Change is inevitable and the online gaming scene is experiencing this in a surge. Adding new and emerging tech innovations is inevitable, especially for entities that want to leverage more wager fanatics into their gambling sites.
While technology is integral to the growth of online businesses, the need to align with the new regulations is vital. Internet dynamics are changing. These expose players to online threats, and inaccurate predictions, and leave loopholes to exploitative individuals who may want to use such opportunities to launder money.
What are the processes that these organizations are focusing on how are they achieving this? Here’s a brief breakdown of what they are.
Security
Source: egba.eu
Without a secure online space, it can be challenging to attract new and keep existing clients. There’s a lot that is at stake when gamers log into an online casino to wager for money.
Personal information is submitted to the betting sites to facilitate the login process. The same data comes in handy when the bettor wants to deposit or withdraw funds. It’s used to identify one gamer from the next.
Seeing that players share sensitive information on the internet, it’s inevitable for top online bookmakers to invest in top-notch security measures to ensure their members don’t experience cyber-attacks. SSL encryption is one of the most common security measures employed by web entities to curb cyber theft.
However, blockchain technology is also coming up and is giving traditional security software a run for their money. This relatively new invention uses a blockchain network, which is stored in every computer in the network. In such an instance, anyone trying to breach the site’s security must hack every device with this vital data for their plan to work.
Two-step authentication is another way innovation and compliance marry seamlessly. If there’s a breach in security, this process, you can salvage your account. If the hacker is unable to secure the OTP or verify they are the account’s owner, then obviously they can’t finish that process, leaving you still in control of your betting necessities.
Incorporating such secure systems is one of the ways gambling sites are complying with industry requirements regarding internet security for safe browsing.
Odds Prediction
Source: rrsport.co.nz
Odds are integral in the life of any bookmaker and sports bettor. Devoid of this information, bookmakers wouldn’t make a kill and neither would the betting encounter be exciting or at the very least, enjoyable for the player.
The process leading to the production of quality predictions heavily depends on accurate data. A team’s previous progress, players’ injuries, seasons, home wins, and team compositions are some of the Intel used to find the best and most reliable odds.
Scrounging for this data from scratch can be daunting, whether you’re a sports fanatic or not. Worse still is the fact that you could scout the internet for intel and end up gathering useless information. So how do bookmakers sift between legit data and junk?
The magic word is sports betting software. These tools allow users to key in vital information about a team, player, sport and whatnot. Over time, this information becomes resourceful in the making of those odds that are oh-so-vital in the sports betting world.
Data Analytics
Source: fastoffshore.com
The gaming world, more so sports betting is driven by data. Whatever a bookmaker gathers is churned into valuable insight that informs the decision-making process. This same data, when used in the right way can be used to make the player’s user experience enjoyable.
Everything from bonuses, user experience, and personalization depends on the website’s ability to analyze data to determine bettor’s patterns. With such intel, bookies make valuable decisions that determine whether they keep the existing clientele and attract new ones or they’re kicked out of the gambling business.
Anti-Money Laundering (AML) Program Implementation
Money laundering is one of the vices facing most governments. The likelihood of tax evaders and other lawbreakers to use online gaming sites as money-cleaning platforms is high.
And while a significant flow of cash moving through the casino’s hands tabulates to lots of profit, there’s a need to comply with regulations to avoid dealing with lawsuits or losing the gaming license.
As such, bookmakers must verify the identity of every individual who wants to join their betting community. A thorough KYC practice must be implemented to ensure no loopholes are used in money laundering and this is accomplished through:
- Incorporation of AML programs
- Identity verification comes in the form of your ID or driving license.
- Client relationship management
- Verifying the source of bettors’ funds
- Risk profile development—an advanced way to monitor problem betting.
- Monitoring transactions and betting patterns
- Reporting any suspicious transactions to the relevant authorities
Processes Automation
Source: linkedin.com
Automation of processes has come at the height of the tech revolution globally. Everyone in the tech sector is making adjustments to implement it into their business processes on the internet. When it comes to betting, the dynamics change a little, especially when it comes to automated gaming.
The risk of developing unhealthy gambling patterns is explosive. So even when bookies automate these processes, they are urged to be on the lookout for profiles at risk of becoming addicted to betting.
Bookies are to look out for the amount of money spent by each client, the expenditure patterns, the time they spend betting, customer-led contact, and the use of gambling management tools.
Focusing on this allows them to detect if there’s a hint of indicators that show the user is addicted to gambling, allowing the entity to take action to help the member as required by law.
Bookmakers Innovation and Compliance at a Glance
Sportsbooks are having a field day as far as implementing tech advancements is concerned. Tech is making work easier for them and providing insight into the best practices they can add to their systems for better client satisfaction.
However, they must take action to incorporate secure betting and provide high-end security, as well as comply with the lawmakers regarding the curb of illegal activities like money laundering.
