Market Guide for Identity Verification
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Recently, the iGaming sector has seen tremendous growth and innovation, and 2024 will be no exception. The landscape of online gaming is about to undergo major changes as technology advances and regulations change. Let’s take a closer look at the challenges and opportunities for the iGaming sector in 2024.
Since its founding, the iGaming sector has made great strides. The industry has adapted continuously to meet changing player needs, from the early days when online casinos were rudimentary to modern mobile gaming and the introduction of live dealer experiences. We can expect to see this evolution continue in 2024. This will be driven by technological advancements and the growing demand for immersive, engaging experiences.
In 2024, we will likely see the dominance and popularity of fast withdrawal casinos online. Fast withdrawal casinos allow players to withdraw funds quickly, efficiently and securely without compromising on security. The casinos provide players with information about withdrawal processing times, so they can make an informed decision about their preferred withdrawal methods.
Just a few short years ago, it was not uncommon for players to have to wait several days before receiving their winnings. Today, with the majority of players using digital payment methods, withdrawals do not need to take as long as deposits. Fast withdrawal casinos will become more common in the iGaming sector as they prioritize player satisfaction and convenience, and we expect this trend to accelerate rapidly this year.
For a while, the technology industry has been abuzz with virtual reality (VR) and augmented reality (AR). These technologies will revolutionize the way online casino players and games interact in 2024.
AR has already been used to improve live casino experiences for players by creating an immersive environment. In the next year, we will likely see the integration of AR technology into new live casino games. This will go beyond the traditional table games to include elements from classic board games. VR will also be a major player in the online casino industry. It offers players a fully immersive experience.
However, we caution those easily influenced by futurism to curb their enthusiasm. While AR will no doubt emerge and advance in 2024, its impact may be more technologically significant than economically, since the average age of gamblers does not put them in line currently to be at the forefront of tech uptake. A 2018 World Health Organization (WHO) study said the average age of a gambler worldwide is 35 years old. But looking at the overlap between the average global age and that of the largest iGaming markets puts that figure likely over 40, meaning that regardless of what kind of AR technology is pushed into the market, it likely will not have its biggest impact in the dominant iGaming markets.
Cryptocurrency is gaining traction across various industries worldwide, including iGaming. We can expect an increase in the acceptance of cryptocurrency as a payment method for online casinos by the end of 2024. Bitcoin and Ethereum have already become commonplace, but in the next year we can expect to see additional cryptocurrencies integrated.
In 2024, it is expected that crypto casinos will gain in popularity. These casinos only accept cryptocurrency, and they operate using blockchain technology. These casinos provide enhanced privacy and security to players, allowing anonymous transactions and ensuring fairness and integrity in the games. The iGaming sector will embrace the digital currency revolution as the cryptocurrency market grows.
Because crypto can also increase risk of money laundering and other financial crimes, it’s essential for iGaming operators to have an advanced KYC program in place. By ensuring you know your players before they place their first bet and every time they return to your platform, you can meet compliance regulations and protect your reputation.
Artificial intelligence, another emerging technology, is expected to have a major impact on the iGaming sector in 2024. AI has made significant progress in the creation of games, allowing developers to create more immersive and engaging experiences. We can expect AI will be used across the industry in the next year to enhance player experiences and optimize game design.
Security is one area where AI will be of particular value. AI algorithms can detect and prevent fraud by analyzing patterns of player behavior and identifying suspicious activity. AI algorithms can enhance online casino security by enhancing pattern recognition, geographical analysis and device fingerprinting. AI will also enable casinos to offer personalized gaming experiences tailored specifically to the preferences of each player. AI algorithms analyze player data to predict and deliver content aligned with each player’s interests. This increases engagement and satisfaction.
Age verification will be a significant challenge for the iGaming sector in 2024. Age verification is a critical issue, given the increased emphasis on responsible gaming and the prevalence of online gambling by younger people. Countries and states implement age verification requirements for various online activities such as accessing adult sites, creating social media profiles, and purchasing products that are age restricted. These measures are meant to protect minors but also raise privacy and data security concerns.
Online casinos must navigate these regulations and implement robust systems of age verification to protect their users and maintain compliance. Advanced technologies such as biometrics and AI can be used to streamline age verification while maintaining the privacy and security of user data.
Recently, digital IDs have gained traction. Several states in the U.S. have already adopted digital identification cards and driver’s licenses. We can expect to continue seeing the adoption of digital IDs by both states and businesses in 2024.
Digital IDs are a convenient and secure method for people to confirm their identity online. Digital IDs are becoming more popular as organizations such as the Transportation Security Administration (TSA) accept digital IDs and platforms like Apple integrate age verification capabilities.
We can expect a shift in the iGaming sector as more government agencies implement digital ID programs and more businesses accept digital IDs. The iGaming sector will have to keep up with these new trends by constantly updating and improving their identity verification systems. Integrating advanced technologies such as liveness checkers and anti-spoofing will be critical in ensuring security and integrity for online gambling platforms.
Government agencies such as the Internal Revenue Service (IRS) and Veterans Affairs (VA) in the U.S. have implemented comprehensive identity management programs. These initiatives have sparked discussions about the creation of national standards for identity verification. The Digital Identity Act is currently being discussed by the U.S. Senate. It aims to create a framework for digital identification verification and improve fraud-prevention measures.
The government must consider privacy, consent and data management issues when standardizing identity verification. Businesses will have to navigate an increasingly complex regulatory landscape as federal and state standards continue their evolution. As businesses try to meet the demands of different jurisdictions, while protecting customer data and privacy, flexibility and adaptability are key.
