The game sector has its own set of difficulties. That is why it is critical to learn as much as possible about it so that the most effective remedies can be implemented.
Demographics of gamblers
One thing is certain: gaming has evolved significantly in recent years. But, exactly, what has changed? The manner people bet and who the gamers are in particular. By 2020, younger millennials and certain members of Generation Z are predicted to account for nearly half of all gamers (40 percent).
Unsurprisingly, many young gamers (aged 18-21) prefer to gamble digitally, primarily using their smartphones. That isn’t to argue that the older generation has fully abandoned their gambling addiction. In fact, players over the age of 60 are now spending more than twice as much as they were ten years ago.
Unfortunately, with the rise in popularity of online gambling, so has the rise in cybercrime. As a result, when customers sign up for an account with an online gambling site, they risk having their sensitive personal information stolen.
According to the ThreatMetrix Gaming and Gambling Cybercrime Report, one out of every 20 new online gambling accounts is fraudulent. Bot attacks account for about half of all daily gaming traffic during peak periods.
Surprisingly, the most dangerous aspect of online gambling is the registration and account creation process, which takes place at the start of a customer’s adventure.
That’s why it’s critical to speak with your payment processor right away and inquire about the options available to secure your business and your customers’ sensitive data against fraud. Dealing with fraud after it occurs isn’t nearly as efficient as avoiding it, which is why it’s critical to pick a payment provider who understands your industry’s unique requirements and will build smart anti-scam filters that reliably separate your legitimate customers from scammers.
Anti-fraud filters, on the other side, can become too sensitive, resulting in a reduced payment acceptance rate, decreased conversion rates, and unsatisfied customers. This is also something to consider, especially if you have an online casino trading account with a large increase in payment volume in a short period of time, placing your trading account at risk of being wrongly detected for fraudulent behaviour.
If this occurs, your trading account may be temporarily locked, preventing your clients from completing trades and preventing you from conducting business. To avoid this issue, ensure that your payment processor can apply clever, automatic anti-fraud filters that are accurate enough to only detect transactions that are 100 percent fraudulent. This helps secure your money stream by ensuring that all of your legitimate clients can proceed through the checkout process without any issues.
Administrative Regulations and Laws
The European market for online gaming is the most important, accounting for about half of overall revenue. However, the EU as a whole does not have a single unified policy for online gambling, and as a result, each EU Member State is responsible for its own regulation of these activities.
This means that online gambling traders must keep up with all changes in their respective regional marketplaces to guarantee that the rules they follow do not become obsolete. UK and French traders, for example, need a domestic licence to conduct their online gaming businesses in those countries.
When it comes to legislation for online gambling trading accounts, however, there are certain similarities amongst EU member states. The most stringent requirements in this geographical market concern Know Your Customer (KYC) and anti-money laundering regulations. As a result, each online gambling customer must be correctly identified in order for merchants and acquirers to assess the risk of money laundering and other crimes related with their account.
Moreover, despite the fact that the United States is a sovereign nation, online gambling regulations vary from state to state. Betting on sports, for example, became prohibited in most parts of the United States in 1992.
However, most does not imply all, as sports betting remains legal in some states, including New Jersey, Nevada, and Delaware.