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Sumsub releases a KYC guide for the US and Canada gaming industry
The guide helps gaming, betting and gambling platforms prevent fraud and stay compliant with KYC/AML regulations in the US and Canada.
Sumsub, an all-in-one verification platform offering customizable KYC, KYB, KYT and AML solutions, has published “Identity verification for the gaming industry: US and Canada. A complete guide to balancing compliance, pass rates, and fraud protection”.
The guide focuses on the main challenges of the gambling industry, such as staying compliant with regulatory requirements while combating fraud and keeping user pass rates high.
Gross gaming revenue approached $53 billion last year in the US. In Canada, approximately 18.9 million (64.5%) Canadians aged 15 or older reported gambling in 2021. So while the industry is undoubtedly growing in North America, platforms need to pay even greater attention to responsible gaming to address social issues—particularly underage gambling.
Apart from that, fraud and money laundering remain a constant threat for gaming platforms and, ultimately, for the entire sector’s growth. Sumsub created this guide to help gambling businesses in the US and Canada fight fraud at every step of the customer journey and optimize verification procedures to increase onboarding speed and conversion.
Other pressing issues for the gaming industry include complex regulations. In the US, gambling is legal under federal law, but each state can regulate it separately. In Canada, each province manages gambling legislation on its own.
Failing to follow local requirements may result in fines and possible license suspension. For instance, the Iowa Racing and Gaming Commission fined three sportsbooks a total of $150 thousand for credit card betting violations in April.
Outside the US and Canada, penalties for non-compliance can get especially severe. In August, the UK Gambling Commission imposed a record £17 million fine on Entain, a British gambling company, for serious AML failures. Penalties like this could easily destroy a company’s reputation and operational integrity, so staying compliant is now becoming existential for gambling businesses worldwide.
This guide is based on insights from Sumsub’s certified compliance team and the best practices of its gambling clients. Its recommendations for optimized user verification flow include: 1) maximizing automation of checks to minimize wait time and retain more customers; 2) using the most appropriate documents in the verification process, like an SSN check for US citizens; 3) never obliging applicants to do the full KYC (Know Your Customer) procedure at the onboarding stage; 4) using level-based verification and introducing extra checks only when they’re truly necessary; 5) tailoring verification flows for different client segments based on their risk profiles.
“The principles of effective user onboarding and compliance for gaming, betting and gambling platforms are simple to grasp yet tricky to implement. The key to this challenge is finding a trusted verification provider that offers not only impeccable KYC and anti-fraud solutions, but also has enough expertise to help you navigate a shifting regulatory landscape and customize verification flows in the best possible way. Sumsub is an all-in-one provider with international expertise in KYC/AML and the highest conversion rates in both core and emerging markets–94.59% in Canada, 91.64% in the US and 90.98% in Brazil. We are happy to share compliance advice and verification tips with our global audience and showcase best practices for gambling clients seeking to grow outside North America”. — said Andrew Sever, co-founder and CEO of Sumsub.
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Gambling in the USA
Clark County residents can bring a friend for free to next week’s Super Bingo $160,000 tournament at the Plaza Hotel & Casino, May 6-8
Home to downtown Las Vegas’ only bingo room, the Plaza Hotel & Casino is offering Clark County, Nevada residents who register to play in next week’s Super Bingo tournament the opportunity to bring a friend for free.
Happening Monday, May 6 through Wednesday, May 8 in the Plaza’s expansive ballroom, Super Bingo is expected to draw nearly 1,000 people from the local Las Vegas valley and across the country and Canada for the opportunity to win big playing fun-filled games of bingo over two days, with a $50,000 super coverall both days while socializing with like-minded bingo players.
Bingo-only registration is $160 per person, and Clark County residents who register can bring a friend for free. Registration is available online at https://www.plazahotelcasino.com/bingo/super-bingo-registration/. Hotel-and-bingo packages start at $300 for a four-night stay with no resort fee.
All Super Bingo players receive one 6-on paper pack for both days, two daubers, free drinks via an open bar at all sessions, boxed lunch both days, and $10 in free slot play after the first day’s session.
The Plaza’s Bingo room offers six daily bingo sessions at 11 a.m., 1 p.m., 3 p.m., 5 p.m., 7 p.m. and 9 p.m. and is located on the 3rd floor. By parking on the third floor of the Plaza’s self-parking garage, guests have convenient and direct access to the Plaza’s bingo room and parking is validated for bingo players.
Gambling in the USA
Kambi Group plc extends Mohegan partnership with on-property sports betting agreement in Pennsylvania
Kambi Group plc (“Kambi”), the world’s trusted sports betting partner, has agreed a long-term on-property sportsbook partnership with Mohegan to provide its award-winning sportsbook at two retail locations in the state of Pennsylvania.
The partnership will see Mohegan utilise Kambi’s cutting-edge retail sportsbook offering across more than 20 kiosks in sportsbook locations at Mohegan Pennsylvania and Mohegan Pennsylvania at Lehigh Valley Race and Sportsbook.
The deal further strengthens Kambi’s relationship with Mohegan, which already utilises Kambi’s suite of sports betting products at ilani in Washington, as well as online and on-property in the Canadian province of Ontario at Fallsview Casino Resort and Casino Niagara.
Kristian Nylén, Kambi CEO and Co-founder, said: “With several successful partnerships with Mohegan already in place, we are pleased to agree this new partnership as we continue to build on our strong relationship.
“This latest deal further reinforces Kambi’s position as the sportsbook provider of choice for tribes across North America, and we look forward to our ongoing collaboration with Mohegan.”
Tony Carlucci, President & GM of Mohegan Pennsylvania, said: “Mohegan Pennsylvania is excited to continue utilising the same Kambi technology platform that existed under our Kindred partnership, which will help to create a seamless process as the Sportsbook at Mohegan Pennsylvania fully rebrands later this Spring.”
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