Speaking with Altenar’s Head of Licensing and Regulatory Compliance, Magno Neiva, shed light on the finesse and precision that heading a department and working with multi-jurisdictional licensing and compliance requires, as well as, how this knowledge ensures Altenar is optimising its operations.
Discover more about the world of Altenar and compliance by reading Magno’s interview below and getting to know the brilliance behind Altenar’s globally recognised and award-winning products!
What drew you to the world of regulation and compliance in the iGaming industry?
“Given my academic background focused on regulated environments and social economics, it was only fitting that my inaugural professional venture in Igaming was in the domain of Responsible Gambling.
As I delved deeper into this industry, I understood that there was an always-evolving universe of regulatory frameworks that sparked my curiosity per each new market that became regulated, or any regulatory upd ate that changed the product specifications, always aiming for a safer and sustainable gambling experience.”
Why did this position at Altenar spark your interest and passion?
“Altenar, a notable entity in the industry, possesses a distinctive product that continues to gain traction in an increasing number of regulated markets. These markets, characterised by their unique se t of rules present a fascinating challenge.
The opportunity to navigate these regulatory landscapes and piece together the intricate "puzzle" is undeniably captivating. By doing so, Altenar endeavors to offer a comprehensive and globally compliant product, reflecting their commitment to excellence and adaptability in an ever-changing business environment.”
What expertise are you bringing to Altenar and its customers?
“Being in a compliance role, my foremost priority has always been the ability to interpret rules and regulations with precision, ensuring seamless alignment of our product both internally and externally. The intricacies of communication among stakeholders often pose challenges, as different companies approach similar matters in varying ways, and even language translations can introduce ambiguities. Nevertheless, I derive immense satisfaction from actively participating in the interpretation process, bridging any gaps that may arise.
With a specific focus on Licensing, I have been involved in licensing projects spanning numerous jurisdictions. This experience has granted me a profound understanding that licensing practices diverge globally, yet there are underlying commonalities that serve as connecting dots. Leveraging past knowledge and implementing it effectively, we enable Altenar to attain a competitive edge when engaging in protracted processes that span several months. This retrospective approach ensures that we optimise our operations, allowing us to navigate the licensing landscape with finesse and precision.”
Which regulatory markets that Altenar provides services in are of interest to you from a regulatory perspective and why?
“In recent weeks, I have been fortunate to be part of an exceptional team that has been guiding me through various markets, gradually acquainting me with Altenar's remarkable global reach. This firsthand experience has allowed me to gain a deeper understanding of the intricacies involved in each market we operate in.
Although I previously highlighted the allure of European markets due to their unique differences stemming from language barriers, I must express my profound interest in the regulatory landscape of Ontario, Canada. Presently, Ontario presents itself as one of the most captivating markets, having celebrated its first year and demonstrating steady growth. It amalgamates principles from both North American and European jurisdictions, resulting in a distinct regulatory landscape that holds immense potential. I eagerly anticipate further exploration of the Canadian market and the opportunities it holds for Altenar.”
Why are stricter regulation and compliance structures important to fledgling markets and companies?
“When it comes to companies, I firmly believe in the value of structured, consistent, and interchangeable standards. Consistency across jurisdictions is crucial for player protection, as it ensures that products adhere to the highest standards and that the tools provided are refined accordingly. Young companies that understand this principle and establish a robust compliance structure, not based on a "one size fits all" approach but rather on a "gold standard" that can be adapted and perfected, are more likely to thrive in stringent markets.
This perspective also applies to the stricter regulations implemented in new markets. Authorities must recognize that excessive regulation can inadvertently have counterproductive effects, leading reputable operators to either abstain from applying for licences or withdraw from over-regulated markets. Consequently, this restriction diminishes the available options for players, particularly those at risk who require a supportive framework within regulated environments, thereby driving them towards unregulated alternatives. Consistency is key in today's world!
As a compliance professional, I am always prepared for stringent regulations that warrant careful evaluation. However, I also expect a well-crafted and precise regulatory framework that enables us to deliver a safe, responsible, and sustainable product. Striking a balance between robust regulation and facilitating a conducive environment for operators to thrive is key to achieving the desired objectives of player protection and responsible gambling practices.”
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