Throughout the past two years, the iGaming industry has experienced explosive growth. Furthermore, industry experts remain confident in the likelihood iGaming will only continue to grow. According to the Global Online Gambling Market report, the industry is expected to grow from $64.13 billion last year to $112.09 billion by the end of 2025.
However, the growth of iGaming increases the risk of fraudulent activity, creating the need for strong anti-money laundering (AML) and know your customer (KYC) practices. Operators must ensure their solutions meet not only regulator expectations, but also the evolving needs of patrons. Patrons expect a frictionless enrollment process and the best way for operators to achieve this is by creating a quicker and safer onboarding experience.
As an industry leader, Global Payments Gaming Solutions is helping operators strengthen their compliance practices by engineering our solutions to tap an omnichannel approach. Our VIP Mobility™, the industry’s first mobile solution enabling true cashless gaming, provides additional layers of consumer protection while fitting within existing gaming regulations. AML and KYC controls are tighter, creating additional checks and balances to mitigate the potential for fraudulent behavior.
VIP Mobility’s mobile app scans driver’s licenses and passports to verify potential customers and utilizes this information to perform more than 125 counterfeit checks. The app also verifies applicants have the authority to use accounts associated with their names during sign-up. In addition to creating a safer gaming experience, VIP Mobility expedites the onboarding process for patrons.
VIP Mobility is designed to directly connect the user’s bank account and the casino. This means VIP Mobility is not a “wagering” app that keeps money in a separate ecosystem, which greatly improves the onboarding process for patrons. Wagering apps require an average of an hour to complete enrollment, including an in-person interaction at the casino to activate an account. With VIP Mobility, users can enroll within five minutes because the bank’s existing AML controls and the casino’s TITO controls make it simple to set up an account.
As the iGaming industry continues to grow, so will the likelihood of fraudulent behavior. However, operators can mitigate this risk by tapping an omnichannel approach to create a streamlined and secure onboarding process for patrons.
Click here to learn more about how Global Payments is helping our partners stay one step ahead of compliance regulations.