The global gambling sector is booming currently, and many experts believe it is high time the industry chooses sustainability. KPMG sponsored the panel named Chaos/Sustainability: The Choice is in our Hands on the first day of the CasinoBeats Summit. Richard Schuetz (Schuetz LLC’s CEO) joined the panel and explored how the gambling sector can use a gambling knowledge center to achieve harmonization.
While the gambling space is expanding globally, the US, the UK, and the European market don’t have any harmony. If that sustains for long, streamlining their procedures will be challenging. Richard spoke on the Products and Innovation Track-backed Betsson group. The veteran stated that the US market faces a crisis, the same as the UK and the European market. A player can gamble in one state and then enter another state to find that all the guidelines and rules are different.
Comparing New Jersey and Tennessee is enough to prove that the current gambling system is not strong enough to sustain long-term development. Richard went on to say that the sector has regulatory failures everywhere. Many regulators do not have the slightest hint about regulating. Politicians are becoming regulators in the US. At least in the UK, the executives being assigned have some market insight.
Richard finds it amusing, saying how a person with no knowledge of the sector can regulate it? It is startling that the sector is not using people with the market knowledge and experience for regulation. Richard believes that the best way to entertain sustainability in the gambling sector is via the GKC (Gambling Knowledge Center.)
Katherine Spilde (San Diego State University’s Professor) and Steven Myers (Praxis Consulting and Advisory’s Managing Director) also support Richard’s statement. Katherine states that the Gambling Knowledge Center uses the Sycuan Institute on Tribal Gaming to provide sustainability with three primary goals:
- Evidence-centric research
- Teaching know-hows of the sector
- Serving as a resource to solve public policy hurdles
The GKC can use the agendas to develop programs that promote globally acceptable policies and models. It will also facilitate healthy community-industry-government relations to make educated decisions and rule establishment.
Katherine added that gambling is gaining global acceptance, especially in the United States. But with different guidelines ruling every state, streamlining their procedures is extremely challenging.
The process is filled with challenges that only data and industry-driven research can address. Katherine has collaborated with 180 tribes across the US to work on models that the expert wants to share with everyone.
Steven added to Katherine and Schuetz’s statements, saying that the sector needs trust above everything. Yes, data sharing is crucial, but it can happen with time. Currently, the industry must find a balanced and worldwide vision of failure and success.
Many experts have numerous opinions regarding the situation, but the GKC appears to be the most sensible one right now.
