“Let’s talk about Spain,” said Altenar COO Dinos Stranomitis, as the sportsbook provider prepares its team for this month’s SBC Summit Barcelona (21-24 September).
Speaking on the first episode in the second season of ‘Coffee Break‘ with Altenar, Stranomitis suggested that certification for sports betting operators in Spain is a ‘little bit tougher’ than in other countries.
“In comparison with other jurisdictions, we have quite a few rules that we need to respect and ensure that we apply. At least more than other jurisdictions.”
In the video, he references a special rule that players with regulated operators in Spain should take note of, specific to the country’s popular in-play betting space.
“Before the match starts, you need to fund your wallet as far as you want to bet live on that event. The money available in your wallet at the start of an event is all you can use.
“After the game starts, you cannot deposit and use it in this game; any deposits you make only become accessible for future events. This is a rule that does not exist anywhere else.”
Picking up on another example to show why operating in Spain carries more difficulty from a regulatory perspective, Stranomitis told SBC News: “The second point is that any event management change in wallet transactions must be approved by the regulator before it is released to the operators. This is adding further bureaucracy to the process for sure.”
Sports betting remained the primary source of GGR for operators in Spain last year, despite a 7.1% year-on-year decline to €365.1 million, according to data released by national gambling regulator Dirección General de Ordenación del Juego (DGOJ) in March.
Stranomitis is taking to the stage for a Leaders Panel at SBC Summit Barcelona on ‘Navigating a new institutional operating environment’, where he will join Genesis Global CEO Ariel Reem and CEGO CEO Allan Auning-Hansen to discuss how rapidly changing market conditions, including those in Spain, have redefined the standard operating environment.
“We are really excited to be involved in the Leaders Panel at SBC Summit Barcelona,” he concluded. “This gives us the appetite and opportunity to showcase how we have raised the bar to meet the demands of our customers, as we are considered a high quality provider.”