The importance of KYC technology for online sports betting companies

KYC & AML compliance is at the forefront of sports betting. What can your company do to stay competitive & in compliance in 2021?

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Data Source: American Gaming Association, 2020

What are sports betting companies responsible for regarding KYC?

Companies in the sports betting industry are legally obligated to verify user identity, age, location, and source of funds among other categories in order to protect their users and platform from bad actors and fraud.

  • Ensure users are located where sports betting is lawful
  • Continuously comply with the latest global KYC/AML regulations
  • Deliver a seamless, trustworthy, and user-friendly experience

How technology can solve for this

It’s not easy to balance all of this at once, which is why we put our team of Wall Street veterans and proven software engineers to work on Horizon’s KYC/AML onboarding app KYCware.

A few KYCware highlights:

  • White-label onboarding and identity verification technology, ensuring an on-brand experience for users from the start
  • Advanced ID, document and identity verification technology includes antigaming features, MRZ scanner, and liveness detection
  • Auto-adjusting questions and forms depending on user entry and jurisdiction
  • Continual AML screening against a proprietary database of global sanctions, Politically Exposed Persons (PEPs) and watchlists
  • All KYC/AML transactions are logged on an unalterable storage medium
  • Data is never saved to disk on our servers and never outsourced to third parties, period

Concluding thoughts

The legal sports betting landscape is growing and, to not waste a perfectly good pun, we believe those that bet on integrating the right technology are favored to win big.

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Horizon offers a suite of integrated securities software applications for compliant issuance through secondary trading of electronic securities.

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