UK Gambling Commission published a report last year, which presents some key findings highlighting the interests among industries, changing trends, and amendments in regulatory requirements. The report states that the online gambling industry is expected to grow exponentially in the British market from 34% (currently) to 50% in the next few years. The gross yield through gambling is recorded to be about £14.5 billion. This growth is a result of attraction with new consumer groups and increasing personalization of products. These new consumers are coming onto the surface as a wake of the intersection of gaming and gambling online sites. On one hand, this rise is exciting for the owners but on the other hand, it is alarming due to the risks associated with it.
The report says that among 2,811 children aged from 11 to 16, about 3% had gambled online. This community could be a reason for the rapid growth of the gaming (gambling) industry and this issue needs to be addressed on a serious note. UK Gambling Commission has provided the requirements in its report for the gaming industry. Some of them are below:
Online Age Verification
Gaming operators took 72 hours to verify the new players against multiple background checks. The company would have to refund if a minor has played stakes. However, there was no age check and minors were open to playing games and bet before the age verification process. The new regulations in the report of the UK Gambling Commission state that players are prohibited to have any gaming activity before age verification. Gaming operators need to oblige with these requirements and should not allow any service to consumers before their age is verified. Also, free online games should perform age verification even if the games feel like gambling but have no stakes.
CDD and EDD Processes
Just like age verification, there are notable reasons to undergo identity verification. Gaming also involves money through which players buy precious assets and gamble. Where money evolves, it becomes a target for money launderers to convert or transfer their ill-gotten gains into white money. To resolve this issue, there is a dire need to conduct Custome Due Diligence (CDD) and Enhanced Due Diligence (EDD) processes. This would help your legitimate business to allow only authentic identities to become part of your network. Gaming operators should make sure that their company is not facilitating any criminal. For this, identity screening is important which helps to verify customers against several sanctions lists and criminal records.
Seamless Customer Onboarding
For gaming operators, it is necessary to meet the compliance requirements without compromising user experience. Seamless onboarding should be done with efficient methods and strategies. Both security and user experience should be intended. The players should be verified using effective age verification solutions without making it rush. For all gaming platforms, it is necessary to have a look at the procedures and compliance they are adhering to. Immediate steps should be taken to avoid the business from any sort of regulatory fine or reputational loss.
To wrap up, the UK Gambling Commission has taken steps to avoid the involvement of minors into gaming platforms. Age verification has become mandatory for gaming operators to perform before allowing players to play games. Even for free games, age verification is necessary no matter they include stake value or not. It is a challenge for the gaming (gambling) industry to comply with the local regimes using technological solutions and to restrict suspicious users from taking advantage of online gaming for evil purposes.