Online Gambling is an activity in which players place bets or play games of chance for money. The games can be played on computers, tablets or mobile devices that have an internet connection. Unlike traditional casinos, online gambling can be conducted from anywhere, at any time and is usually done solo. It can lead to addiction and a variety of problems, including financial distress, mental health issues, poor academic performance, and even homelessness. Educating young people about the risks and dangers of online gambling can help to prevent them from developing an unhealthy habit.
The growth of online gambling has been accelerated by the availability of high-speed broadband internet and the increased use of mobile devices. The growth in the market can also be attributed to the legalization of the industry in some countries. In 2022, Europe accounted for the largest share of the global market for online gambling, followed by North America.
In the United States, only Nevada, New Jersey, Delaware, and Pennsylvania have regulated online casinos and poker sites. The UIGEA, a federal law that prohibits payment processing between banks and online gambling sites, has been a significant hurdle to broader online US gambling regulation.
Fraud is a major challenge for online casino operators, resulting in lost revenue, chargebacks, and the cost of running KYC checks on potential players. To combat this, SEON provides a simple and cost-effective solution by acting as a pre-KYC check to identify obvious fraudsters from the get-go, saving compliance teams time and money.