Online Gambling is a form of gambling that involves betting on games and other events over the Internet. It’s a popular pastime for many, and can be played by anyone from around the world.
Although the popularity of online gambling has grown, it is not without its problems. Specifically, fraudsters continue to find ways to cheat players and the platforms they use. While the vast majority of iGaming sites are legitimate, fraudsters are constantly looking for new ways to get around KYC (Know Your Customer) and AML (Anti-Money Laundering) mandates.
One of the main roadblocks to online gambling is the fact that most major credit card issuers don’t allow these types of purchases on their cards. This is largely due to issues of jurisdiction and sovereignty, but it also has to do with the legality of gambling over the Internet. For example, it’s illegal to operate a gambling website within the United States, but prosecution and conviction of individual players is almost never done because of the jurisdictional issues.
For these reasons, it’s important to have a risk-based fraud detection software solution in place for your iGaming business. SEON can help you keep up with AML/KYC mandates while weeding out obvious fraudsters from the beginning, thus saving you time and money on costly chargebacks and fraudulent bonuses. In addition, we can also identify digital footprints that tell you a lot about the identity of a potential gambler. This is especially important if you’re running high-risk games, like poker or blackjack, that can be susceptible to collusion.