Fraud still the biggest issue for casinos

Fraud The Biggest Issue for iGaming

31 Agosto 2017 | Ion Aragón Díaz

Fraud still the biggest issue for casinosIt has long been known that fraud is an ever-prevalent issue in the online and land-based gambling industries. Since as long as casinos have been around, they have been hotspots for fraud, money laundering, and other suspicious activities. Now, a new iGaming report has revealed the extent of the difficulties that online gaming businesses must overcome when faced with fraud and similar monetary issues.

Online casino software supplier CASEXE, which develops and supplies a wide range of gaming content for the iGaming industry, conducted a survey across over 50 successful online gambling businesses in Europe and the Commonwealth independent states to provide the new data.

CASEXE’s findings have raised several red flags with regards to the damaging effects of fraud on the industry. Also highlighted were the negative effects of regionally-restricted acceptance payments and content, delays in payment, and illicit financial gambling operations such as shares trading.

94% of Companies Surveyed Reported Fraud-Related Issues

Out of all of the concerns mentioned, fraud was certainly the most problematic for online gaming businesses. 94% of the companies surveyed reported having fraud-related issues in their operations. Closely following the prevalence of this issue were ‘bonus hunters’ (players who misuse casino bonuses) and the practice of multi-accounting.

The developer’s report suggested that some of these issues could be remedied from stricter regulation, with website signups requiring more stringent identity measures and better security software to detect and block players who are attempting to commit fraud.

The study further noted that 82% of the survey’s respondents were dissatisfied with the payment systems that are integrated into their casino gaming platforms. 72% also had issues with regional restricted payments.

Payment Delays And High Fees Also A Headache For Operators

Payment delays were experience by more than half of the survey’s respondents – 55%, to be precise. A further 34% also disclosed high fees imposed by their payment systems providers, while 19% of the iGaming companies revealed that they regularly experience software failures and other related delays.

In its summary of the study, CASEXE noted that the data it obtained is just another affirmation of the iGaming industry’s need to optimise its operations, particularly for online gaming operators and their platforms.

The developer said that it is currently focussed on the aspects of the study that have been highlighted as key issues by online casino owners.

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