By 2029, it is expected that the gaming and gambling industry will be worth almost $900 billion, growing at a rapid rate with every year that passes. This is largely due to the popularity of the online gambling and sports betting sectors. Post-pandemic, we have contributed to the online gambling sector exploding, and, as you can see, it isn’t going anywhere anytime soon.
However, risk and compliance issues remain a huge problem for the industry and us players, especially because of its hugely popular growth and dynamic and innovative nature. It is in this space that businesses like DSTGAMING can help to handle these problems.
Online casinos and sports markets’ incredible potential and opportunities mean there are drawbacks as well as benefits. Online casino platforms deal with bribery and corruption, financial crime, underage gambling, and data privacy violations every day. This affects us as players in the industry on every level because our personal and banking data can be accessed through these platforms.
The major issues facing the iGaming industry because of its dominance in the online space will be discussed in this article, along with how DSTGAMING offers the right risk management resources and guarantees regulatory compliance for any operator of an online casino.
The Benefits of Risk Management Tools for iGaming Platforms
These are a few of the challenges that internet casinos and sportsbooks must deal with. DSTGAMING can help by using the software they have available.
Fraudulent Activity
When it comes to gambling platforms that deal with sensitive information and the transfer of your funds, the biggest threat posed to them is fraud. This is why they should employ as many anti-fraud tools as possible. What this software (which can be provided by companies like DSTGAMING) does is look for and identify possible fraud activity before damage can be done to the company. An example would be players using more than one account or device to scam other players out of their hard-earned cash.
Laundering of money
Authorities find it difficult to trace money laundering activities online, as criminals may move money through different accounts from around the world and then deposit it into shell companies. This money is almost always used for illegal activities and, as such, must be stopped before it has had a chance to gain traction through an iGaming platform.
This is why online casinos use software like KYC to verify your customer information and IP addresses so they can see if you are who you say you are and are not participating in money laundering.
Another risk management tool that companies like DSTGAMING use is AML or Anti-Money Laundering. The software continuously scans transactions that occur through the online casino or sportsbook to pick up any suspicious activity and ensure that the platform’s reputation is upheld and it is always legally compliant.
Gambling platforms engage with DSTGAMING and similar companies so that they can get clarity and assistance in two main areas as well. These are:
- Customer protection: a big part of risk management is making sure customers are safe and protected, as they are what keeps the company afloat. The customer’s information should always be kept secure and the customers themselves should always be protected from anything else that could cause them harm online.
- Legal compliance: online platforms must be legally compliant within their jurisdictional framework, as well as meet any standards set by online regulatory bodies like the UKGC (United Kingdom Gambling Commission). For example, regulatory bodies may ask online betting sites to keep records of all interactions with players. Non-compliance could lead to the site being fined or even shut down.
Why iGaming Solution Companies Matter
These companies provide solutions for all iGaming operators and help them protect their customers as well as themselves. In a landscape that is constantly changing from a legal perspective, award-winning companies like DSTGAMING will make sure their operators are covered and compliant. Above and beyond risk management and compliance, this company also offers Turnkey Online Casino Packages and Casino Payment Solutions. Any reputable iGaming provider should have a host of products, services, and solutions for casino operators to choose from so that the company can focus on bringing in and keeping real and verified players.
Leave a Reply