Technology has completely taken over the world, and the gaming industry has not been left behind at all. The industry has undergone tremendous transformation through the years, thanks to the advent and evolution of technology, coupled with the growing change in demand from the market. All of this has led to a massive expansion of the industry through the years.
According to statistics, the global sports betting industry was estimated to be worth over $70 million in 2024, much of which was aided by the exponential growth of online bookies all across the world. The accessibility has made this form of gaming a lot more popular than its counterparts, with online sports betting overtaking in-person staking and now accounting for about 60% of the revenue made by the industry. In fact, current projections estimate a 50 billion-dollar growth by the year 2029.
With more players getting into the industry and with verification being made more difficult with the proliferation of online bookies, it has become much easier for nefarious entities to creep into the industry and wreak all kinds of havoc. There are now all sorts of scams everywhere you look, and you could easily fall victim if you don’t take care.
All of this can be very discouraging for existing and potential consumers in the market, so the biggest players in the game have been focused on finding permanent solutions. In this article, we’ll explore how modern betting platforms are prioritizing responsible gaming to build trust and ensure compliance.
The major way that has been done so far is by introducing AI in the verification process:
If you want to stop fraud and other such activities, you have to do it by stopping criminals from getting into the system in the first place.
Now, there have been verification processes in place for years now in the industry, and of course, it has always been a great idea to do that, but even the best betting sites have faced some huge challenges. Most of the processes were long and cumbersome, and they discouraged customers from the whole registration process in general. So, while these platforms were trying to improve on security and establish trust with its consumers, the user experience was heavily affected.
But now, with the introduction of artificial intelligence, there’s a much better user experience. The verification process is made much faster, accessing the platform is much easier, and customer service is smoother. Most importantly, it contributes to responsible gaming by ensuring a secure environment with tighter security protocols.
But how?
Simple, through a process called decentralized KYC.
“Know your customer” (KYC) is basically identity verification, and it is something that is super important for businesses, industries, and even governments. This is what helps organizations prevent fraud and ensure strict compliance with rules.
Typically, KYC is done via a reliance on centralized establishments to both manage and keep personal data, but unsurprisingly, that has raised so many issues. It is slow, tiresome, and riddled with too many inefficiencies.
And for a lot of individuals, there have been questions about what these big corporations are doing with their data. There’s also the risk of vital information being stolen in case of hacks, which could lead to fraud, identity theft, and what have you.
But with decentralized KYC, most of those worries and concerns are assuaged. Thanks to this new system, those centralized establishments and their inefficiencies are now being completely phased out.
First of all, it makes the whole KYC process a lot faster. The traditional process can take days or weeks, but with the use of blockchain in the decentralized process, verification is instant.
Speaking of blockchain, it also guarantees much better security and better protection for the information of users. Seeing as there’s not one central database where all information is stored, it becomes a lot more difficult – nearly impossible – for criminals to beat the system and steal information.
Now, individuals have full control of their own information. And that will always be a great use for any user. You decide whether or not to grant access to your personal data, which goes a long way in strengthening privacy.
This is exactly how trust is built between the platforms and the customers:
And you know what makes this even more interesting? Economically, this new technology also poses a huge advantage for the user. The automation significantly cuts down the operating costs for the provider, and that, in turn, will lead to a much more affordable service for the end user.
Even though the process is already seamless and secure right now, platforms are still looking for more ways to improve the technology to make the onboarding process much easier and even more secure. So, in the coming years, trust and compliance in the industry is expected to be even stronger.
After all, the end goal is to keep the customer happy, because a happy customer is a loyal customer.
