In the iGaming industry, you’ll notice that there is a large focus on identity verification. This is due to a number of factors with the main reason being that gambling is only legal for those aged over 18 in the UK. Of course, there are other reasons that iGaming experts require customers to identify themselves and make sure that they are who they say they are.
Here, we are going to look at some of the reasons why identity verification is important in iGaming. Keep reading if you’d like to find out more about this.
One of the most important reasons why identity verification is important in the iGaming industry is that there are certain regulations set out by the regulatory bodies such as the UK Gambling Commission. These rules and regulations state that anyone gambling needs to be over 18 years old.
For this reason, operators are required by law to use tools such as the identity verification tool from Cognito to check if their customers meet these requirements. Most operators won’t let you withdraw any cash from the site until you have confirmed your identity and they have a limited amount of time that they need to do this when you first sign up.
Another important reason that identity verification is important in iGaming is the fact that operators are required to adhere to responsible gambling rules. When a player decides that they need to take a break from a site because they are spending too much or are developing a problem, they will usually ask to be self-excluded.
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Operators need to make sure that new players have not been self-excluded before and that they aren’t using a new identity to sign up. If they were to ignore this then the player could be in danger of developing a further problem.
Finally, you will find that iGaming operators need to make sure that people are who they say they are because this type of site can attract criminal activity. It is known that some criminals like to launder money through these sites as they see them as a way of making illegally gained money look legitimate. iGaming operators need to make sure that players only have one account and that their identity is verified.
Some sites might allow players to have more than one account, but this needs to be monitored and verified by the operator themselves. These sites should not be used for any sort of criminal activity.
It is clear that identity verification tools are very important in the iGaming industry due to all of the laws and regulations that surround the operators. These companies need to ensure that their customers are identified accurately and so they need to utilise the best possible tools. It is expected that these tools will only get more advanced as the rules and regulations become stricter in the future.