Problem Gambling and Fraud Prevention Measures And Software, Is The Industry Doing Enough?
Gaming companies have been making headlines for failing to do what is necessary to reduce problem gambling and fraud.
Even though the UK regulates gambling more than other countries in the world, many people feel that the gambling industry could still do more. The financial services sector is hailed for implementing the greatest protections for customers.
Sadly, most of the measures currently in place that requires companies to detect betting addiction and verify their sources of income are self-regulated. This creates conflicts of interest.
The financial services industry implemented independently regulated measures after the 2008 recession. Therefore, many are advocating for the adoption of a similar system in the gambling industry.
Although technology to deal with fraud and problem gaming is available, the expenses that go with it have made companies shy away from implementing it. However, firms will have to implement better checks or else the future of the market is at risk.
The financial sector is usually the first to adopt technological advances because of the need to make huge profits most efficiently.
To financial traders, information on past stock performance and the direction the market is likely to take over certain periods is of great value. Therefore, getting technology or software that can perform both of these tasks is indispensable.
What has Held the Gaming Industry Back?
With regards to online gambling sites, several different factors come into play, making things more complicated.
Although the industry was experiencing a lot of technological advances in the beginning, progress almost came to a stall some years back. There are many reasons for this.
Over the years, betting firms have developed many ways to combat suspicious behavior. However, combating some customer behaviors (such as developing software that predicts certain slots’ payouts to determine when a punter should play and how much he/she will earn) requires so much time, money, and energy that these firms do not see the worth in doing so.
Occasionally, some gamblers obtain money fraudulently or illegally to use on betting. Identifying such behavior is a difficult task for gambling companies.
What Can Be Done
For years, reports have shown that problem gambling via credit cards has been on the UK Gambling Commission’s radar. Maybe, the UKGC will ban gambling online with credit cards to stop the abuse of credit.
Meanwhile, gambling companies are investing in machine learning technology to identify fraudulent activity and problem gambling. The downside is that betting firms could use this technology to get find vulnerable players faster.
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