The gaming industry, valued at around US$ 257 billion, has been joining efforts to protect players and expanding businesses. Worldwide, there are more than three billion active gamblers – a number that is expected to jump to 3.32 billion by the end of 2024. Data from Statista shows that the online gambling market, which includes casinos and sports betting, is expected to count with around 234 million users by 2027.
In Brazil, the iGaming industry has received a lot of attention. With its eyes focused on voting on Bill 3,626/2023, which taxes online betting companies, as well as prizes for individuals, the Ministry of Finance hopes to raise at least R$2 billion (US$ 405m) next year, imposing taxation of 12% on company income and 15% on prize winners' profits. It is worth mentioning that, once approved, the PL will allocate 10% of the revenue to the education area, divided between entities executing public school units and public secondary technical schools.
In this context, Sumsub announces the first integrated solution for user verification, anti-fraud and compliance in gaming enabling both platforms and operators to seamlessly cover the entire player lifecycle and maximize revenue while staying compliant with all regulations and guidelines.
With this launch, Sumsub is the first vendor to provide a holistic verification solution covering player onboarding, gaming-specific fraud prevention, and compliance. The solution’s four pillars to ensure full-cycle verification include:
Fast and secure Player Onboarding in full compliance with 220+ jurisdictions worldwide. It allows gaming platforms to onboard users in less than 30 seconds leveraging KYC/AML, age verification, and proof of address (PoA) checks. Additionally, Sumsub’s Non-Doc Verification provides swift onboarding in selected countries enabling users to only need to enter an ID card number, without scanning any documents.
Fraud Prevention to fight scams such as bonus abuse, affiliate fraud, and account takeover in real-time based on specific rules preventing fraudsters and all suspicious users from making deceitful action, thus reducing reputation risks and fraud-related losses.
Player Risk Profiling and Analytics module, aimed at catching at-risk behavior fast with dynamic scores that flag suspicious activities through “play and spend” behavioral patterns (like deposit frequency or average bet amount) and customizable rules.
Responsible Gaming (RG) Compliance, a first-in-the-market automated solution based on Sumsub’s Transaction Monitoring system and global compliance expertise, offers a set of rules to help gaming operations detect potential addictions and stay compliant with RG requirements.
“Gaming operators are overwhelmed with the need for separate solutions such as verification, bonus abuse prevention and player risk analysis. Often verification and anti-fraud vendors offer solutions initially developed for other industries like fintech. But they do not correspond to gaming companies’ specific needs as they are not tailored to the user profile which is completely different in gaming. So platforms are left with no choice but to develop these solutions in-house,” comments Jacob Sever, co-founder and Chief Innovation Officer at Sumsub.
“Now Sumsub launches the first full-cycle verification platform for gaming, providing sets of rules that are fully customized to the industry, player geographies and user profiles in gaming. Player Risk Profiling and Analytics module is incorporated into the solution, further reinforcing our support for gaming operators’ and platforms’ needs in reducing risk. Previously, we launched our automated Responsible Gaming solution to help gaming companies stay fully compliant with RG regulations.”
Sumsub customers’ success stories prove the claimed efficiency of the company’s solutions for the gaming industry: Kaizen Gaming significantly boosted onboarding automation – from 15% to 70%, and increased its overall verification performance by 350%; Yolo Group grew users’ pass rates by 142%; and CopyBet decreased players’ time to value from 24 hours to less than 10 minutes.
Source: GMB
