The global online gambling and betting market is hot. So is the competition to win new players. With a global market expected to reach €81.73 billion by the end of 2024–a combined annual growth rate of 10.8% from 2016–the pressure to convert customers is high and the reward for those who win is significant.
And don’t think the U.S. is excluded from this growth. All signs point to gambling opening up online and offline in the U.S. like it never has before. As of this writing, four states (Nevada, New Jersey, Delaware, and Pennsylvania) have authorized igaming to some degree. As operators look to leverage this opportunity, they’ll have to make sure they have addressed age verification, location verification, and KYC/AML compliance. At the same time, they’ll have to make the experience as easy as possible for the online user.
The global and U.S. forecasts for growth presents a clear opportunity for online gaming operators, especially those involved with mobile gaming, a segment expected to be at the forefront of industry growth:
“Desktop is obviously important but if you ask me where I want to focus in the next year I would say mobile first. I wouldn’t say you have to forget about desktop, but in terms of priority it is mobile.” – Online gaming operator response in the 2018 Jumio global gaming study, The Balancing Act of Account Opening in the Online Gaming Industry
Shifts in online gambling present operators with unprecedented opportunities to get their foot in the door of this booming market by designing an end-to-end experience that customers love. However, what exactly are the experiences players want? It turns out, the game itself isn’t the be-all end-all when it comes to converting new players. Surprisingly, the experience leading up to playing the game — the age and identity verification process — also plays a critical role.
Online identity verification sets the foundation for a safe and fair gaming experience by allowing operators to confirm real-world identity and meet age verification and KYC/AML requirements, while keeping fraudsters at bay.
And, while players and operators both appreciate the extra layer of security that online identity verification provides, it is important for vendors to get the experience right. For one, this process often occurs at registration, an operator’s first impression on customers. Second, a long or arduous verification process can put off customers, causing them to abandon the account opening process altogether.
To help online gaming operators navigate the fast moving industry, we created this infographic that sheds light on what the research says about online identity verification and online gaming customer conversion.