The Gambling Commission announced in February new rules which online operators must follow to make gambling safer and fairer. As the implementation deadline is fast approaching, are you match fit?
The new rules, which follow an open consultation, will ensure operators verify customers’ age and identity details faster which will benefit consumers.
Until now, online gambling businesses have been allowed 72 hours to carry out age verification checks. The operator 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 lost revenue stuck in referral mode because of a ‘no match’ – which means sizeable lost revenue!
In our experience, typical identify 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 sink 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.
Check out our video below which shows how easy it is to create a multi-bureau IDV strategy in the TruNarrative platform.
With TruNarrative more players are on-boarded faster and in real-time!
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