What is Online Gambling?
Online Gambling is a form of gambling where you can wager money without leaving the comfort of your home. It is a global business and involves a number of different types of games including sports betting, poker, keno and casino games such as roulette and slots.
The Internet is a growing source of revenue for online casinos and other businesses that deal with gambling. In fact, it has become a $1.4 billion industry in 2006 and is expected to grow to $16.6 billion by 2011.
Legalities
The first online gambling venue opened to the general public was ticketing for the Liechtenstein International Lottery in October 1994. Since then, more and more states have allowed online gambling.
There are a number of different laws and regulations surrounding online gambling, and it is important to understand these before you start playing. Some of these laws include age restrictions, while others require that a person be licensed by a government body.
In some countries, online gambling is illegal and it can be a serious offense to access an online casino in that country. In the US, for example, it is a criminal offense to play at an online casino, and you could be convicted of a felony if you do so.
It is also important to note that there are several risks to online gambling, especially when it comes to the financial side of things. These can include fraud, money laundering, and credit card theft.
Fortunately, these problems can be stopped by implementing good KYC (Know Your Customer) practices and deploying a risk-based fraud detection software solution. These can help to weed out fraudsters before they are even a member of an online gambling site, and save operators the cost of running full document verification/KYC checks on players who could be excluded.
Fraudulent behavior is a major concern for all online businesses, but there are specific risk factors that come into play in the world of iGaming. Some of the biggest problems are with credit card fraud, which can cause loss of revenue for a casino, and identity fraud.
In the case of credit card fraud, it is possible to trace a fraudulent transaction back to its origin, and then use this information to track down the alleged fraudsters. However, this can be very difficult and time consuming.
One of the best ways to stop fraud is by using a risk-based iGaming fraud detection software solution that can automatically scan for suspicious activity, such as identity theft or payment scams. This can help to reduce the costs associated with fraud and prevent chargebacks, which can be devastating for an online gambling company.
Some of the most popular forms of fraud in the online gambling world are credit card theft, PayPal fraud, and stolen identities. These can be difficult to catch because the perpetrators are often unknown.
Identifying and preventing these threats is key to the success of any online gambling company. Luckily, SEON has a specialized solution that can help to stop these problems from occurring by ensuring that all potential members are fully KYC-compliant and that their digital footprint is secure.