At the Intersection of Gaming, Integrity, Technology, and the Law is MT❯Play
The following is an interview about the evolving needs of clients within the global gaming sector with Derek Ramm, Managing Principal of MT>Play.
1. What makes MT>Play different from other advisory services within the gaming space?
MT>Play has an unparalleled roster of experts backed by the resources and network of Canada’s most accomplished law firm. I don’t use the word “unparalleled” lightly. We’ve established a number of strategic alliances with some of the most respected firms and individuals in the gaming space, in Canada and internationally. We are nimble and scalable in being able to assemble teams that are uniquely tailored to each mandate. The breadth of MT>Play’s talent and experience allows us to form innovative partnerships with our clients.
2. What key trends and opportunities are being seen in the current market?
The gaming industry is experiencing rapid change – largely driven by technology, demographics and legislative reform. Globally, online gaming has been around for more than two decades but in North America, it is still embryonic, particularly with regard to regulation. Very few U.S. states have legalized internet wagering and Canada’s legislative framework is prohibitive in many areas, including single-event sports betting. There is a critical need for Canada to look at its overall approach to gaming or we risk losing out on innovation and competitive advantages. The recent U.S. Supreme Court decision that permitted sports betting nationwide, and the subsequent U.S. Attorney General’s memorandum on the applicability of the Wire Act to online gaming, are good examples of how quickly the legal landscape can change. In terms of demographics, we have seen some declines in areas of traditional casino gaming and the rise of things like esports – essentially a form of video game competition. If you’re willing to embrace change, this is an exciting time in the gaming industry.
3. What are some of the biggest challenges/issues facing clients in the current market?
Legislation and regulation simply haven’t kept pace with the changes I mentioned earlier. In addition, regulatory expectations in the areas of social responsibility, problem gambling and anti-money laundering are becoming increasingly complex. We’ve recently seen significant sanctions imposed against gaming operators in the United States and United Kingdom for compliance failures in these areas. There’s also been a lot of ongoing media attention concerning money laundering in British Columbia casinos, which ultimately led to a special investigation by the Attorney General’s office. MT>Play is uniquely positioned to help clients navigate the trends, opportunities and challenges in the current market.
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Ana Badour, co-lead of McCarthy Tétrault’s Fintech group, and Derek Ramm, Managing Principal of MT>Play, deconstruct the specific industry changes and amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the ‘PCMLTFA‘). Read Final Amending Regulations Issued under the Proceeds of Crime and Terrorist Financing Act.
To learn more about MT>Play, contact Derek Ramm, Managing Principal (firstname.lastname@example.org).