The Growing Industry of Online Gambling
Online Gambling is a rapidly growing industry that attracts millions of people every day. These players come from all over the world and participate in various games.
Unlike in-person casinos, online gambling is done without dealers. Instead, the games are played by computer programs that run through a Web site and allow players to interact with each other via online chat or video.
The number of online gamblers has risen steadily since the late 1990s. A recent Harris poll showed that about 2% of Americans play poker online and a similar percentage gamble on other forms of online gambling.
Internet gambling has become a lucrative business for companies such as PayPal, credit card companies, money transfer services, and online casinos. It also creates employment for thousands of people in foreign countries where the laws are not strict.
Fraudulent online gambling scams can occur for a variety of reasons. For instance, a fraudster may abuse a casino bonus promotion or use stolen credit cards to make deposits.
These fraudulent activities can take place on any of the dozens of platforms available, so it’s important to be aware of how to spot them and report them. A common approach is to conduct a pre-KYC check, which can help weed out obvious fraudsters before they even make their first deposit.
AML/Anti-Money Laundering Issues
The financial risks involved in running an online gambling operation are significant, and there are numerous compliance requirements to meet. These include anti-money laundering (AML) and Know Your Customer (KYC) mandates.