Gaming and Gambling is an industry characterised by growth. According to the Global Gambling Market Report 2021, the market is expected to grow by $50 billion this year, reaching a whopping $516.03 billion!
However, such progress – alongside increasing diversification – warrants a much greater risk for firms in the industry. As online casinos and similar gaming ventures rocketed in use during the pandemic, staying compliant has become not only a difficult task but a process that – if not properly carried out – can lead to extreme consequences…
In recent months, there’s been a mounting effort by regulators to mitigate the risk of Fraud, Financial Crime and Money Laundering. In 2019 alone, UK based gambling corporations were fined a record £19.6 million.
Fines are rising year on year, and the numbers don’t lie: GamblingIndustryFines.com notes that in 2020 fines totaled £44.7 million, hugely surpassing those imposed on the industry during the previous year. Meanwhile, over £24 million in fines have already been handed out during the first quarter of 2021 – half the 2020 total in just 3 months!
Technology is the only sure bet
As regulations become ever more strict, and customers lean towards Digital Onboarding, Know-Your-Customer (KYC) solutions have become vital to providing online gambling firms with a fast, efficient and accurate way to onboard players.
Alongside the importance of KYC, there’s also the need to enhance risk assessment and scoring of players. Anti Money Laundering (AML) solutions are the answer here: through the use of elegant Transaction Monitoring, Screening and Risk Assessment practices, these cutting-edge solutions negate the threat of illicit activities – and eliminate the risk of consequent fines.
The good news is that these Regulatory Technologies (RegTech), while relatively new, have come a long way in the last few years. Today, state-of-the-art RegTech solutions incorporate all of the latest technology, ensuring corporations comply quickly, accurately and efficiently.
Such advanced solutions are designed to minimise onboarding times while offering a seamless experience that only enhances the firm’s reputation. And through the use of global data, AI and Machine Learning, RegTech platforms provide compliance officers with limitless capabilities, including accurate risk scoring and monitoring – two of the greatest challenges in the industry, and the main source of falling victim to fraud.
Our iSPIRAL team has vast experience in working with businesses in the Gaming & Gambling sector, and we use our valuable knowledge to help firms up their compliance game. Our cutting-edge RegTek+ solution delivers technologies that include Machine Learning and Advanced Analytics, ensuring your firm offers a pleasant onboarding experience while accurately detecting the risk of players in real-time.