Since the U.S. Supreme Court ruled in 2018 to end Nevada’s federally protected monopoly on sports gaming, several states have already jumped into the lucrative, multi-trillion-dollar iGaming market.
While this is good news for iGaming organizations, it has increased the potential of online gaming fraud risk. There are also significant regulatory compliance measures at stake.
Therefore, it is critical to know who is on the other end of every single online gambling transaction.
Otherwise it can cost a company millions of dollars, cause loss of customer confidence, and in extreme scenarios, loss of license and major punitive damages. The industry has very specific online gaming fraud risks, including:
Account Takeover Schemes
Fraudsters assume control over top customers’ accounts and steal funds.
In the sports betting, users can simply deny ever placing a bet.
Users claim to be older than they really are.
Several players conspire to steal money from one or two unsuspecting fellow bettors.
Algorithms that are designed to run 24/7 know exactly how to play games in any given scenario.
Multiple Player Accounts
If people are limited to 100 entries in a tournament, they can create another account for a spouse, friend, or coworker so they have an advantage over the rest of the field.
A major iGaming organization offers $100 free credit when a new player makes a first-time deposit. So, people create hundreds or even thousands of accounts to get the free funds.
Since it is critical for online gambling companies to adhere to safe gaming, stop underage gambling and support responsible gaming, they need to partner with a vendor that understands their unique needs.
At the same time, these new business opportunities are presenting an incredible means to grow their businesses. While stopping online gaming fraud is critical, it is just as important to partner with a vendor that can help you grow your business by identifying new VIP players and providing a seamless account creation experience.
Competition is fierce and we understand how to deliver an amazing user experience for valid customers while stopping fraudsters.