New market expertise will keep you ahead in the UAE

The introduction of regulated gaming in the UAE will be a watershed moment. Entering the region is going to require careful planning and an agile approach.

The story so far

When the United Arab Emirates last year established its General Commercial Gaming Regulatory Authority (GCGRA) to build a framework for legal gambling, it signalled a major shift in a region where widespread regulated gambling was, for a long time, almost unimaginable.

The UAE has a strong track record of entering new sectors and quickly becoming world-leading. With the appointment of ex-GLI executive Kevin Mullally as chief executive of the GCGRA and former MGM executive Jim Murren as chair of the board of directors, it suggests the country is keen to repeat the trick with gaming.

There’s no denying the scale of the opportunity. When Wynn was recently granted the first land-based licence in the country, it projected its Wynn Al Marjan Island resort - which is already under construction - will generate annual GGR in excess of $1 billion.

On the online side, the potential of the MENA region is very clear, even if until now it has only been offshore operators who have been tapping into it.

The UAE plans to move swiftly yet deliberately. The Wynn’s new resort should be ready by 2027, and it is not impossible that live online gaming in the Emirates will also be live that year. I’d expect many of the biggest names in our industry to be lining up for a licence.

Make no mistake, this is potentially the biggest opening of a new online gaming market since the US, particularly if others in the region follow the example. Bahrain is already making similar moves to the UAE. As MENA countries look to diversify their economies, others will surely follow over the next decade.

We’re already being asked about the best approach to gaining a licence in the UAE. Our answer is simple: we can’t give you one yet. But you did come to the right party, I’ll explain why.

Without a published framework, we can only speculate on what regulated gaming in the UAE will look like, even if some of the guesswork is at least educated.

Strict regulatory framework ahead

Given the UAE’s approach across most other sectors, we can expect that this regulatory framework will likely be strict and highly structured. Local partnerships could well be essential. And sensitivity around religious and cultural norms is going to be hugely important, impacting everything for the way products are presented to marketing opportunities.

But as I say, at this stage this is all speculation, and anyone promising you a licence on a silver platter this early in the process isn’t being genuine.

Instead, the best way to prepare is to think more broadly about how to position yourself to enter a new market.

For more than a decade now, tens of jurisdictions, predominantly across Europe, North America and Latin America, have rolled out regulatory frameworks. While they’ve all differed in nature, we can draw parallels around certain requirements, from a duty of care to the end user all the way down the way regulators expect licensing applications to be presented.

Picking partners who are experienced in delivering in new regimes is also critical. We’ve worked closely with countless operators and suppliers making their first moves into new markets as diverse as the Netherlands and Ontario.

Our philosophy is that compliance needs to be thought of holistically. It’s not something that can be bolted onto your operation; it needs to be a consideration in everything you do.

Remember, things can move quickly and in unexpected directions and staying nimble is often the most important factor. Upskilling your entire team in the field of compliance has never been more important.

Be adaptable and forward-thinking

The prize at stake goes beyond a licence in the UAE. This could be a foothold into an entirely new region. There’s no formula here, but closely aligning the way you do business with the requirements of regulators around the world will put you in pole position.

So, while the exact details of the regulatory framework in the UAE remain uncertain, preparation is key. Be adaptable, forward-thinking and willing to invest in your team.

The UAE’s move into regulated gaming is not just about opening a market. It’s about setting the stage for a potentially transformative shift. The time to start planning is now.

Image credit: Casino Guru News