Here’s a look at the growing risks for online gambling operations, the evolving regulatory landscape, and what companies can do to stay compliant. Know your customer (KYC) and anti-money laundering (AML) aren’t just regulatory obligations that online casinos are required to implement - they can also safeguard online casinos against account takeover attacks and money laundering efforts. While this is good news for online casinos and gambling apps, the growth comes with a downside: more players mean more chances for potential misuse, either as cyberattackers look to compromise customer accounts and access their winnings or criminals leverage online gambling as a front for money laundering. According to a recent study from the University of Bristol, regular gamblers were six times more likely to opt for online gambling than before the pandemic, and research suggests this market will continue to grow by more than 11% year over year. Online gambling has seen exponential growth over the past two years.
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