Did you know that there are over 2 million gamblers identified as being at risk in the UK alone? On top of that, 50% of online gamblers have placed a bet through their mobile in the past four weeks.
The days of having to visit a betting shop and place your bets on a physical slip are long gone, and it is imperative that operators adapt and remain a step ahead in this ever-changing environment.
Sure, there is still a market for betting shops, but particularly in the aftermath of Covid-19, where shops have been closed for long periods, those wishing to place a bet have had to do so digitally.
In fact, data collected by the Gambling Commission shows that in March 2020 (the time in which the UK initially went into lockdown), online virtual sports betting increased by 88% compared to March 2019.
It is safe to assume that, while some of these new online gamblers may return to the betting shops upon the easing of lockdown restrictions, many will continue to place bets online.
With an increase in numbers, it is all the more important to increase compliance with safer gambling legislation.
Read on to find out more about this pressing issue, and why Rdentify have made it our mission to help identify problem gamblers and reduce the risk of regulatory fines.
Gambling in the UK
Around half of adults in Britain participate in some form of gambling. People gamble when they pay to engage in a game of chance and win a prize of monetary value, including in arcade games, online bingo, casinos or betting on sports. Gambling is a major industry in Great Britain, which generated £11.3 billion of yield (bets placed less winnings paid out) for gambling operators, excluding the National Lottery, in 2018 19. The industry also raises around £3 billion a year in gambling duty.
Safer Gambling Legislation
The Gambling Commission regulates commercial gambling in Great Britain. All gambling operators must have a licence, and the Commission has powers to set licence conditions and codes of practice, and to monitor and enforce compliance with these. It seeks to ensure gambling is fair and safe as well as being guided by a statutory objective for gambling licensing to protect children and other vulnerable persons from being harmed or exploited by gambling.
It also has statutory licensing objectives to prevent gambling from being a source of crime and to ensure gambling is conducted fairly and openly, a duty to advise government on gambling regulation, and separate objectives relating to the operation of the National Lottery. The Commission is a non-departmental public body sponsored by the Department for Digital, Culture, Media & Sport (DCMS) and is funded by licence fees from gambling operators.
Like many sectors, the gambling industry and the way people gamble are influenced by technological and social developments. The industry is larger and more accessible than it has ever been, with licensed gambling having grown by 57% (£4.1 billion) in real terms over the past decade. This growth is mostly due to a significant increase in licensed online and mobile gambling, which did not need to be licensed in Britain before November 2014 if it was based overseas. The Commission also monitors new risks emerging from areas that are not legally defined as gambling but share similar features, such as ‘loot boxes’ in video games.
There is likely to be a correlation between the fact that there are 60,000 problem gamblers aged between 11-15 and it taking just 12 seconds to log into a digital device and place a bet online.
Today’s youth are becoming increasingly independent with technology, and as a result are more likely to be able to find a way to place a bet on a mobile phone or tablet without detection.
The increase in sophistication of modern-day technology over the last 10-20 years has put a greater emphasis on the need for operators to keep up with such advancements. With our cutting-edge technology and leading artificial intelligence software, Rdentify are leading the field in doing just that.
With this alarming increase in problem gamblers, hand in hand with how easy it has become to place a bet online, it has never been more important to identify problem gamblers online. Our recent blog explains exactly why as well as describing the common indicators to look out for that might suggest someone has an unhealthy relationship with gambling.
Increasing Your Compliance
It is important to evaluate company responsible gaming performance to ensure regulatory requirements are adhered to.
Rdentify is a safer gambling platform for risk and compliance. It uses advanced data analytics and AI models to detect indicators of problem gambling in real-time, enabling both Customer Support and Compliance agents to create fine-grained intervention rules to intervene and interact with users in a timely manner and prevent gambling related harm.
The Commission recommends the following categories to score Problem Gambling risk:
Rdentify monitors all facets of customer user data and activity history including risk, payments, compliance, marketing, and messaging data.
Rdentify utilises any of the data points stated above to give a full analysis of a customer’s risk. The more touch points available the more detailed and accurate the customer profile will be. Rdentify will work with the operator to build a bespoke solution that works with the available data that can be provided by the operator. Existing operator defined rule sets can be integrated into our models.
If you’re curious to learn more about how Rdentify compliments existing iGaming tools to promote safer gambling, please get in touch today. Our team is hard at work testing new functionalities in a bid to provide a wider rollout of new and exciting capabilities.
There is no denying that the gambling industry in general is at a crossroads with increasing legislative, regulatory and public pressure urging operators to assist in tacking gambling addiction. With this in mind, it comes as no surprise to learn that many operators are working to improve and enhance their existing systems with new technologies.
That’s where Rdentify are determined to help, and you can book your FREE demo today.
