Online Gambling is the process of placing wagers on a variety of games from a computer or mobile device. It is a lucrative industry that continues to grow, with some estimates putting the global market size at $92.9 billion by 2023.
The Internet and technology have made gambling more accessible than ever before, allowing players to play from any location and at any time. Most websites require a desktop or portable device with an Internet connection, but some allow players to play right on the Web site without downloading software.
A wide range of games are offered on the Internet, including sports books, poker, and online casino games. Some of these games use sophisticated technology, such as virtual reality, to simulate the experience of playing in a real casino.
Legalities & Regulations
Some countries restrict or ban the online gambling industry, while others allow it with strict regulatory measures in place. For example, the European Union prohibits gambling sites that are not licensed by a country’s gaming authority, or that accept bets from players in other countries.
Compliance & AML issues
The online gambling sector is subject to a number of compliance requirements, such as KYC and AML mandates. A risk-based fraud detection solution like SEON helps compliance teams keep in line these mandates, and also addresses the unique fraud risks faced by iGaming operators.
Loss of Revenue
Fraud can have a huge impact on an operator’s overall revenue and profitability. It can affect the number of deposit and withdrawal transactions, as well as the amount of money lost due to chargebacks.