial role in building trust among investors and players. Recognizing the diverse regulatory landscapes across jurisdictions, Pisano stressed the importance of adhering to local laws and implementing responsible gaming practices in all their operations, whether in Sri Lanka, the Philippines, Nepal, or elsewhere. By doing so, operators can reap the benefits of compliance and ensure the long-term viability of their businesses.
Benefits and Collaborative Approach to Compliance:
Pisano further expounded on the benefits of compliance, emphasizing the need to collaborate with local stakeholders. Operators must consider the preferences and concerns of the local community and work together to develop measures that protect citizens. The panelist highlighted the necessity of stringent player verification processes, such as verifying identities and ages through ID checks, to ensure legal and responsible participation in gaming activities. Moreover, compliance entails addressing specific considerations, including religious restrictions and geographic limitations imposed by geo-fencing regulations. Pisano stressed the importance of exercising caution and adhering to these factors, particularly in areas where certain forms of gambling might be prohibited, such as school games in some states.
The panel discussion provided valuable insights into compliance within the gaming industry, with Tong’s expertise in Macau’s regulatory environment and Pisano’s perspective as an operator in diverse markets. The evolution of compliance measures in Macau serves as a cautionary tale, highlighting the importance of robust regulations to prevent illegal activities and maintain industry integrity. Additionally, the emphasis on responsible gaming practices and collaboration with local stakeholders underscores the significance of building trust and ensuring sustainable operations in both established and emerging markets. By prioritizing compliance, operators can establish successful and enduring gaming industries while safeguarding the interests of all stakeholders involved.