UK Gambling Regulations – Are you losing millions to poor identity verification processes?
Adam Doyle is TruNarrative’s Head of Gaming and a 10 year veteran of Identity and Financial Crime Management in the Gaming industry. Here Adam outlines his thoughts on the Gambling Commission rules which online operators must follow to make gambling safer and fairer.
Following an open consultation, UKGC introduced new rules to ensure operators verify customers’ age and identity details faster.
Until the start of this year, online gambling businesses had been allowed 72 hours to carry out age verification checks.
Operators now cannot permit customers to withdraw winnings until age verification has been completed and must return stakes if the person is found to be underage.
The challenge that you will now be facing!
Chances are if you rely on a single provider of identity verification data, you’re going to have significant amount of good customers stuck in a referral queue because of a ‘no match’ – which means sizeable loss!
In our experience, legacy identity verification checks via a single provider result in 30% failure rate. Usually, at this point manual remediation processes kick in but with sizeable failures, current processes are likely to be sinking under the weight!
The average client lifetime value (CLV) of a player is estimated to be £400. Therefore, if an online operator has a single IDV provider and they onboard 20k players per month it is likely that their existing processes will result in circa £29m of lost revenue per year!
Here at TruNarrative we turn regulatory compliance into a competitive and revenue generation advantage.
Our platform enables you via a simple API integration to increase match rates and realise potential lost revenue with the new regulation changes.
Book a demo to find out how we can help you build a multi-bureau IDV strategy to onboard more players in real-time!
Book a demo
Transform the way you view compliance and financial crime in your business in 45 minutes. Register now