In recent years, online gaming has become a booming industry – having held steady and even undergone growth in the face of overall market decline. In 2019 however, two things changed; in May the UK Gambling Commission (UKGC) implemented strict new age verification laws, and the sector saw it’s first-ever fall in GGY – a 0.6% drop to £5.3bn.
Most businesses and organisations that need to verify identity are now using or moving towards digital and real-time solutions. However, there are still many who use manual reviews.
Here’s three key reasons why manual reviews are best avoided.
For gaming operators, smooth and speedy onboarding is absolutely essential, however it can be made more complicated due to regulatory requirements, which can add friction to the journey.
The changes to the LCCP from the UK Gambling Commission take effect on 7th May – but are you already exceeding your usage for verification checks with your verification provider?
As mentioned previously (here), there are a number of changes that operators need to be complying to. Ultimately, the result of these changes will see operators needing to verify and authenticate a higher volume of consumers before they are able to use their services.
Operators are going to be seeing higher volumes, meaning higher costs – but what about when operators inevitably exceed their current verification check limits with current providers?
A 3-point consideration guide for Gambling Operators – how do you mitigate risk to the objectives of the LCCP but remain ahead of the game.
The Gambling Commission (UKGC) are currently in consultation on age verification in respect of remote gambling and betting licences and time will run out to have your say on 27 November 2018.
Sport Nation, formerly known as Bet on Brazil, an online betting subsidiary of Argyll Entertainment, is gaining real-time insights into its customers’ behaviours and personal preferences via Hello Soda.
Hello Soda’s unique big data and multilingual analytics solution, PROFILE, enables Sport Nation to leverage the power of big data by harnessing its customers’ online footprints.
This analytics engine helps to verify identity, reduce the likelihood of fraud, speed up registration processes, personalise communications with customers and produce tailored offers.
James Blake, CEO at Hello Soda, said: “The gaming sector is becoming increasingly competitive. This means that encouraging brand loyalty and attracting new customers is more important than ever. Personalised offers, along with an effective and streamlined ID verification and registration process, will play a crucial role in the long-term success of the modern gaming site.
“By taking advantage of big data and text analytics, Sport Nation has adopted a forward-thinking approach to business, enabling it to build better relationships with existing customers and increasing its chances of attracting new ones.”
Dan Marks, CFO at Argyll Entertainment, said: “We are committed to ensuring that our customers receive a gaming experience tailored to them as individuals. Incorporating new, digital innovation into Bet On Brazil’s processes is enabling us to stay ahead in a competitive market and ensure that our customers are receiving the most user-friendly and efficient personalised experience.”
The gambling industry is estimated to be worth 50.7 billion US dollars as of 2017. Identity checks are a vital element of any gambling registration process, but relying on current, outdated data sources can lead to you missing out on potential users and millions in revenue. Is big data identity verification the future?
There are consumers who will (and do) visit your website or your app, go through registration, and then drop off due to an inconvenient and drawn-out signup process such as requesting copies of driving licenses. Even losing 10% of potential players because of this can radically harm your revenue, something which is avoidable by implementing the right tools to optimise registration processes.
Smart phone penetration is predicted to reach 70% by 2020, and, by 2018, the mobile gambling industry is expected to be worth $100bn. The mobility that these devices provide to customers, and the rise of publicly available Wi-Fi, enables them to play anywhere, resulting in an increase in user demands for convenience and efficiency, with quick verification processes being a particularly vital part of the user experience for time-dependent bets or offers.
Technology is sufficiently advanced to no longer have to rely on traditional data sources alone. Digital data is expected to reach 180 Zettabytes by 2025 (up from 4.4 in 2013) and but, at present, less than 0.5% is ever analysed and used.
With 2.5 Exabytes (or 2.5 billion gigabytes) of digital data is produced every single day, why continue to rely on outdated data sources alone when there are solutions available that leverage this digital data to enable quicker, more user-friendly verification processes?
Big data analytics software can be utilised to verify identity and detect fraud to ensure that safe and genuine customers are seamlessly and quickly authenticated. Our solution PROFILE provides an efficient and modern form of ID verification by harnessing a customer’s existing digital footprint to drastically improve the user experience. Following consent from the user, in simple terms PROFILE assesses both the quality and quantity of data available about an individual, ensuring it is consistent, meaningful and real. This use of big data can determine whether an individual is who they claim to be, in real-time, without affecting the experience of the gamer.
With PROFILE, you will supplement traditional data with the user’s digital footprint to enhance existing verification processes. PROFILE will be just as accurate and work just as well regardless of where in the world the player is.
PROFILE is revolutionising the way that the gaming industry verifies identity. With clients already seeing 63% uplifts in ID verification on thin-files versus traditional processes, PROFILE will drastically improve your odds of success in a crowded and competitive market.