The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

A Quantitative Insight into the Global Gaming and Gambling Industry

statistics

The gaming and gambling industry has demonstrated exponential growth in the past decades and is expected to generate record-breaking international revenue in the coming years. With its current global market size of 59 billion US dollars estimated to proliferate up to 92.9 billion US dollars by 2023, the sector continues to dominate regardless of the economic value. Mass adoption of online gambling platforms has left brick-and-mortar casinos in a tough spot, as they have been facing a decrease in visitors due to the COVID-19 situation. 

People are now accustomed to online gambling platforms and find it convenient as transportation costs are saved. In addition to the convenience, online gambling platforms also provide privacy and updates to games, making the experience much more vibrant as compared to land-based casinos. That being said, the temptation of easy money not only attracts individuals and businesses to online gambling platforms but also makes them vulnerable to financial criminals that exploit online payments and transactions for their illicit motives. 

Macau is known for being one of the major markets for gambling, as indicated by the numbers:

  • The gross revenue from gaming and gambling in Macau is 61 billion MOP
  • The gross revenue from roulette in Macau is 188 million MOP
  • There are a total of 41 casinos in Macau (Statista)
industry

United States

As per the American Gaming Association, the revenue generated by gambling in the US soared up to $13.6 billion in mid-2021, creating a new gambling industry record. This is a 22 percent increase from the $11.1 billion record of 2019, indicating how the gaming and gambling industry has recovered from the downfall brought forth by COVID-19. The collective amount from the states had already totaled $25 billion in the second quarter of 2021. By the end of 2021, the gambling revenue is expected to reach beyond the $44 billion mark, which will make this year the highest-grossing year since gambling was legalized.

Las Vegas

State-wise Statistics

  • 22 of 25 states with casinos generated higher revenue in 2021 compared to 2019
  • Nevada generated the highest revenue of $3.46 billion, a 17% increase from 2019
  • Pennsylvania came in second with $1.21 billion, with a 44.6% increase from 2019
  • New Jersey reported a total collection of $1.11 billion, up 35.5% from 2019

The United Kingdom

According to CNBC, there was a 261.9% increase in UK players visiting online gaming platforms in 2020, and a staggering 46% of the UK’s population engaged in gambling activities in the first quarter of 2021. According to the Gambling Commission, the total gross gambling yield (GGY) in the UK was £5.9 billion in the period of April to September 2020, where online casinos accounted for £5.51 billion.

AML Regulations for Gambling Operators in the UK

Licensed gambling operators in the UK are required to implement appropriate AML procedures to prevent money laundering both on-premises and online. Furthermore, the Gambling Commission requires reporting suspicious activities such as gambling with large amounts in order to prevent such illicit activities. 

The authority has also made the rules for players’ identity verification and customer due diligence more stringent. This is because lack of verification and monitoring has led to several instances of money laundering, where gambling operators have to face hefty penalties.

In May 2021, a prominent gambling name InTouch Games was fined £3.4 million for AML failures. Another UK-based gambling platform, Double Diamond Gaming was fined £247,000 for violating the Gambling Commission’s regulations.

Australia 

Australia has the largest number of gambling enthusiasts in the world with a total of 6.8 million, which makes a little more than 39 percent of the population. Australians play on a daily basis and more players are seen at online gambling platforms as compared to real casinos. In 2021, 900 Australian players were banned from visiting casinos as a result of different gambling crimes. 

Australia is one of the gambling countries where players are not obliged to pay taxes, which means whatever they win is theirs to keep. That being said, Australian authorities received upto 6000 gambling scam reports in just the first three months of 2020, indicating that financial crimes go hand in hand with increasing gambling revenue.

Singapore

Singapore is not far behind in terms of gambling enthusiasts, as almost 52% of the people there gamble every now and then. In 1923, gambling was made illegal in Singapore as a result of increased financial crimes and addiction. Despite the fact that casinos are not legalized in Singapore, there are specific places where gambling activities still take place. The country is actually trying to bring down this number by putting a fee on entering casinos.

Canada

Canada falls behind in regulations pertaining to gaming and gambling. With the majority of casinos located in British Columbia, Quebec, Ontario, and Alberta, the country’s gambling industry generates profits of up to $13 billion a year. This being the reason partly because Canada’s casinos do not impose any limits on gambling, and partly due to gambling addiction in people. However, gambling addiction is seen in only 0.6% of the population, or 250,000 people, which is lower as compared to other countries.

Financial Crimes in the Gambling Industry

Although AML regulations do apply to the gaming and gambling sector, the varying payment methods including cryptocurrencies provide anonymity to players, hence creating opportunities for financial crimes like money laundering and terrorism financing. Taking advantage of the loopholes in the AML measures implemented by online gambling platforms, money launderers spend their illegally obtained funds to get clean returns. 

Considering the rise in money laundering through online gambling platforms and casinos, the Gambling Commission raised the amounts of fines to a record-breaking high in 2020. In the first quarter of 2020, gambling operators were fined upto £27 million for insufficient AML procedures. 

  • The total fines in 2018 counted up to £18 million
  • In 2019, the total slightly increased to £19 million

As a result of violating the Bank Secrecy Act, The Bicycle Hotel & Casino in Bell Gardens, Los Angeles was recently fined $500k for AML failings. The casino reportedly failed to provide customer transaction reports (CTRs) and Suspicious Activity Reports for Casinos (SARC) when transactions of $100 million were performed back in 2016.

It all Boils Down to…

In light of the numerous record-breaking AML fines that have been imposed by regulatory authorities on both online and land-based casinos, implementation of AML compliance regulations has become the need of the hour. To assist gambling operators, Shufti offers an AML solution that enables the screening of individuals and entities against 1700+ global watchlists.

Want to learn more about AML Compliance for online gambling platforms?

Related Posts

Blog

First-party, Second-party and Third-party Frauds – How to Stop them?

Most businesses don’t lose customers because of poor services but due to weak security measures. ...

First-party, Second-party and Third-party Frauds – How to Stop them? Explore More

Blog

What You Need to Know About Switzerland’s Crypto AML Rules by FINMA

Switzerland is historically famous for being a global hub for gold. However, the new digital gold...

What You Need to Know About Switzerland’s Crypto AML Rules by FINMA Explore More

Blog

Why Do Freelancing Platforms Need KYC?

Technological advancements came with several betterments for humans. Where every industry is bene...

Why Do Freelancing Platforms Need KYC? Explore More

Blog

Transaction Monitoring – Establishing A Defense Mechanism Against Financial Crime

With the rapid increase in the global volume of monetary transactions, money laundering methods a...

Transaction Monitoring – Establishing A  Defense  Mechanism Against Financial Crime Explore More

Blog

Travel Fraud and the Crucial Role of e-IDV

The travel sector is booming in this age of digitisation, and air travellers are estimated to dou...

Travel Fraud and the Crucial Role of e-IDV Explore More

Blog

GDPR Checklist – Practices to adopt as Business Norms

It’s been a little over eight months since the GDPR came into effect on 25 May 2018. From that po...

GDPR Checklist – Practices to adopt as Business Norms Explore More

Blog, Identity & KYC

Online Identity Verification – Why Shufti is Perfect for Digital Authentication

In a short period of time, Shufti has managed to make a significant mark upon the end-to-end ...

Online Identity Verification – Why Shufti is Perfect for Digital Authentication Explore More

Blog

Top 10 AML Trends to Watch for in 2022

In 2021, the increasing scope of regulatory sanctions has affected businesses globally. The use o...

Top 10 AML Trends to Watch for in 2022 Explore More

Blog

Source of Funds | A Critical Step in Mitigating the Risk of Money Laundering

As the world continues on a path of digitization, business operations persist to undergo signific...

Source of Funds | A Critical Step in Mitigating the Risk of Money Laundering Explore More

Blog, Financial Crime / AML, Identity & KYC

5AMLD: Implications for Cryptocurrency

What is 5AMLD? As part of the Action Plan against terrorism, the 5th Anti-Money Laundering Direct...

5AMLD: Implications for Cryptocurrency Explore More

Blog

5 Types of ID Fraud Skyrocketed in the First Half of 2021 – Shufti

Last year, Shufti’s AI-powered identity verification system captured a 3.36% increase in iden...

5 Types of ID Fraud Skyrocketed in the First Half of 2021 – Shufti Explore More

Blog

AML Compliance – Addressing Financial Crime Challenges in the UAE’s Banking Sector

The United Arab Emirates (UAE) is fast becoming the world’s most reputable financial hub, but the...

AML Compliance – Addressing Financial Crime Challenges in the UAE’s Banking Sector Explore More

Blog, Financial Crime / AML

Impact of Regulatory Scrutiny & AML Compliance in Real Estate

Anti Money Laundering (AML): Criminals around the globe are targeting real estate to launder the ...

Impact of Regulatory Scrutiny & AML Compliance in Real Estate Explore More

Blog

OCR Solution: A Must-have for Every Business to Automate Workflows

Moving documents and files from one format to another is necessary during transactions and busine...

OCR Solution: A Must-have for Every Business to Automate Workflows Explore More

Blog

The Crucial Role of Know Your Customer (KYC) in Gaming

The gaming sector has grown exponentially since the first arcade games of the 70s. Surpassing mus...

The Crucial Role of Know Your Customer (KYC) in Gaming Explore More

Blog

Video KYC in 2024 | A Step Towards Digital Evolution

The striking surge in theft and fraud through digitisation is a growing concern for many business...

Video KYC in 2024 | A Step Towards Digital Evolution Explore More

Blog

Spreading Holiday Cheer with a Heartfelt Donation to Crisis UK

As the holiday season approaches, we often reflect on how we can give back to our communities. Th...

Spreading Holiday Cheer with a Heartfelt Donation to Crisis UK Explore More

Blog

Addressing Regulatory Compliance in Online Gambling with Effective AML Screening

The internet is a key risk element for gambling because it gives the user a sense of obscurity, t...

Addressing Regulatory Compliance in Online Gambling with Effective AML Screening Explore More

Blog

Securing Identities with Photo ID Verification

ID verification has seen unprecedented growth not only in the processes but also in the crime com...

Securing Identities with Photo ID Verification Explore More

Blog

Anti-Money Laundering Compliance for Crypto Exchanges [2021 Update]

Anti-Money Laundering compliance solutions are gaining popularity in all corners of the world. Un...

Anti-Money Laundering Compliance for Crypto Exchanges [2021 Update] Explore More

Blog

Transaction Monitoring – Establishing A Defense Mechanism Against Financial Crime

With the rapid increase in the global volume of monetary transactions, money laundering methods a...

Transaction Monitoring – Establishing A  Defense  Mechanism Against Financial Crime Explore More

Blog

KYC and Blockchain – The Foundation of a Secure Crypto Landscape

Blockchain technology has demonstrated fast-paced growth throughout the world and now faces the c...

KYC and Blockchain – The Foundation of a Secure Crypto Landscape Explore More

Blog

Assessing the Importance of Digital Identity Verification in On-Demand Services

Dealing with the after-effects of the coronavirus pandemic, digital business platforms and e-comm...

Assessing the Importance of Digital Identity Verification in On-Demand Services Explore More

Blog

KYC/AML Compliance – Eliminating Financial Crime in Challenger Banks

Challenger banks have emerged in the financial services paradigm by bringing digital innovations ...

KYC/AML Compliance – Eliminating Financial Crime in Challenger Banks Explore More

Blog

AML Screening – Solution for Luxury Goods Market to Fight Financial Crimes

Luxury goods and high-valued assets are frequently but not always found at the integration stage ...

AML Screening – Solution for Luxury Goods Market to Fight Financial Crimes Explore More

Blog

Trade-Based Money Laundering – How Shufti’s AML Screening Solution Helps

International trading instruments have significant features that are making them potentially attr...

Trade-Based Money Laundering – How Shufti’s AML Screening Solution Helps Explore More

Blog

California Privacy Rights Act – What Businesses Must Do to Comply

The California Privacy Rights Act (CPRA), also known as Proposition 24, was approved on November ...

California Privacy Rights Act – What Businesses Must Do to Comply Explore More

Blog

5 Technology Trends To Disrupt Banking in 2020

Living in the digital era, technology is driving major changes in almost every industry. Whether ...

5 Technology Trends To Disrupt Banking in 2020 Explore More

Blog

The UK, US & Singapore – A Spotlight on the Crypto Regulations

Non-compliance with anti-money laundering regulations has been an issue for the finance and crypt...

The UK, US & Singapore – A Spotlight on the Crypto Regulations Explore More

Blog

Rise of Money Laundering in UAE – How Financial Institutions Can Comply with New Regulations

The UAE certainly earned its spot in the top 10 global financial centers with unprecedented growt...

Rise of Money Laundering in UAE – How Financial Institutions Can Comply with New Regulations Explore More

Blog

Online Identity Verification – How to Secure Online Gaming & Gambling Platforms

Online gambling is the way to go for betting enthusiasts nowadays and brings both convenience and...

Online Identity Verification – How to Secure Online Gaming & Gambling Platforms Explore More

Blog

High-Risk Customers in Banking and How EDD Can Help Identify Them

In this age of digitisation, banks and other financial institutions face a high risk of money lau...

High-Risk Customers in Banking and How EDD Can Help Identify Them Explore More

Artificial Intelligence, Blog

What are the 3 Stages of Money Laundering and How Can AML Checks Combat Fraud?

Criminals and organized crime groups have become creative and sophisticated in concealing sources...

What are the 3 Stages of Money Laundering and How Can AML Checks Combat Fraud? Explore More

Blog

Combating Identity Theft in On-Demand Services with Shufti’s KYC Solution

Transition is the only thing that is inevitable in the universe. Every passing day is changing ou...

Combating Identity Theft in On-Demand Services with Shufti’s KYC Solution Explore More

Blog

Implementing Robust Anti-Money Laundering Checks for the Insurance Sector

Insurance companies play a decisive role in the considerable growth of an economy. It turns accum...

Implementing Robust Anti-Money Laundering Checks for the Insurance Sector Explore More

Blog, Business Technology, Financial Crime / AML, Identity & KYC, Online Marketplace

Know Your Business: The Next Step in Identity Verification

The complex regulatory environment and increased exposure to illegal activities indicate that bus...

Know Your Business: The Next Step in Identity Verification Explore More

Blog, Online Marketplace

What do NGOs have to gain from Identity Verification Services?

Identity Verification services are quickly becoming the cornerstone of NGO-related activities acr...

What do NGOs have to gain from Identity Verification Services? Explore More

Blog

Ensuring Compliance and Securing Business Reputation – How Shufti Can Help

In the highly digitized world, businesses are partnering with each other to serve mutual interest...

Ensuring Compliance and Securing Business Reputation – How Shufti Can Help Explore More

Blog

International ID Day – An Overview of the 2021 Identity Landscape

The International ID Day is not marked on everybody’s calendar but is of significant value for ma...

International ID Day – An Overview of the 2021 Identity Landscape Explore More

Blog

Online Payment Fraud and the Role of AML Transaction Monitoring

Imposing travel restrictions worldwide after the COVID-19 pandemic led to an unprecedented surge ...

Online Payment Fraud and the Role of AML Transaction Monitoring Explore More

Blog

Metaverse and Meta Criminals – Is it Possible to Secure Identities with IDV?

Ever since Mark Zuckerberg changed Facebook’s name to Meta, the acronym “metaverse” has taken ove...

Metaverse and Meta Criminals – Is it Possible to Secure Identities with IDV? Explore More

Blog

Secure the Fintech Future with RegTech

Financial Technology (Fintech) refers to the use of technological advancements in the financial i...

Secure the Fintech Future with RegTech Explore More

Blog

Post-pandemic eCommerce Landscape Calling for Robust ID Verification Solution

During the coronavirus pandemic, the e-commerce industry has witnessed a significant increase in ...

Post-pandemic eCommerce Landscape Calling for Robust ID Verification Solution Explore More

Blog

Telehealth Services and Sophisticated Crimes – How Shufti Can Help Health Centers

 The speed of innovation has never been faster. Re-emerging from a global pandemic, busi...

Telehealth Services and Sophisticated Crimes – How Shufti Can Help Health Centers Explore More

Blog, Identity & KYC

Fathoming Financial Inclusion, Innovative KYC Solutions, and Integrity

Identity – ensures active participation of an individual in social, political and economic ...

Fathoming Financial Inclusion, Innovative KYC Solutions, and Integrity Explore More

Blog

Anti-Money Laundering (AML) Solutions – Securing Luxury Goods and Curbing Financial Crimes

Exotic cars, designer clothes, artifacts, and private jets make attractive news headlines and mov...

Anti-Money Laundering (AML) Solutions – Securing Luxury Goods and Curbing Financial Crimes Explore More

Blog

The State of Money Laundering in The United States – How Shufti Can Help

The United States of America is among the first countries that took effective measures to fight f...

The State of Money Laundering in The United States – How Shufti Can Help Explore More

Blog

Facial Recognition: A Technology for Online Businesses to Prevent Fraud

Today, biometric technology has traditionally established itself and has become an integral part ...

Facial Recognition: A Technology for Online Businesses to Prevent Fraud Explore More

Blog

E-commerce Frauds – Common types and Prevention tips

What are some common e-commerce frauds and how can you prevent them? Is the buyer on your site an...

E-commerce Frauds – Common types and Prevention tips Explore More

Blog

Balancing UX and Security in the Finance Sector with Biometric Authentication

The global coronavirus outbreak transformed financial operations and forced retailing banks to te...

Balancing UX and Security in the Finance Sector with Biometric Authentication Explore More

Blog

KYC Verification – The Need for Customer Due Diligence in Co-Working Spaces

The development of coworking platforms has led to a business transformation that brings security ...

KYC Verification – The Need for Customer Due Diligence in Co-Working Spaces Explore More

Blog

Identity Verification Isn’t Just for Compliance Anymore

Identity verification solutions are well-known in regulatory compliance environments, particularl...

Identity Verification Isn’t Just for Compliance Anymore Explore More

Blog

AML Screening – Combating Money Laundering in Luxury Vehicle Dealings

Financial criminals usually look for priceless items like art, antiquities, as well as luxury veh...

AML Screening – Combating Money Laundering in Luxury Vehicle Dealings Explore More

Blog

Infographics

To develop a simple and easy understanding of e-KYC and the role played by Shufti’s digital i...

Infographics Explore More

Blog

KYC Verification – Defeating Anonymity on Social Media Platforms

In the introductory phase, social media platforms were merely a small part of the internet where ...

KYC Verification – Defeating Anonymity on Social Media Platforms Explore More

Blog

Impact of California Consumer Privacy Act on Online Businesses

California consumer privacy act has been revolutionizing consumer data regulations. The act was p...

Impact of California Consumer Privacy Act on Online Businesses Explore More

Blog

The Changing Landscape of KYC/AML Regulations in 2021

Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations have been evolving over time...

The Changing Landscape of KYC/AML Regulations in 2021 Explore More

Blog

The Future Of the Financial Sector in the Gulf Region

Digital transformation, that has undoubtedly disrupted numerous industries worldwide, has reached...

The Future Of the Financial Sector in the Gulf Region Explore More

Blog

7 Best KYC and Fraud Prevention Tips for Online Businesses

With the explosion of internet and web applications, the online interaction between consumers and...

7 Best KYC and Fraud Prevention Tips for Online Businesses Explore More

Blog

Age Verification: Use Cases, Significance and Regulations

This pillar post talks about the significance of digital age verification, how it works, what are...

Age Verification: Use Cases, Significance and Regulations Explore More

Blog

Top 10 Identity Verification Trends to Look Out for in 2022

Did you know identity fraud is growing at a faster than ever rate? Businesses across the globe ar...

Top 10 Identity Verification Trends to Look Out for in 2022 Explore More

Blog

The Significance of Age Verification in the Digital Space

With the innovation of technology, digital services among younger audiences are becoming increasi...

The Significance of Age Verification in the Digital Space Explore More

Blog

ID Document Fraud | Is Your Business Prepared to Fight the War Against Fraud in 2024?

 In today’s data-driven, digitized world, various business processes have been automated...

ID Document Fraud | Is Your Business Prepared to Fight the War Against Fraud in 2024? Explore More

Blog

KYC and AML Compliance – Addressing the Challenge of Money Laundering in Online Trading Platforms

An online trading platform is a program where shareholders and traders deal through financial int...

KYC and AML Compliance – Addressing the Challenge of Money Laundering in Online Trading Platforms Explore More

Blog

ID verification prevents 8 Security Issues of businesses

  The biggest concern for businesses, in terms of safety, nowadays is online or cybersecurit...

ID verification prevents 8 Security Issues of businesses Explore More

Blog

How ID Verification Helps in Fighting Digital Scams?

ID VERIFICATION: Digital scams are common phenomena and it affects all types of businesses in eve...

How ID Verification Helps in Fighting Digital Scams? Explore More

Blog, Financial Crime / AML

AMLD5 Amendments in Prepaid Cards Transaction Threshold

In July 2018, the European Commission came into effect the 5th Anti-Money Laundering Directive (A...

AMLD5 Amendments in Prepaid Cards Transaction Threshold Explore More

Blog

Securing Identities in the Age of AI with Identity Verification

The digital age has offered unprecedented convenience and connection, but it has also introduced ...

Securing Identities in the Age of AI with Identity Verification Explore More

Blog

AML Screening – Solution for Luxury Goods Market to Fight Financial Crimes

Luxury goods and high-valued assets are frequently but not always found at the integration stage ...

AML Screening – Solution for Luxury Goods Market to Fight Financial Crimes Explore More

Blog, Online Marketplace

How Identity Verification Solutions Can Make Summer Travel a Breeze and Generate Revenue?

The travel industry is a unique business category servicing clients from various destinations and...

How Identity Verification Solutions Can Make Summer Travel a Breeze and Generate Revenue? Explore More

Blog

5 Ways How Online Age Verification Promises Growth for the Gaming Industry

The online gaming industry is booming since the last few years. Due to the pandemic, the trend fo...

5 Ways How Online Age Verification Promises Growth for the Gaming Industry Explore More

Blog, Identity & KYC

KYC Compliance – Strengthening Fraud Prevention Across the Globe

Know Your Customer (KYC)  The widespread availability of the internet has made our world more con...

KYC Compliance – Strengthening Fraud Prevention Across the Globe Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started