Automated Authentication On The Cards
Online gambling has already been legalised in a number of countries, with great results. However, the sports betting market is set to expand in a big way, with the legalising of betting slated for, among other countries, the United States. The United States alone is rumoured to be able to bring in an estimated $81 billion to sports betting, by the year 2022.
This is great news for the industry, of course, but also creates a number of unique challenges for online operators. Each country that allows online gambling has it’s own rules and regulations, which must be met. iGaming brands will no doubt rise to meet the challenge, and be sure to meet the regulations of each region it hopes to do business in.
The problem is that with each new set of regulations, operators are forced to add layers between customers and actually making online transactions. This means that making a deposit can become tedious and subject to long delays.
Breaking Down Banking Issues
Russell Medley is director of fraud and risk management at 888, a popular and long running online casino and sportsbook. Talking on the subject, he explained that the moment from when a player or punter arrives on a site, to the time that they make their first transaction is crucial. If users are faced with walls of time consuming authentication processes, they quickly lose interest. Obviously sites cannot afford this, if they hope to do business at a maximum performance level.
Medley clarified in his interview that if hurdles are put in front of players or punters, it creates a drop off. It is therefore essential for casino and sportsbetting brands to invest in new, faster ways to both comply with all regulations, but also provide speedy service to guests.
This situation has pushed popular brands such as 888 into exploring automated authentication processes, which provide both sound security measures and meet regulations, but are also fast, convenient, and as nonintrusive as possible. Such systems are likely to become standard at most online casinos and sportsbooks in the future.
An Added Layer of Safety
Of course, meeting regulations is not the only reason for iGaming brands to invest in more advanced authentication software and processes. Such systems likewise provide added protection against cyber attacks and fraud.
An increasing number of casino and sports betting sites have reported incidents of cybercrime, which is bad for the industry as a whole. The vast majority of sites use top of the range encryption services, but as the industry expands, more and more sites are being targeted.
Automated authentication seems to not just be a good idea in terms of business, but also a necessary barrier against what will be increasing online security risks. The fact that big iGaming brands are taking this seriously can only be a good thing.