Over the past two years, COVID-19 has wreaked havoc on our culture and economy and caused significant upheaval in the gambling industry. According to the American Gaming Association, the epidemic completely destroyed the US gambling sector, with overall revenues falling 79% as a result of the closure of more than 1,000 land-based casinos in March 2020. Too many people suffered long-term harm as a result of the economic slump. When a few land-based casinos attempted to restart operations (in fits and spurts), they unavoidably looked very different from what gamblers were used to. As a result, hundreds of staff lost their employment and some casinos permanently closed their doors. Find Lotus Book Games Win Money today online.
As everyone is already aware, indoor venues had to adhere to stringent safety regulations, which put a damper on the formerly joyous gaming atmosphere. Players were so discouraged by this new reality and eventually reluctant to enter casinos to play, even if they were available for gambling. But after this crisis and commercial catastrophe, the need for modifications became clear.
Migration to Online Casinos
While government rules made it necessary for land-based casinos to drastically alter or scale back their operations, some created additional sites or actively pushed their online gambling platforms in order to survive and even grow. Because they were confined to their homes, gamers flocked in droves to mobile and internet casinos. Revenues and player counts at traditional casinos that were already well-established in the online gaming industry skyrocketed, while casinos without an online presence fell far behind.
In contrast to Atlantic City’s traditional casinos, New Jersey’s online casinos witnessed significant increases in gaming income. The latter’s income increased by 66% in March 2020 to $65 million, reaching $700 million overall in 2020 as opposed to $483 million the year before in 2019. FanDuel, a company largely involved in sports betting, claimed a surge in gambling activity on their casino (an online portal including blackjack and roulette games) to the tune of $240 million in wagers. Explore Lotus Book 247 Online Games now!
But in reality, the industry for online and mobile gambling was already set up to be a big participant, even without the pandemic’s introduction of rocket fuel. The influence of a new generation of gamblers who have been swarming to online casinos via their desktop or mobile devices has been quantified by Statista, which estimates that the worldwide online gambling business will be worth almost $59 billion in 2019 and nearly $93 billion by 2023.
What drives online casino demand?
While the heritage, visceral experience found in a conventional casino will never be duplicated by online or computer gambling, the primary advantages offered by an online setting (beyond avoiding the most recent COVID version) should continue to fuel growth in this niche. Find the best Lotusbook247 Id Provider In India online.
Convenience
One may spin a virtual roulette wheel from the comfort of their sofa, regardless of their job schedule, personal commitments, or lack of ability (or desire) to travel to the closest gaming establishment.
Game Selection
Naturally constrained by their physical limitations, land-based casinos can only provide a limited number of games. Because there are literally hundreds of alternatives, they cannot compare to the quantity of casino games offered online.
Bonuses & Promos
Online gambling companies provide aggressive welcome and retention incentives that are greater than those provided by conventional casinos since they are well aware of what is necessary to compete against their brick-and-mortar counterparts. Free spins, continuing to reload promotions, and reward multipliers are some of the advantages that keep online gamers coming back. These are unique or enlarged “digital perks.”
KYC procedures aid banks and other financial organisations in preventing fraud, financial crimes, and money laundering. Although it goes beyond these financial crimes, KYC is utilised by online gambling companies to check users’ identities during the onboarding process. Please Play Lotus Book 247 Online today!
Three crucial factors, in particular, made it feasible to develop Authentication procedures for online casinos:
1) Anti-Money Laundering
Money laundering operations are thought to account for 2-5% of global GDP, or $800 billion to $2 trillion, which translates to the funding of criminal organisations and terrorist cells. Criminal organisations “wash” money at casinos by purposefully losing games (to a co-conspirator) and by declaring “clean” gains. Due to Cantor Gaming’s lax AML policies, which allowed people to use their platform to place erroneous bets to launder huge amounts of money, the company was fined $22.5 million in 2016.
Technology innovation and developments may have a double-edged effect, allowing for additional features and convenience but also making more complex criminal schemes possible. Everyday consumers have benefited from the introduction of virtual credit cards, prepaid mobile credit, and digital financial services providers like PayPal. However, these innovations also make it possible for micro-laundering activities that are much harder for authorities and regulators to identify. Online casinos must recognise high-risk customers and their behaviours due to the anonymity of the platform (in contrast to in-person gambling) or else they face the danger of serving as a conduit for money laundering operations.
2) Fraud Prevention
In “many account fraud” schemes, essentially anonymous people can utilise online gambling to deposit money obtained illegally or to establish phoney players. Regarding the former, thieves may obtain and utilise credit cards that have been stolen to purchase games using the money of victims. To escape the consequences of losses, fraudsters might play under someone else’s name or present forged documents.
Multiple account fraud, in which users establish many false accounts to toss games, commonly causes online casinos to lose money. A frequent occurrence is when a person makes a lot of phoney accounts and uses them all to play poker at a table. The genuine user might make sure every fictitious account is shut down by manipulating the behaviour of the other participants in order to gain the upper hand.
Identity verification is also essential to combat the rising issue of internet gambling among minors. For instance, it has been shown that approximately 500,000 kids in the UK between the ages of 11 and 16 habitually gamble illegally. These “tech natives” can simply access a gaming website, and open and finance gambling accounts using their parents’ credit cards and IDs.
3) Regulation Non-Compliance & Resultant Fines
DraftKings, an online gambling platform, was fined in 2020 for permitting more than 50 gamblers to participate in gambling despite the fact that these people were on self-exclusion lists as an illustration of the penalty an operator might get for breaking gaming legislation. The New Jersey Division of Gaming Enforcement fined the operator for its lax or nonexistent identification checks after 13 players in that group lost a total of $28,800 in DraftKings wagers.
Online casinos and gaming platforms can onboard and verify consumers without transaction difficulty thanks to Lotus Book ID 11’s use of the best picture capture and processing, liveness recognition, and document authentication technologies in the market, assuring player satisfaction and return visits. Try the Lotus Betting Id Create online only at the website of Lotus Book Id 11. Visit now!