The gaming sector has a distinctive set of difficulties. To implement the best solutions, it is crucial to study as much as you can about them.
Demographics of gambling
Gambling has altered in recent years, and that much is evident. What, however, has changed? Especially the players’ personalities and game styles. Younger millennials and certain members of Gen Z are anticipated to account for nearly half (40%) of gamers by 2020.
Unsurprisingly, these young gamers, who range in age from 18 to 21, prefer to gamble digitally, primarily on their mobile devices. However, this does not imply that older generations have entirely abandoned their gaming activities. Older gamers spend more than twice as much as they did five years ago.
the avoidance of fraud
Unfortunately, there has been a rise in online crime along with the popularity of online gaming. Customers who sign up for accounts for online gaming run the danger of having their private information stolen.
One in every twenty new online gaming accounts is a false account, according to the ThreatMetrix Gaming and Gambling Cybercrime Report. Unlike bot attacks, which account for roughly half of the daily game traffic during busy times.
Unexpectedly, as it comprises the registration process and account creation, the riskiest part of online gambling happens at the start of a user’s adventure.
Because of this, it’s crucial to consult with your payment processor and find out what features they can provide to safeguard your company’s and your customer’s sensitive information from fraud immediately. Dealing with fraud after it has already occurred is not as successful as avoiding it, which is why it’s crucial to select a payment provider who is familiar with the demands of your sector and who will apply sophisticated anti-fraud filters that can tell your real customers from scammers. The flip side of fraud prevention is that overly sensitive fraud filters can result in reduced payment acceptance rates, decreased conversion rates, and dissatisfied consumers.
This is another item to remember, especially if you have an online trading account. You risk losing money if your trading account is wrongly identified for fraudulent behavior. You will likely experience a substantial rise in payment volume in a short time.
If this occurs, your trading account may be temporarily frozen, making it impossible for you to run your business and your clients to complete trades.
Make sure your payment processor can develop intelligent, automated fraud filters that are precise enough to indicate just 100% fraudulent transactions to get around this issue. This helps safeguard your cash stream by ensuring that all of your legitimate clients may complete the checkout process without any problems.
Administrative rules and legislation
The most significant market for online gaming is in Europe, where sales make up about half of the total. However, regulating these activities is the sole responsibility of each EU member state since the EU lacks a specific standard policy for online gambling.
This means that to prevent their rules from becoming obsolete. Online participants must stay current on all improvements in their local marketplaces. For instance, UK and French businesses need a national license to operate their online gaming businesses in the regions mentioned above.
However, certain EU member states have commonalities regarding online gaming account regulations. The Know Your Customer (KYC) and anti-money laundering laws in this regional sector are very stringent.
Therefore, it is essential to accurately identify every online gamer so that merchants and acquirers can evaluate the risks of money laundering and other criminal activity related to their online accounts.
And although though the United States is a sovereign nation, each state has its regulations on internet gambling. For instance, sports wagering was outlawed in most American cities and states starting in 1992. Even so, not all states have legalized sports betting, with New Jersey, Nevada, and Delaware being three. However, it is the online game industry’s job to