The past 2022 and present 2023 year has confirmed the resilience of the iGaming industry even in the face of severe economic trials. “The gambling and betting industry has entered the top seven global fastest growing Industries by revenue growth in 2023,” BetB2B noted.
- Global Airport Operation – 16.2%
- Global Hotels & Resorts – 13.6%
- Global Travel Agency Services – 11.8%
- Global Tourism – 10.8%
- Global Airlines – 7.7%
- Global Reinsurance Carriers – 6.8%
- Global Casinos & Online Gambling – 6.7%
According to The business research company, experts estimated the iGaming market at $81.01 billion, up from the previous year’s figure of $73.42 billion. Experts also predict that this growth will continue for at least the next three years.
By 2026, the online segment of global gambling may reach over $115.13 billion. It is interesting to note that one of the fastest growing segments is now Eastern Europe, where hostilities are unfolding on the territory of Ukraine. A logical question arises: why does online gambling continue to grow despite the negative economic trends? There are several explanations for this phenomenon:
- Firstly, iGaming is a high-tech industry based on modern IT technologies. Thanks to this, the sector is rapidly developing and adapting to various challenges.
- Secondly, every year there is a constant increase in the use of mobile devices. Currently, over 80% of gambling traffic comes from smartphones and other mobile devices in many countries. This encourages iGaming companies to develop new products focused specifically on mobile apps. This trend is one of the key market growth factors.
- Thirdly, the online segment is more flexible in adapting to legislative changes in different countries. Unlike traditional casinos and betshops, online gambling is not required to comply with requirements related to buildings and infrastructure, which allows it to respond more quickly to changes in legislation.
But despite the positive aspects of this growth for iGaming applications, there is a downside: an increase in the number of players increases the potential for potential abuse.
“Cybercriminals are actively trying to hack into bettor’s accounts and gain access to their winnings, and also use online gambling as a disguise for committing financial fraud, including money laundering,” BetB2B experts expressed concerns.
Key Safety Factors in Online Casinos and Betting Companies – Bet B2B
In today’s digital world, online casinos and betting companies face a number of security and compliance challenges:
- Complex and Diverse Legal Landscape.
- Licensing and Compliance.
- Responsible Gambling and Player Protection.
- Anti-Money Laundering (AML) and Know Your Customer (KYC) Regulations.
- Data Privacy and Security.
- Advertising and Marketing Restrictions.
To ensure a safe iGaming environment and protect players and casino and betting providers from fraud and financial crime, it is important to apply KYC and AML procedures. BetB2B understands the importance of these measures and actively implements them in its activities.
KYC, or Know Your Client, is the process of verifying and identifying players. It helps the company collect the necessary information about players, including their personal data, financial information and sources of income. This allows you to more accurately analyze and evaluate the risks associated with each client.
Examples of KYC include collecting and verifying identity documents, verifying residential addresses, and monitoring players’ financial transactions. These procedures help prevent the involvement of minors, prevent financial crime and fraud. For example, BetB2B offers age verification of players to ensure that minors are not involved in gambling.
AML, or Money Laundering Prevention, is another important aspect of online casino and betting company security. This process includes measures and policies aimed at detecting and preventing financial crimes related to money laundering.
“Examples of AML include ongoing monitoring of players’ financial transactions and analysis of suspicious transactions. The companies use specialized software and analytical tools to identify unusual patterns or anomalous activity. For example, if a client makes several large transactions in a short period of time, this may raise suspicion and require additional verification”, BetB2B noted.
Advantages of using KYC and AML when creating an online casino and betting company
The implementation of control procedures not only contributes to security and compliance with the law, but also has a number of other benefits.
KYC and AML help prevent money laundering fraudulent activity. This helps protect both the company and bettors from financial loss and increases the credibility of the company.
In addition, compliance with the requirements of the legislation governing the iGaming industry is important to avoid possible legal problems and fines, as well as to maintain the company’s reputation. KYC and AML help create a safe and trusted iGaming environment for clients who use the BetB2B platform. This allows their players to be confident that their personal data and financial information is safe.
What services does BetB2B offer and why is the company’s product so valued in the market?
Bet-b2b com: review of solutions to grow your gambling and betting business
In today’s competitive market, satisfying the needs of clients who want to run their own online casino or sports betting company requires the creation of a quality website with a user-friendly interface and a wide range of entertainment options.
BetB2B platform with extensive tools kit will help to create a first-class iGaming site. Even by integrating API BetB2B into an existing website, you have the opportunity to fully customize the design and take advantage of all the benefits of our product.
BetB2B offers a range of solutions designed to meet a variety of needs:
Sportsbook API: Provides seamless integration of over 182 sports into websites, allowing players to easily place bets. Also provides access to Esports, and the integration provides multilingualism.
Retail Solution: BetB2B provides comprehensive solutions for bookmakers, ensuring smooth and efficient operation.
Turnkey Solution. Designed as an all-in-one package, this all-in-one solution offers a wide range of content for online casinos and betting sites. It includes all the essential components needed to launch and effectively manage an online gambling business, ensuring a seamless experience for both operators and players. Includes localization tools.
Bet-b2b com also provides a number of unique services designed specifically for gambling companies:
Affiliate program is a tool that ensures the creation of unique affiliate partners networks. Through this program, clients can set up and manage their networks, access reports and statistics, and set commission rates.
Agent scheme. This service offers a flexible, tiered fee structure available in multiple languages. It opens up the possibility of creating a transparent and effective scheme of agents and master agents to access the player base worldwide
Back-office, which allows you to track financial transactions in real time during playeractivity. It also allows you to delegate the rights to create and edit employee profiles, which makes it convenient for those who want to give multiple employees access to manage the platform, allowing them to work with data and make the necessary changes in accordance with their tasks.
CRM BetB2B is a unique system that allows clients to analyze visitor activity on their betting websites or online casinos. This makes it easier to communicate with players, manage notifications and alerts, and segment players by providing valuable information about individual players and their statistics.
CMS BetB2B. This tool helps to organize content on portals or create landing pages for advertising, including banners, policy information, advertising campaigns and other important elements.
With BetB2B you can quickly launch a secure online casino or betting company while delivering exceptional conversion rates.
“Our company is committed to providing high-quality services for the gambling and betting industry, and not focusing solely on the quick completion of tasks,” says a BetB2B representative. “We help gambling and betting companies to take a leading position in the iGaming market. Therefore, our specialists do their best to create effective solutions for your successful business.”
In conclusion, it is worth recalling that the iGaming industry is going through a period of rapid growth and development. Regulation and legal grounds are becoming an integral part of success for any iGaming company. KYC, AML are procedures that must necessarily be integrated into one’s business. BetB2B is the flagship of the industry. By choosing this platform, a company will have access to BetB2B’s quality product and expertise in the iGaming industry to help build a successful business.