How Gaming Firms Can Avoid Costly Regulatory Mistakes

During the week of February 5, over 45,000 gaming industry professionals attended the ICE 2024 event in London. This all-encompassing conference caters to all sectors of gaming, including regulation technology (RegTech).

But can RegTech providers protect gaming firms?

Gaming Firm Needs

Gaming sector firms in Europe, individual U.S. states, and throughout the world are facing increasingly strict government regulation. To maximize revenue, minimize costs, and remain in business, firms require comprehensive RegTech solutions that satisfy three critical needs.

Avoid fines

The first and most obvious critical need is to avoid government-imposed fines from regulation violations.

If government agencies catch firms violating increasingly strict gambling regulations, they could lose millions or cease business operations entirely.

Combat gambling harms

But avoiding fines is not enough since gaming sector firms can lose money without breaking the law. As a second critical goal, firms must also combat gambling harms such as the following:

  • Allowing underage gaming. As described previously, gaming sector firms are charged with “preventing gambling by underage individuals who need protection from the potential harms of gambling.”
  • Allowing people to evade voluntary self-exclusion. Problem gamblers in jurisdictions such as California may voluntarily place themselves on a temporary or permanent self-exclusion list which bans them from entering casinos or collecting jackpots. Casinos who fail to enforce this may cause harm to the problem gambler.
  • Allowing people to evade government-mandated exclusion. Governments can also forcibly prohibit gamblers from entering casinos, via a vehicle such as Nevada’s List of Excluded Persons. Again, casinos who fail to enforce these prohibitions against people who have stolen or caused other trouble at casinos may cause harm to patrons.

Avoid fraud

To prevent fines and combat gambling harms, gaming sector firms must actively avoid fraud. Among the many crimes that fraudsters may perpetrate during in-person or online gambling, several fraudulent activities attempt to subvert identity checks:

  • Using a false identity by impersonating someone else while gaming.
  • Using a synthetic identity while gaming to avoid revealing one’s true identity.
  • Misrepresenting a person’s age to engage in underage gambling.

These threats to gaming sector firms affect all types of gaming, including both in-person and online casinos and games, sports betting, and esports.

Robust Identity Verification Strengthens Gaming Sector Firms

Integrity, a Division of Aristotle provides a suite of solutions that equips gaming sector firms to avoid fraud and fines while combating gambling harms. The Aristotle Integrity Suite includes:

Each of the components of the Aristotle Integrity Suite provides proven methods to assure the identities of gamers. Unlike inaccurate age estimation solutions, Integrity’s age verification, identity, and compliance solutions let all authorized gamblers participate, while preventing unauthorized gamblers from defrauding your firm.

If you would like to learn how Aristotle Integrity allows you to comply with age verification laws, click the “FREE DEMO” button in the upper right corner.

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