Interview: 'Know your customer', online gambling industry urged

Interview: 'Know your customer', online gambling industry urged

Tuesday, April 28, 2015
Interview: 'Know your customer', online gambling industry urged

Yuri Cameron, director of market planning at LexisNexis Risk Solutions, has issued a call for the online gambling industry to pay attention to identity and age verification services if they are to avoid regulatory issues and gain access to valuable sources of revenue.

LexisNexis provides various Know Your Customer (KYC) verification services to the gambling industry and has already established itself within the land-based casino market. However, the firm has now set its sights on further expansion into the online gaming sector in order to help operators with verification services.

The company recently took a significant step towards its expansion goals after it gained approval from the New Jersey Department of Gaming Enforcement (DGE) to supply services to online gaming operators within the US state - one of only three regulated markets in the country.

Having identified New Jersey as a key growth market for LexisNexis, Cameron is now calling on operators in the state to recognise the importance of an effective KYC system, suggesting to TotallyGaming.com that the company’s own offering would suit online gaming firms currently active in the state.

“Our services are really mission-critical for gaming operators,” Cameron said. “It is a compliance requirement that licensed online gaming operators in New Jersey have an identity verification/KYC solution integrated into their workflow.

“We are providing better verification rates than many of our competitors through better data coverage and more robust matching algorithms, which is also very important. No operator wants to lose customers to competition because their identity verification is weak and they cannot complete KYC checks.

“By partnering with LexisNexis Risk Solutions, gaming operators get access to a broad spectrum of data and analytics products that not only mitigate risks, but also drive revenue.”

Cameron went on to state that LexisNexis plans to use its approval in New Jersey as a catalyst to expand into other markets and jurisdictions both in the US and around the world.

He said that the firm has already begun investigating opportunities with both commercial and tribal gaming operators to help such companies comply with the various regulatory requirements of the jurisdictions in which they operate.

“In iGaming domestically, we are seeing opportunities to work with commercial and tribal gaming operators, but a lot depends on the evolution of the regulatory frameworks in the specific markets,” Cameron said.

“Internationally, we are seeing opportunities in multiple markets mainly because of stricter AML (anti-money laundering) standards that governments and regulators are imposing. In land-based gaming, we have strong relationships with some of the market leaders, and we see more opportunities to strengthen our customers’ position in the marketplace that is now more competitive and has stricter compliance standards.

“I would be reluctant to provide a timeline for each of the initiatives because the market is so dynamic, and we want to ensure that we have flexibility to respond to our customers’ needs and market changes.”

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