The sports betting market is expanding at an accelerated pace. The industry is growing and new functions and features are being developed to allow players to enjoy and place bets on their favorite sports. Safety and security is one of these branches that are often overlooked by those who enjoy the more flashy elements of gambling.
Penn Entertainment has changed the sportsbook industry by implementing KYC practices. It uses its tool across its entire portfolio, which includes ESPN Bet and Score Bet brands in the United States. Chris Soriano is vice president and chief compliance officers at Penn. He says that such practices are paramount.
Soriano, a Soriano spokesperson, says that “customers give us information on their bank account and where they reside.” We want the process to be secure and safe from start to finish.
Sign up, lock down
Signing up for a sportsbook is an important step to ensure the safety of all those involved. Soriano took into consideration many factors when designing the sign-up procedure.
How do we identify our customers? “How do we know our customer? How can we tell if they are in the right jurisdiction? “We have two steps to answer this question up-front.”
Soriano claims that the process includes standard information such as email address, telephone number, date-of-birth, and home-address, plus some steps that are innovative for operators of sportsbooks.
He says that email verification is important. Some sites do this step at a later stage in the user’s journey. We perform it right from the start. Your email address has been verified. We know that we can contact you using this email address.
Soriano believes that communication is key and it’s important to confirm it from the start so ESPN Bet or Score Bet can alert users about security concerns, like unusual account activity.
Soriano said that email verification is fairly universal. However, many operators ask for it at a later stage in the customer experience, such as before withdrawal. Better communication is possible with the bettors when you verify from the start.
Safety First
What is another pillar in Penn’s strategy to ensure signups are secure? Verification of ID.
We required information on a government issued ID. This information can be checked for accuracy. This allows us to confirm the identity of that person from a literal perspective.
Other words, Penn’s betting properties don’t only allow bettors input their data. Then they confirm the information with an ID.
The next step is to take a selfie in real time.
Soriano said, “It comes down to one big question.” How do we verify that a person is really who they claim to be?
All benefit from the selfie upload. Both the sportsbook and player have more information about a person’s identity.
Our system only allows live selfies. You can’t just take a photo of yourself – it won’t work.
Multi-factor authentication is the most popular account security method.
Soriano: “You can see them everywhere.” It can even be funny in certain cases. For example, when I pay my electricity bill online. “If anyone wants to pay for my electric bill, then it’s yours.”
Soriano still sees value in sports betting. We’re highly regulated. We want to do things the right way because there are many eyes watching us.
The players
Penn’s KYC procedures are designed to be beneficial for the players.
Soriano explains that “when you let a client go through the entire process, it makes them more trusting of the platform.”
He says that even if it takes an extra few minutes to sign up, the effort is worth it.
It’s the same as opening an account online. Your information must be correct and the institution should protect you. As an extra insurance, we’re looking at 20 seconds. It’s not much time, but it will help in the end.”
Soriano believes that other operators will align their systems to theScore Bet, ESPN Bet and more quickly. Why? Why?
I think that customers will be more comfortable putting in their details and know they are onboarded securely. “We’re verifying their information and keeping them secure.”
Even better, the players will have less frustration when they are betting if they complete all verification steps and provide ID up-front.
Soriano says, “It’s easier to do later now that this is done.”
What is in a Name?
Penn is one of the most recognizable names in the betting industry. ESPN is known as a sports betting company even by those who are not gambling-savvy. Penn is able to achieve its goals.
We want the public to be able to trust these names. Penn is trusted by people who gamble. People trust EPSN in sports. “We want to make sure that they trust both businesses when it comes to sports betting.”
As with a diamond’s many faces, security is one of the most important. The same approach can be applied to responsible gaming. Start with the most obvious.
“You’ve got to start simple,” Soriano says. Underage gambling is one aspect of responsible gaming that does not get enough attention in the gambling jargon. The KYC procedure confirms that anyone who signs up for the service is at least 21 years old. There are also multiple checks required, including the photo ID and selfie.
Information gathered during signups fuels more responsible gaming. Sportsbooks can keep players at risk safe by getting better information on who signs up.
It gives us more reliable information that we can compare to self-exclusion list. We can identify individuals who have self-excluded themselves by ensuring we receive accurate data.
