By Nadeem Ladha, Business Development Director at TMT Analysis.
Online Gambling Market Growth
There are many industries that have been dealt a bad hand by Covid. One of them is the physical gambling industry such as casinos and horse racing venues around the world. The economic cost of the lockdown on places like Las Vegas has been estimated to run into several Billion Dollars as people stayed away.
However for the online gambling business 2020 proved to be a bumper year as people flocked online to have their flutter.
The first online casino sites were set up in 1994 following the Free Trade & Processing Act passed in Antigua and Barbuda. Coupled with the launch of the first casino software, Microgaming, and better access to secure payment systems. The rest is history.
2020 has therefore been a good year for visitors to gambling websites. For people cooped up in their homes with little excitement to contend with, many have tried their hands at online slots or other live dealer games.
Some research suggests that as many as 51% of the world’s population takes part in some form of gambling every year, and the global online gambling market size is expected to reach USD 127.3 billion by 2027 according to a report by Grand View Research, Inc.
Asia Pacific is anticipated to register the highest growth rate owing to the increased adoption of smartphones, larger proportion of younger population, and legalisation of online gambling in the region.
The Importance Of Customer Age Verification
This growth has led to a number of challenges, one of which is ensuring that people who register are actually old enough to play. While it was fairly easy to verify a customer’s identity and age in a physical casino how do you do this effectively online, whilst ensuring the customer experience is not impacted.
Legislative requirements with respect to age-restricted products go well beyond just gambling as well. Think alcohol, tobacco, knives, projectile weapons, fireworks, spray paints, solvents and even online content – The common objective of stakeholders across the spectrum has to be the protection of the health, safety and wellbeing of young people and the under-18s.
And this is where mobile number intelligence can help. Mobile Numbers are one of the most unique and long-lasting components of our identity and can provide useful for organisations trying to validate a users identity, and even their age.
Using Mobile Intelligence For Customer Verification
Using our real time numbering data, plus live connections to telecom operators around the world, organisations obtain rich and actionable intelligence to strengthen and validate the user verification process, reduce fake accounts, give risk insights and even improve conversations with customers.
Why take a gamble on anything else? Speak to us today about how TMT Analysis can help your business.