In 2024, the emerging trends in ID verification will have a profound effect on the online iGaming sector and will have an enormous impact on users and operators worldwide. This isn’t a negative occurrence, however, and should be welcomed by the larger gambling community, as the overwhelming number of benefits it brings should be a net-positive for growth in iGaming.
Online gaming platforms can enhance security and reduce fraud by leveraging advanced identity verification methods. This includes:
Online gaming platforms provide unprecedented access and convenience for players. But if the onboarding process is too slow or cumbersome, players will abandon it altogether. It’s more critical than ever that the onboarding experience is fast and painless, and gaming operators are becoming increasingly focused on streamlining the new account onboarding experience.
Identity verification processes must use dynamic workflows and only introduce friction in the onboarding experience if and when it’s necessary. For example, you can check the risk of the device that the person is using to sign up on the gaming platform before they even enter their name, and run name and address checks in the background as they enter this information. Reducing the number of steps in the onboarding process is of paramount importance to the success of iGaming companies.
Online gaming platforms must prioritize ID verification to comply with regulatory requirements, especially AML and KYC as described earlier. Platforms can comply with age restrictions laws and data protection regulations by implementing robust ID verification systems. It not only protects the users, but it also reduces the risk that the platform will face legal consequences.
ID verification usage will continue to grow in the iGaming sector in 2024, fostering trust and transparency. The implementation of strict ID verification measures also demonstrates an ongoing commitment to responsible gaming and user safety, further increasing trust and confidence in this platform.