Industry News
An Intro to iGaming Fraud 101
By Tamas Kadar, CEO and Co-founder, SEON
The shift to digital has fundamentally transformed the gambling world, welcoming us to the exciting era of iGaming. But, as much as we love the ease and reach of online platforms, they come with their own set of headaches, especially when it comes to keeping things safe from the prying eyes of fraudsters and bad actors.
In this article, we take a closer look at the risks lurking in the iGaming industry to see how they could mess with businesses, and chat about why end-to-end fraud prevention is like having a good bouncer at the door of your online casino.
Dealing with iGaming Fraud
iGaming has got a lot going for it. Unfortunately, It’s also a magnet for some unhelpful fraudsters. The front line in this ongoing battle? It’s all about getting to know your customers (KYC) and keeping money laundering (AML) at bay with some solid protocols. These aren’t just red tape; they’re your tickets to staying on the right side of the law, keeping your players safe, and holding onto your hard-earned reputation in an industry that’s often scrutinized.
Ultimately, if you think skimping on these regulations is a minor risk, think again. Getting lax here can hit iGaming operators with everything from eye-watering fines and the nightmare of losing licenses to taking a serious hit on their street cred. And let’s not forget the players – pile on too much paperwork, and they’ll head for the hills, leading to a revolving door of new users that never stick around.
Common Types of iGaming Fraud
Like many problems, getting on top of iGaming fraud first necessitates an understanding of the problem and its main forms. Below is a list of some of the main types of activities that we’re seeing affect those in the sector:
- Bonus Abuse: The exploitation of promotional offers through the creation of multiple fake accounts is a prevalent issue. While bonuses are effective in attracting new players, without proper restrictions, they can result in significant financial losses.
- Affiliate Fraud: Unethical third parties may employ deceptive methods, such as using stolen data or creating misleading domains, to siphon off profits illegitimately.
- Gnoming: A concept that involves the manipulation of games or promotions using multiple accounts controlled by a single individual.
- Chip Dumping: A tactic used in online poker where players collude to transfer funds under the guise of legitimate gameplay.
If not prevented, fraud won’t only impact the financial bottom line. It also has the potential to erode trust and could lead to regulatory scrutiny. Thankfully, the good news is that there are now highly effective fraud prevention solutions on offer to prevent them. As such, the task for iGaming operators is to ensure these solutions are onboarded and operational as quickly as possible.
Preventing iGaming Fraud and Staying Ahead of Compliance Requirements
In response to these challenges, end-to-end fraud prevention companies can offer a comprehensive suite of anti-fraud solutions tailored to the unique needs of the iGaming sector. Multi-faceted in their design, these solutions can help to reduce instances of fraud across the sector. More importantly, these solutions are allowing iGaming companies to find that sweet spot between following the rules and retaining slick consumer experiences.
While they don’t all work the same, there are a few key things to look out for when evaluating the effectiveness of modern fraud prevention solutions:
- AML Screening: Utilizing an advanced API, some modern fraud prevention solutions can facilitate both manual and automated screenings against global watchlists, enhancing regulatory compliance and risk management.
- Pre-KYC Checks: It’s important to find technologies that enable the early detection of potential fraudsters through device fingerprinting, IP analysis, and digital footprinting, thereby minimizing user friction and optimizing the KYC process.
- Real-time Transaction Monitoring: Fraud can happen in a split second, so having real-time transaction monitoring is a huge benefit for iGaming businesses. By flagging suspicious transactions and behaviour in real-time, solutions of this nature can ensure prompt action to mitigate risks.
- Customizable Rules for iGaming: Everyone knows their own risk tolerances. A versatile rule engine can allow operators to implement both predefined and custom rules based on their specific business insights and observed user behaviour.
- Machine Learning: Leveraging AI-driven machine learning, solutions like SEON continuously refine and suggest new rules, enhancing the precision and effectiveness of fraud prevention measures over time.
Fighting Fraud Earlier and More Effectively
When it comes to fortifying iGaming platforms against fraud, embracing comprehensive fraud prevention solutions is a game-changer for operators. These solutions play a pivotal role in not just warding off prevalent fraud risks but also in bolstering compliance efforts. Moving forward, this enhanced focus on security will enable the iGaming sector to craft a safer and more reliable space for users, significantly boosting trust and satisfaction.
With the industry on an exciting growth trajectory, leveraging advanced fraud prevention tactics is crucial for its enduring success and integrity. Incorporating technologies like SEON, which specialize in identifying and mitigating fraud early in the customer journey, can make a world of difference. Early detection is key to preventing fraudsters from causing damage, enabling companies to intercept suspicious activities before they escalate.
Ultimately, this proactive approach not only safeguards the platform and its users but also streamlines compliance processes, reducing the friction and inefficiencies that can arise from dealing with fraud incidents after they’ve occurred. In an industry where reputation and user confidence are paramount, the ability to pre-empt and neutralize threats through such advanced solutions is invaluable.
For more information about SEON, please visit: https://seon.io/
The post An Intro to iGaming Fraud 101 appeared first on European Gaming Industry News.
Industry News
StatRankings Launches with Aim to Deliver Faster, Cleaner, and Smarter Sports Data Experience
StatRankings, the ultimate data hub for sports fans, bettors, and fantasy players, announced the launch of its new website. Designed for speed, simplicity, and privacy, StatRankings helps users make smarter decisions by removing the clutter of outdated, stat sites. With more than 500 NFL data points organized on dedicated, ad-free pages, fans can instantly find the data they need to help set fantasy lineups or put together a betting slip without endless tables, pop-ups, or dashboards getting in the way.
“The sports stats industry has been stuck in the past for too long. These sites supposedly designed for bettors, fantasy players, and media are archaic, cumbersome, and confusing. We are committed to keeping the experience of finding stats as smooth and easy as possible, without all the noise. We want StatRankings to represent a new standard in how sports data can be delivered,” said Kevin Adams, Founder of StatRankings and fantasy sports industry veteran.
In addition to the launch of its website, StatRankings created a partnership with One Week Season, a premium DFS (Daily Fantasy Sports) subscription service that offers content, tools, and community. StatRankings data will be used across shows and articles found on One Week Season’s site for the duration of the NFL season.
“One Week Season is all about teaching people the ‘how’ when it comes to becoming a better DFS player. StatRankings helps us in that mission by making sharper and deeper data more accessible and doing so in a manner that has previously been awkward and downright clumsy. By incorporating StatRankings into our content, we’re able to offer the most optimized insights to our users for their success,” said One Week Season’s CEO Jordan Tohline.
The post StatRankings Launches with Aim to Deliver Faster, Cleaner, and Smarter Sports Data Experience appeared first on Gaming and Gambling Industry in the Americas.
Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.
Latest News
AU10TIX announced the launch of a free Child Safety Age Assurance Risk and Readiness Assessment and Age Assurance Readiness Guide designed to help businesses better understand their risk and tailor their strategy to meet regulatory obligations. They support AU10TIX’s Selfie-based Age Estimation service, which delivers the industry’s most precise and unbiased age assessment in just two seconds. In the US, federal legislation such as the Children’s Online Privacy Protection Act (COPPA) requires parental consent for users under 13, while the California Consumer Privacy Act mandates age verification for websites accessed by users under 16. Additionally, 19 U.S. states now enforce mandatory age checks for adult content and gambling platforms. Similar regulations are impacting social media and online services in the UK, EU and Australia.
Caesars Entertainment has launched its third fully in-house developed proprietary online casino title: Signature American Roulette. Now live in New Jersey, the game is available across Caesars Palace Online Casino, Caesars Sportsbook & Casino and Horseshoe Online Casino, bringing another standout addition to the Company’s Signature table game series. Developed by Empire Creative, Signature American Roulette reflects Caesars’ growing investment in building its own proprietary content, a cornerstone of its online casino strategy aimed at delivering a best-in-class player experience. Signature American Roulette follows the recent launches of fan-favourite Signature titles, Caesars Palace Signature Multihand Blackjack Surrender in May and Signature Blackjack Surrender in June, both also developed by Empire Creative.
Novig announced the successful close of an $18 million Series A funding round. The round was led by Forerunner, with participation from existing investors Y Combinator, NFX, Perceptive Ventures and Gaingels. Founded by Jacob Fortinsky and Kelechi Ukah, Novig is reimagining sports predictions as a transparent and fair marketplace. Unlike traditional sportsbooks, Novig allows users to trade directly with one another, rather than against the house, eliminating hidden fees, biased odds and the risk of being penalised for winning.
Partnerships
IGT announced that it has secured a multi-year sports betting technology and services agreement with Hipodromo de Agua Caliente SA de CV and Distribuidora Internacional de Equipos de Juego, S. De R.L. De C.V. that will significantly extend IGT PlaySports’ footprint to Mexico and Latin America via Corporación Caliente. Per the agreement, 42 Caliente sportsbooks in Mexico will leverage the IGT PlaySports platform and services from the Company’s Trading Advisory Services Team. Through a phased rollout, Caliente will also be able to provide select sportsbooks operators throughout Latin America access to IGT PlaySports’ technology, extending the technology’s reach to more than 100 additional venues across eight countries.
CT Interactive has announced a strategic partnership with Ondiss. Through this collaboration, CT Interactive’s top-performing titles are now integrated into the Ondiss platform, significantly expanding the company’s reach within the region’s regulated iGaming market. This integration adds value to the broad Argentine audience of Casino & Hotel Casino Magic S.A., which successfully uses the Ondiss platform. With CT Interactive’s certified and player-favourite content now available, operators on the platform are empowered to diversify their offerings and meet the increasing demand for engaging, high-quality games.
The post Gaming Americas Weekly Roundup – August 11-17 appeared first on European Gaming Industry News.
PAGCOR, the Philippine gaming regulator, has opposed a proposed ban on online gambling, despite mounting nationwide calls to criminalise it over soaring numbers of addiction, debt and mental health cases.
The online gambling sector in the Philippines has been growing exponentially, with gross revenues jumping from $140M in 2022 to $2.4B in 2024, according to Senate Committee on Games and Amusement data.
The committee held a hearing last week, highlighting the human cost of the industry, with its members demanding to outlaw it, saying the country was facing a full-blown public health and social crisis.
Sen. Erwin Tulfo, who led the hearing on online gambling, warned that “as long as online gambling exists, we are breeding the next generation of addicts, debtors, and broken families.”
He called for a ban and to “prosecute not only the operators, but also the enablers — in the government and in the private sector — who profit from this misery.”
PAGCOR, which is both an operator and regulator, said it “is not in favor of a total ban and instead advocates for stricter regulation.”
The regulator said that illegal operators are the real problem.
“Unfortunately, many of these unregulated online operators are based overseas who target Filipinos, most of whom do not realize that the sites they are playing on are not licensed by PAGCOR. This is where problems arise, especially regarding age restrictions.”
But a survey cited by senators indicates that age was not the main issue. It indicated that 66% of Filipinos aged 18 to 40, and 57% of those aged 41 to 55 were engaged in online gambling. Nearly a third bet multiple times a week, some wagering up to $53 per session.
Majority Leader Joel Villanueva warned online gambling is a “growing national crisis” in the Philippines.
“People are not just risking their hard-earned money. They are putting their futures, families, and lives on the line. The lure of instant wealth has already led many down a path of addiction, debt, and despair,” he said.
“Online gambling is not just a matter of financial loss. It is strongly associated with serious mental and physical health issues, broken relationships, family conflict, increased cases of domestic violence and suicide, crime against persons and property, and ultimately, the erosion of opportunities and dignity in the lives of many Filipinos.”
The post PAGCOR Opposes Online Gambling Ban Amid Pressure to Criminalise the Industry appeared first on European Gaming Industry News.
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