Sumsub Releases KYC Guide for the European Gambling Industry
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Sumsub offers an all-in-one know-your-customer (KYC) and anti-money laundering (AML) service. Sumsub has released a guide for the European gambling industry.
Sumsub releases a guide for the European gambling industry. The guide describes KYC issues related to age and identity verification and high-conversion verification. Online gambling is growing at a significant rate and the industry's worth may hit €140.05 billion from 2021 to 2026. Online fraudsters seek to take advantage of the growing market by offering activities such as bonus hunting and other malpractices.
Fraud is a real menace to both growing and established gaming platforms.
Gambling platforms need to balance security and conversion rates. Onboarding players too fast can lead to breaches of compliance and fines. If identity verification rates take too long, this may impact the operator's revenue. The new guide points out why the gambling industry needs to be regulated.
The biggest challenge is balancing security and conversion rates.
