With a growing number of players moving further into the digital space, the gaming industry has grown dramatically in recent years. By 2023, the number of players worldwide is predicted to surpass 3.07 billion. IDology research shows that the global gaming market’s growth will reach over $295.6 billion by 2026. The betting handle also rose and was 78% higher on Super Bowl Sunday this year compared to 2021.
However, taking advantage of the industry’s tremendous growth comes with challenges. Gaming operators must rapidly onboard an influx of new players and verify their identities without compromising security and compliance. They must also have a way to accurately verify hard-to-locate identities, such as underbanked or thin-file customers. At the same time, players have higher than ever expectations for a seamless experience. IDology research shows that more than 25% of online gamers abandon the account opening process due to length and complexity. That’s a lot of revenue to let go of. Simply put, the stakes are high, and success depends on the ability to optimize player onboarding while also complying with continually evolving regulations.
Drive Revenue, Deter Fraud and Maintain Compliance
The right digital identity verification solution will do far more than simply help a gaming operator maintain compliance. With comprehensive identity verification methods, gaming operators can streamline account creation and customer acquisition, avoid the risks of fraud and noncompliance, and confidently expand their online gaming customer base. However, not just any solution will do.
As the gaming industry expands, verifying a customer’s age is no longer sufficient. A robust identity verification solution will legitimize gamers’ online status. A truly effective program uses comprehensive data sources to extract and compare personally identifiable information (PII) on public data set from user-provided documents, such as lease agreements and utility bills, to complete identity profiles.
The more information an identity verification platform can verify about a customer, the better. The addition of address verification tools can be a helpful component for defeating fraud. With the ability to verify millions of addresses in real-time, address validation helps companies accurately match customer address data to the right customer profiles.
The IDology Difference
IDology’s ExpectID platform was designed to help gaming operators maintain compliance while increasing player acquisition and improving the onboarding process to drive revenue. With diverse, deep data sources and advanced technology, ExpectID goes beyond basic age and identity checks. The multi-layered verification program utilizes location, activity, email and mobile phone attributes to provide an in-depth risk assessment of each player. These layers lead to high locate rates, even for “thin file” consumers with new credit histories and higher authentication levels for high-risk payments or administrative transactions.
With the massive potential for the gaming sector to hit new heights, operators can’t afford to lose customers and revenue to cumbersome identity verification.
Learn more about balancing growth with fraud prevention and compliance in online gaming.