Online Gambling is when you gamble on a digital gambling platform, such as a casino or sports betting website. Unlike brick-and-mortar casinos, where you can win money through the use of skill or strategies, online casino games are almost exclusively based on luck and winning is purely down to chance. There are a few exceptions, like poker, which requires some level of strategy but most online casinos just require luck to win!
Fraud is a significant issue for online gambling operators. It can impact their bottom line through high chargeback rates and damage their ability to accept credit card payments. Card issuers will often blacklist gambling sites that have a high number of chargebacks and even exclude them from their Pay Over Time plans. Additionally, identity fraud can lead to hefty fines and legal trouble for the operator.
The iGaming industry is one that attracts fraudsters because of its easy access and traditional ties with money launderers. Despite this, it remains a legitimate form of gambling in many countries. However, it’s important for operators to take all steps necessary to prevent fraud and keep their business running smoothly. This can include ensuring that players are of legal age, weeding out fraudsters and keeping their KYC compliance up to date.