Online Gambling is a form of gambling that takes place over the internet. It is a lucrative industry that generates billions of dollars every year. The market is growing quickly and the number of people who gamble online is also increasing.
The legality of online gambling is debated and can vary from state to state. In the United States, there is a law called the Unlawful Internet Gambling Enforcement Act (UIGEA), which prevents banks and payment processors from transacting with websites that are considered illegal under federal or state laws.
Legitimate gambling sites must follow KYC (Know Your Customer) requirements and implement risk-based fraud detection software to keep their business in line with regulations. However, this can be costly, especially in the iGaming sector where fraudsters are constantly coming up with new ways to take advantage of loopholes.
A good risk-based fraud detection solution identifies potential fraudulent activity at the point of signup, preventing money laundering and boosting overall revenue. SEON offers risk-based software that helps compliance teams stay on top of KYC mandates and also addresses the specific risks associated with the iGaming industry.
One of the most important aspects of gambling is managing your bankroll. This involves knowing how much money to play with and when to stop. It is a very important part of gambling responsibly and can save you from spending too much on bets that could end up costing you more than you can afford to lose.