GeoComply, which conducts approximately one billion geolocation checks per month, counts sportsbook operators such as BetMGM, Caesars, DraftKings, and FanDuel among its customers. These clients can now utilise OneComply’s platform to automate licensing compliance responsibilities.
Commenting on the acquisition, representatives from GeoComply said that from their first interactions with OneComply, they have been looking to welcome them into the GeoComply family. Licensing organisations and key individuals is necessary, but can be a painful process for any entity working in regulated industries such as gaming or fintech. As an existing OneComply customer, they know just how much OneComply eases that pain, not just for the client, but also for the regulators administering the process.
With the addition of OneComply’s suite of high-tech solutions, GeoComply will offer its gaming and fintech customers a wide range of tools to navigate the licensing process, beginning from the initial application phase through ongoing compliance management. The addition of OneComply will also enable GeoComply to streamline efforts to assist clients with a multitude of licensing issues, ranging from Know Your Customer (KYC) and anti-money laundering (AML) protocols to fraud prevention and sanctions compliance.
Fraud detection is one of GeoComply’s most valued characteristics. Its sophisticated geolocation technology can be used to spot anything from account takeovers in cybersecurity breaches to bonus fraud in sports betting. GeoComply has also earned plaudits for detailing betting activity when various jurisdictions go live with mobile sports wagering.
In March 2023, GeoComply recorded approximately 8.1 million transactions during the opening weekend of online sports betting in Massachusetts, nearly doubling transaction volumes from launches in Virginia and Arizona, two similarly sized states, according to the press release. Over that weekend, GeoComply said it prevented more than 5,000 transactions from devices or accounts with a known history of fraud, saving its customers tens of thousands of dollars.
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