Online Gambling is a multi-billion dollar industry, with online casinos and betting sites attracting players of all ages, genders, and backgrounds. The industry is highly regulated to ensure that players are treated fairly and that their financial details remain safe from exploitation. This is particularly important for those who play multiplayer games such as poker or blackjack.
Some people develop a problem with gambling because of underlying mental health issues, such as depression or anxiety. For these people, gambling becomes a way to escape from their daily lives and distract themselves from painful emotions. In addition, social and environmental factors such as peer pressure, family influence, and early exposure to gambling may contribute to the development of a gambling addiction.
Fraud is a major issue in online gambling, and it can be costly for operators. For example, a high chargeback rate can hurt an operator’s reputation and lead to hefty fines from regulators. Moreover, it can affect an operator’s ability to accept credit card payments from the issuing banks, and may cause them to lose revenue.
Additionally, a high number of fraudulent activities can affect an operator’s compliance with AML/KYC regulations. SEON’s fraud detection solution can help protect gambling sites from the aforementioned risks by acting as a pre-KYC check. This can save online gambling platforms a lot of money by weeding out the fraudsters from the beginning, and streamlining onboarding. This makes SEON a valuable partner for gambling companies of all sizes.