Susan O'Leary talks to Asia Gaming Brief about licensing and the Asian online gaming market.
Q: What kind of trends do you foresee in the South East Asia over the next few years?
A: I am of the view that over the coming months and years operators both targeting Asian countries and based in them will seek to be licensed and we will also see a growing number of countries, lawmakers and regulators establish clear, concise and robust licensing frameworks. Asia has the potential to be the largest online gambling market in the world; for those looking to build a sustainable, long-term business, licensing now is the only way forward.
To do that, key decision makers need to work with established regulators such as the Alderney Gambling Control Commission (AGCC) to better understand what components are required to build a powerful yet flexible framework, and the high standards operators and suppliers should adhere to. For those currently plying their trade in the Asia region, regulation is an absolute must; if not they leave themselves exposed to geopolitical factors and increased risk that could sink their business.
The AGCC always has its door open to new partners, and has the knowledge and experience required to help operators and suppliers navigate the choppy waters of the Asian online gambling industry.
Q: How is your company responding to these trends?
A: We are constantly assessing our framework to ensure that regulation through Alderney remains an attractive and commercially sound proposition and that the regulation itself is fit for purpose.
Our innovative licensing regime allows for B2B operators to be licensed by Alderney without having their servers located there too. This is particularly attractive to Asian operators and suppliers, ensuring they can achieve the AGCC’s gold-standard licence – and the benefits that brings to their business - but remain in their headquartered jurisdiction.
Asian regulators are unable to offer the same levels of security and peace of mind as established regulators in mature markets. Alderney is an authority when it comes to regulation and licensing – its framework is more than 16 years in the making and considered to be among the best in the industry. Asian iGaming businesses would be wise to look into what it can offer them, and why licensing now will be key to the success of their business in the long-term.
Q: What products are you currently offering in the Philippines / Asia?
A: Anyone licensed by the AGCC, and that includes operators and suppliers in the Philippines and Asia, gain access to a wide variety of benefits. They can sleep easy knowing they are compliant with internationally recognised standards and best practices, while opening the door to additional perks such as potential partnerships with other licensed B2B and B2C operators, as well as access to additional banks, financial institutions and payment processors.
Those who decide to locate their businesses in Alderney, and its larger sister Island Guernsey, enjoy a low-to-zero tax economy, and our framework is endorsed by Moneyval and FATF in terms of full compliance with international AML and CFT standards. We are a 40-minute plane ride from London, and we straddle the main EU/US cables. Those licensed in our jurisdiction for the first time also benefit from a 50% fee reduction for the first year.
In Asia there is a lot at stake; the market offers huge untapped potential for operators and suppliers, but pitfalls aplenty. That is why regulation and licensing should be embraced and not feared. When done properly, it allows businesses to spread their wings and fly, and that is exactly what the AGCC has been helping operators and suppliers to do for more than a decade and a half.