Global fraud fighters SEON has taken the next step in its journey to help prevent fraud in the American iGaming sector by successfully submitting an iGaming permit application in New Jersey, allowing SEON to provide services to iGaming operators within the state.
The rise of the iGaming industry is one of the biggest business trends in America right now, with some estimating the market could be worth USD $8.4bn in gross gaming revenue by 2025 At the forefront of this trend is the state of New Jersey. Alongside being one of the first three states in the country to legalize iGaming, New Jersey continues to break online gambling revenue records, with its online casinos generating more than USD $1.4bn in gross revenues in 2021 alone.
While an exciting sector, iGaming is vulnerable to online fraudsters who are often able to exploit systems for their personal gain. In general, the sector struggles to combat issues like multi-accounting, affiliate fraud and chargeback fraud. What’s more, in emerging territories, such as the United States, iGaming businesses often attempt to entice first time customers with lucrative bonuses, which heightens the risk of bonus fraud.
Thankfully, by submitting an iGaming permit application in New Jersey, SEON is one step closer to helping solve these issues in this area. If accepted, the company plans to go further, and will apply for additional licenses across other states in America where iGaming is legal.
SEON’s planned entry into the market couldn’t be happening at a better time. In recent years, the iGaming sector has also found itself under mounting pressure from regulators and authorities, particularly as it pertains to anti-money laundering requirements and responsible gambling practices. By integrating SEON’s innovative solution into their existing stacks, iGaming companies can enact real-time customer verification and consumer affordability checks to help mitigate these risks.
Speaking on the company’s ambitions in the iGaming sector, Jimmy Fong, Chief Commercial Officer at SEON, commented: “IGaming fraud is relatively unique and covers a wide array of different attacks. Thankfully, by leveraging data, companies are able to tackle these challenges before they begin to affect profitability. We’ve already seen how powerful our system can be through our work alongside some of Europe’s largest iGaming businesses. Now, we plan on introducing this solution to the United States, which is one of the most high-profile markets in the world and therefore a prime target for fraud.”
SEON’s robust fraud prevention platform is ideal for iGaming businesses in the United States. In particular, the company’s solution is uniquely successful at mitigating rates of bonus abuse, which is currently rife within the region. Alongside this benefit, SEON’s real-time system can calculate user spend rates, create alerts for unusually large bets and block actions that might make a business vulnerable to fines.
SEON is ready to help iGaming businesses within the state of New Jersey tackle fraud and as such, is now calling on relevant businesses within the area to reach out and connect with its team of fraud prevention experts.