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The online casino sector has truly taken on a life of its own. With literally dozens of new platforms launching their services on a monthly basis, compliance is a very real concern. This is why we turned to investigative journalist Michael Andrew Rosenfeld to better appreciate the current state of affairs. Let’s see what he has to say about what the not-so-distant future of iGaming may have in store.
Michael Andrew Rosenfeld: His View on an Industry in the Midst of Growing Pains
Michael Andrew Rosenfeld begins by making a rather astute observation. “We need to remember that even the top industry analysts have become surprised by how quickly online gambling has gripped the iGaming community.”
He goes on to explain that while this is great news for up-and-coming brands, it presents plenty of challenges in terms of regulations. The main issue here is that traditional approaches to compliance and transparency may no longer be enough.
This is by no means a one-off observation. Having enjoyed a childhood punctuated by the glitter of the Las Vegas strip, and a man who has already become known for a plethora of online research associated with the economics of the gaming industry, his warnings certainly do not fall on deaf ears.
The Agile Business Model Translated to Online Wagering
“Businesses have come to embrace the so-called ‘agile’ business model when it comes to strategic planning,” Michael Andrew Rosenfeld continues. “I see no reason why this can’t be equally applied in relation to regulatory compliance.”
Mr. Rosenfeld stresses that, in the past, more than a handful of casinos were able to fly beneath the radar; to avoid industry governance through the use of tactics such as establishing offshore accounts. The good news is that things have already begun to change.
Regulatory bodies are now taking a proactive role in providing a true sense of global oversight. Similar to a high-net-worth individual who can no longer rely on tax havens such as Switzerland, casinos have been placed under a fair amount of scrutiny. This is the direct result of how governments continue to adopt flexible policies when evaluating brands that have recently come into existence.
A Well-Oiled Machine, or Much to be Desired?
We asked Michael Andrew Rosenfeld to relate his experiences in Las Vegas to the global situation at the moment, and he answered without hesitation.
“One challenge involves how far jurisdictions can reach. For example, some of the laws associated with Las Vegas might not apply to establishments located in Atlantic City. Imagine the challenges that need to be overcome when dealing with virtual casinos that can be accessed from anywhere in the world offering a reliable Internet connection.”
He then asks an important question. Will regional regulations be sufficient to provide transparent oversight, or might some type of global governing organisation need to be created? Michael Andrew Rosenfeld nonetheless adopts what can only be called a neutral approach.
“I feel that striking a balance between regulatory transparency, and player privacy is the most logical way forward. One should never be sacrificed for the other.”
The Rise of Cryptocurrency Gaming
Yet another factor that has recently attracted a fair amount of attention is associated with cryptocurrency casinos. Will these lead to further regulatory headaches? In the style that has come to define Michael Andrew Rosenfeld, he holds nothing back.
“I think crypto casinos are great in terms of security, anonymity, and lightning-fast transfers with the help of Web3 technology. However, remember that this same level of anonymity can lead to other concerns. Money laundering and fraud are two issues which governments are taking seriously.”
He also points out that certain attributes of cryptocurrencies are some of the very same which have begun to raise eyebrows; their decentralised nature being a prime example. How will it be possible to create any type of centralised oversight when such an attempt goes against the core tenets of the larger crypto community? This is one of the questions that analysts are still grappling with.
Behind-the-Scenes Concerns with Real-World Implications
Michael Andrew Rosenfeld rightfully states that regulations are not merely words found within a digital ledger. They apply to everyday players.
“I recently conducted a poll on my Instagram page, and well over 80 per cent of my followers stated that regulatory compliance was a primary concern when registering with any new casino. So, we’re not only talking about arguments taking place between a series of gaming lawyers behind closed doors here. The ramifications of poor oversight will impact the entire industry.”
Although Mr. Rosenfeld does not believe that a single “silver bullet” will address the concerns highlighted above, he is adamant that governments are on the right track. As the iGaming community continues to evolve, he aims to remain well ahead of the curve. We will certainly come back to Mr. Rosenfeld in the near future to see what else he has to say.
David Prior
David Prior is the editor of Today News, responsible for the overall editorial strategy. He is an NCTJ-qualified journalist with over 20 years’ experience, and is also editor of the award-winning hyperlocal news title Altrincham Today. His LinkedIn profile is here.
