Data governance and abiding by data regulations is vastly important to the successful running of your iGaming and sports betting business. With Altenar, you can rely on expert-filled teams to ensure that your business is governing and abiding by the vast amounts of data it will handle daily.
This article will outline some measures that can be instituted into your business to ensure that your company has many frameworks in place to keep yours and your players’ data safe.
Let’s take a look…
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Develop and implement retention policies: these will detail how long a player’s data and information can be stored and when this data will be deleted.
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Implement appropriate data protection measures: this can include but is not limited to encryption, firewalls and access controls. This includes measures to protect against unauthorized access, loss, or destruction of data. It may also stipulate the duration for which data should be retained for compliance, auditing, or investigation purposes.
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Understand market regulations: depending on your operating country, data protection regulations will be implemented; for instance, GDPR for Europe. Rules may govern the sharing and transfer of data between sports betting operators, regulators, and other authorized entities. This includes establishing protocols for secure data exchange, data anonymization or aggregation, and obtaining appropriate consent when sharing personally identifiable information.
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Obtain consent: ensure that you’re asking for consent from the player before collecting, storing, processing, and sharing their personal information. Data governance in sports betting regulations should address privacy concerns and comply with relevant data protection laws. It may require operators to obtain user consent for data processing, provide clear privacy policies, and ensure the confidentiality of personal information.
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Train team members effectively: all team members handling data should be well-versed in this process.
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Regular audits: this will help to ensure that your business is up-to-date with any and all regulations and that the information you’re storing is protected. Sports betting operators may be required to demonstrate compliance with data governance regulations through regular audits or reporting. This helps ensure adherence to the prescribed data management practices and provides transparency to regulators and the public.
Data governance in sports betting regulations is crucial for maintaining the integrity of the industry, protecting user privacy, preventing fraud, and fostering trust among stakeholders. It should strike a balance between promoting innovation and ensuring responsible data practices in the context of sports betting.
If you’d like to ensure the safety of your sports betting data and offer state-of-the-art technologies, tier-one sports content, and award-winning services to your players, contact Altenar today to begin your sportsbook journey with flexibility and stability in mind.
