Author: Ivan MostovoyUpdated
Any commercial activity is subject to some risks. Threats cannot be eliminated, but it is possible to control and minimise the losses if they occur. This is what risk management programs are for.
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A risk control system is a complex product that includes software, analytical services and tactics for managing factors that can bring financial, reputational and other types of damage to a business.
The tasks of the tool include combating such threats:
Risk management systems help you find ways to quickly respond to a potential threat and choose the best strategy to minimise the consequences.
Various mathematical algorithms and automated analytical services are used to assess the level of risk.
The software can perform the following tasks offline:
After collecting information, the program automatically responds to the identified factors following the specified algorithms.
The tool can be used for:
To assess and classify a potential threat, you should pay attention to the following aspects:
In the iGaming industry, the following types of risks have the greatest impact:
An online casino risk management strategy is a unique set of measures to work in adverse conditions and situations. The process is based on predicting potential problems and tools to minimise them.
Ideally, the program should be integrated into all administrative and management processes, including:
In practice, an online casino operator can choose one of three strategies that best meet the needs of the business.
Types of risk control organisation
Management within a division
The forecasting of adverse factors and the implementation of protection measures are carried out by the divisions of the company within their competence: accounting, support, development department, etc.
Involvement of third-party specialists
Passive risk management in the format of outsourcing services, when potential risks are assessed by external experts.
The casino operator can order a comprehensive risk analysis or an audit of individual business segments. For example, Abilott offers a service for evaluating the health of gaming systems by simulating cyber-attacks.
Active risk management
The casino operator creates a specialised internal division dedicated to forecasting and mitigating potential risks.
Depending on the needs of the company, the head of the department can make management decisions
There is no single scheme of work in the field of forecasting and minimising risks. The optimal strategy and tools are selected taking into account the specifics and administrative nuances of doing business.
The main options for risk management programs for casinos are:
An optimal loss control program that allows you to completely avoid potential risks.
An example of using a strategy in a gambling niche: an operator analyses the advantages of a licence from a particular regulator and evaluates the prospects of a purchase. In the event of a change in legal regulations or tax policy, the project owner completely renounces the licence and begins collaboration with another commission offering more favourable conditions.
A method of limiting, but not eliminating, risk factors. The operator can:
It is a risk-taking strategy with an emphasis on minimising possible damage.
In an online casino, the program can be represented by a bonus policy, when wagering conditions minimise the likelihood of large payouts, or by tournaments, the prize fund of which is formed not from the operator's funds, but the percentage of burnt bets of participants.
This is a control tool that includes a program to disperse the company's key assets.
In gambling, these can be:
This is a casino risk evaluation program that includes mandatory data backup. Technical failures in the operation of a gaming site should not stop the entire business.
The casino manager can use:
A multi-level risk prevention program built on the allocation of business resources. With this approach, the loss of indicators in one of the directions will not cause irreparable damage to the project.
For example, under one brand, you can organise an autonomous website of slot machines, a sports betting point, a cyber arena, a poker room, and a live casino. Mobile services are launched and supervised separately.
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