The gaming sector has a distinctive set of difficulties. To implement the best solutions, learning as much as possible about them is crucial.
Demography of gambling
One thing is for certain, though: gambling has altered recently. But specifically, what has changed? Most notably, the types of bets made and the players themselves. Nearly half (40%) of gamers are anticipated to be younger millennials and some members of Gen Z by 2020.
These young players (aged 18 to 21) prefer to gamble digitally, primarily on their mobile phones, which may not surprise them. But that does not mean the older generation has given up gambling altogether, and players over 60 now spend more than twice as much as they were a decade earlier.
Unfortunately, as online gambling becomes more popular, cybercrime also rises. Customers who sign up for online casino accounts risk stealing their private information.
One in every twenty new online gaming accounts is fake, according to the ThreatMetrix Gaming and Gambling Cybercrime Report. While during peak hours, bot attacks account for almost half of the daily gaming traffic.
Unexpectedly, the registration and account creation process is the most dangerous part of online gaming.
Therefore, it is crucial to immediately speak with your payment processor and find out what features they can provide to safeguard your company’s and your customers’ sensitive data against fraud.
Dealing with fraud after it occurs is less effective than preventing it from happening in the first place. For this reason, it’s crucial to find a payment provider who is familiar with the demands of your industry and who will implement clever anti-scam filters that can tell your real customers from scammers.
On the other hand, anti-fraud filters on the fraud prevention medal might become too sensitive, resulting in a decreased acceptance rate for payments, lower conversion rates, and angry consumers.
You should remember that if you have a trading account for online gambling, you are likely to notice rapid increases in payment volume, which puts your trading account in danger of being mistakenly flagged for fraudulent behavior.
If this occurs, your trading account can be temporarily suspended, preventing you from doing company operations and preventing your clients from completing transactions.
Make sure that your payment processor can build intelligent, automated anti-fraud filters that are accurate enough to flag only transactions that are completely fraudulent to get around this issue. This will guarantee that all your legitimate customers can complete the checkout procedure without any problems, helping to safeguard your money stream from losses.
Administrative rules and laws
The largest market for online gaming, where over half of all money is generated, is in Europe. However, regulating these activities is the sole responsibility of each EU Member State since the EU lacks a specific unified policy governing online gambling.
This means that to prevent their adherence to outdated regulations, online gambling merchants must stay current on any developments taking place in their local marketplaces. For instance, British and French business owners need a domestic license to operate their internet gambling enterprises in the regions above.
However, regarding regulations for trading accounts for online gambling, various EU Member States share certain characteristics. Most notably, Know Your Customer (KYC) and anti-money laundering regulations are the parts of this geographical market with the tightest restrictions.
Every online gaming user must be accurately identified before merchants and redeemers can evaluate the risks of money laundering and other crimes related to their online accounts.
And although though the United States is a sovereign nation, each state has its regulations on internet gambling. For instance, in 1992, most of America’s locations made sports wagering illegal.
Sports betting is still permitted in several states, including New Jersey, Nevada, and Delaware. Thus most does not always equal all. However, online gambling merchants must keep up-to-date on any changes to the laws that are relevant to their sector.