• November 24, 2021

Altenar: European iGaming Provider – Mission Possible

Isabella Aslam speaks with Dinos Stranomitis, Director & COO of Altenar, on the software provider’s plans to even further develop its world wide footprint, the regulated current market and how banking companies are incorporating cryptocurrencies into the new electronic earth. 
 
Founded in 2011, iGaming software company Altenar has been on the rise given that its inception. The company has cemented alone in Latin American and African businesses however, Altenar also has several licences in approximately each and every state in Europe. 

“We are at a degree at the minute exactly where we have a Gambling Commission licence for suppliers,” Stranomitis told Gambling Insider. “We have a B2B licence in Malta and Romania and also have certification in Spain, Portugal, Sweden, Denmark, Bulgaria, Latvia and Lithuania. Alongside this, we have been integrated with the regulator in Italy and supporting controlled organizations in Belgium. We are entirely certified.”  

It’s an intensive checklist. Do you have any ideas to even more it into, say Australia or Canada? 
We are also in the process of getting a Greek provider licence as well. It’s a compact nation, it may possibly not be sizeable for small business but it is excellent to develop our portfolio. Greece is requiring an ISO 27001, the technological stability standards, so it will help us, and to my information and facts that will be the need also for a German licence as well. 

I really do not see any particular rush to grow additional in Eastern Europe. Canada is really interesting for us, we are curious in understanding the Canadian environment so far, we know there are sure locations in Canada that allow licences. Once a Canadian national licence exists, we will go for that. We imagine Canada is most most likely the very best territory before moving into the US. In terms of Australia, if a business enterprise situation will come throughout, we will certainly get that. We have also talked over an prospect for South Africa, and we are in the process of having a licence there as a provider. It is early stages but just before you start on the actual application it is excellent to do the job on the attitude of the firm.  

And the US? 
For Altenar the US is, as some say, “a way to go”. It is in our desire specified the suitable possibility and the suitable timing.  

When will you utilize for a licence in the Netherlands? 
We are still ready for the Dutch law and regulation to be released, to have an understanding of precisely what a provider needs for the Netherlands. 
 
In phrases of evolution, what do you sense about regulation towards NFTs and cryptocurrencies? For example, lately NFT soccer website Sorare.com was below investigation by The Gambling Commission? 

Very well, where to start with cryptocurrency really! The crypto earth is a parallel universe there are some black holes the place one particular universe is related to the other. As very long as the banking companies are pleased that some of the earnings will come as a result of crypto, we are incredibly open to going by with that choice. Presently, in fashionable days and in particular submit-Covid days, banking dictates far more or less the money movement. And any form of prosperity that comes into your pockets or the business, the resource has to be verified. When it arrives to crypto, if you are unable to verify the place this arrived from and the origin is a legit celebration, then it can be a significant challenge. 

A great deal more banking companies are incorporating crypto as we discuss! 
Certainly, that is correct. Which is why I am indicating there is a way to go you just need to have to be incredibly watchful how you tackle the circumstance. We are very open on that, we are positive. It is just a different forex. We would just like to be controlled adequately. And have the suitable documentation to supply the origin of this crypto. If you make a typical contract with an operator and you get compensated in crypto, the banks will be alright.  

End users can still be uneasy about crypto, so, you have bought to have religion and rely on and show you are constructive about it as a provider, and inevitably it provides customers assurance too… 
Accurate. We are favourable about it. Regardless, if you are regulated you must hardly ever become rigid. Flexibility should even now be the scenario but in a way in which you are not disturbing the ecosystem all-around you. It is all about how you strategy the community.  

You are an proven enterprise but have not really promoted your European footprint. What is the rationale for this? 
You need to be really careful when it comes to regulation. So numerous fines, penalties or poor publicity can come. Regulators can turn in opposition to operators and the like. So we would like to have a proven footprint very first. We start out with selected modest operators in each nation, make certain every thing is great, and then push forward. The European circumstance at the second is a tiny bit of a mosaic. Just about every one country, Isabella, has distinct regulations that you have to fulfill. There are much too many restrictions and regulators, also lots of international locations all with so lots of discrepancies with no harmonisation. 

Every single nation and government have their tips. It’s a nightmare. So, we don’t have to advertise what we don’t have in concrete. But we are at the stage now exactly where we not only have all of those people certifications I outlined, and licences, but we have retained them and have a department that takes treatment of that. When I go to exhibitions, quite a few people complain saying ‘European regulation is a mission impossible’ – well it’s a mission probable! If you do matters correct. 

You sound like you have a plan… 
We hold a pretty fantastic monitor of all these certifications and licences so we don’t get in trouble. We have certain ways to cross-examine internally it aids us to do points appropriately. We also resolved to purchase a database of the dates of beginning of gamers. We have the solution that when we have a date of delivery confirmed and it’s an adult, only then do we present our services for unique international locations that have to have these a rule. If there are any gamers with no their date of birth confirmed, we don’t give. 

We resolved to engage in safe simply because we want to safeguard our customers, the operators. So, we play a bit safer with a very simple concept. On the other hand, there is a rule in Spain that in dwell betting, you can only use how substantially dollars you have in your wallet the moment the game begins. Soon after that issue, if the client deposits revenue, they simply cannot use this excessive amount for that distinct recreation. Somebody assumed about it, all those ministers and regulators have ridiculous tips. Every country is exclusive, regretably, or the good thing is. In Italy, the minute you acknowledge a bet, no resettlement is allowed – you have to shell out. No mistakes. 

Well, if you are executing something that just one put suggests you just cannot do, but 1 claims you can, inevitably you will close up doing it all at some point in diverse jurisdictions? 
That is accurate. The EU encourages alone as a free motion of persons, merchandise and thoughts. But that is very far from happening! In a way, it is still the absolutely free movement of individuals if you exclude the Covid case. But the movement of goods – it’s considerably from staying there. 
 
I really do not feel anything is cost-free movement at the minute. 
Of course, if there was a place in the EU that was productive in gambling, it’s the United kingdom. The British isles has years of practical experience in the gambling sector in my opinion, they have controlled extremely early. This helps make me surprise why the EU does not believe in the most productive member to harmonise law across Europe. 

Each and every one condition has to occur up with the most strange and irrational thoughts of how gambling need to be, but what is the explanation for this? Of course, every single one particular wishes to make revenue but why not harmonisation? This is trouble for suppliers and operators in taking care of and receiving alternatives. We are attaining the possibility due to the fact we deal with rather well. And maybe it is a time to promote without getting irrational, too. Let us engage in the ball the correct way.