When seen from a business standpoint, the gaming industry presents its own set of issues. As a result, in order to apply the most efficient solutions, it is critical to have a thorough awareness of the many sorts of difficulties.
Demographics of Gambling
One thing is certain: gambling has evolved in the years leading up to the event. What exactly has changed, on the other hand? The way individuals play and who the participants are are two of the most noticeable characteristics of the playing field. Young millennia and a few Gen Z representatives are predicted to make up nearly half (40 percent) of the total game population by 2020, with a big part of the total game population.
The bulk of these young players (aged 18-21) desire to place their wagers digitally, primarily on their mobile phones, according to this statistics. However, the fact that older generations have not fully abandoned their traditional methods of play is undeniable. In fact, the percentage of older adults who have more than doubled their expenditure in the last decade is larger than in previous years.
Laying the groundwork for fraud prevention
Unfortunately, the rise in popularity of online gambling has coincided with an increase in cybercrime. In fact, while enrolling for an account, internet gambling users have no means of knowing if their personal information has been hacked.
According to the ThreatMetrix Gaming and Gambling Cybercrime Report, many of the new online gambling accounts are fraudulent, with 13 of the 20 non-fraudulent accounts being probed. Bots account for nearly half of daily gambling traffic during peak hours, and the average online gambler is susceptible to about one bot attack each day.
The gaming section, on the other hand, is where you should start if you want to risk your money online, especially when registering and depositing an account.
As a result, it’s vital to speak with your payment processor and inquire about the services they can provide that focus on protecting your business and your customers’ sensitive information right from the outset.
Detecting fraud after it has occurred is less effective than preventing it in the first place, so it’s critical to find a payment service provider that understands your industry’s unique needs and implements industry-specific anti-fraud filters that can accurately distinguish legitimate customers from scammers.
Another factor to consider when selecting an anti-fraud mechanism is that it should be developed in such a way that it can evolve with the client and become extremely accurate, preventing poor payment acceptance, reduced conversions, and dissatisfied consumers.
While online gambling has the potential for large winnings, this danger must be considered, especially once an e-commerce account has been formed. As a result, the number of transactions in your trading account may spike dramatically for a short time, perhaps leading to a fraudulent claim against your account.
If this happens, your trading account may be temporarily suspended, which means your customers will be unable to complete transactions and you will be unable to conduct business.
To handle this problem, make sure your payment processor can build robust, automated anti-fraud filters that are capable of distinguishing between fraudulent (non-dollar) and genuine transactions (all other transactions). To protect your revenue stream from potential losses, this will ensure that all of your legitimate clients can quickly complete the checkout procedure.
Policies are guided by rules and legislation.
The European market, which accounts for nearly half of overall revenue from online gaming, is heavily reliant on it. On the other hand, because the EU as a whole lacks a unified online gambling legislation, each EU Member State is responsible for regulating these operations.
To accommodate the expanding demand for their services, online game sellers must keep up with changes in the rules or regulations that apply to their geographic area. For example, if a British or French corporation wishes to run an internet gaming site in a specific jurisdiction, they must first obtain a domestic licence.
Although there are differences in the legislation for online gaming accounts between EU Member States, there are certain anomalies in all EU Member States.