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Jerome García April 7, 2021 3 min read
DraftKings Adds Additional Compliance Tools from Socure
US-based sports betting market leader, DraftKings boosts its compliance measures by adding tools from the digital identity trust leader, Socure. Socure’s compliance tools offer seamless online verification, which helps to maximize new player conversion and reduces drop-off rates.
DraftKings Boosts Compliance, Adds Tools by Socure
US sports entertainment and gaming industry leader, DraftKings, inked a multi-year agreement with Socure. Under the agreement, the digital identity trust leader, Socure, will provide its Socure ID+ identity verification suite for DraftKings. With this move, DraftKings boosts its compliance measures and will be able to seamlessly engage with its consumers across its product suite. Socure’s identity verification suite streamlines online identity verification. As a result, drop-off rates and frictions are minimized, which leads to maximizing new player conversion.
Before selecting Socure, DraftKings conducted a lengthy evaluation process. Within the testing process, DraftKings sought to indicate an auto-approval rate increase of 4.5% for new users, as well as a 14% decrease in manual reviews. Consequently, the company now plans to leverage Socure’s Intelligent KYC (Know-Your-Customer), and Global Watchlist with Monitoring products. With the help of those products, DraftKings will aid its verification processes for its Sportsbook, iGaming, and Daily Fantasy Sports products. Furthermore, recently, the company acquired BlueRibbon, which enabled it to integrate a unique customizable jackpot solution.
The Partnership Marks a Significant Milestone for Socure
Johnny Ayers, CEO of Socure, shared his excitement by saying that working with DraftKings is a privilege. Furthermore, he deemed the partnership a significant milestone for Socure. Ayers stressed that it is an exciting time to be working “with an industry that is growing at such a tremendous pace across the country“. Additionally, he said that Socure will continue helping operators meet compliance requirements, which ensures “continued, unimpeded responsible growth“.
“Working with DraftKings is a privilege and underscores a significant milestone for us as we continue to expand our presence in the online gaming industry.“Johnny Ayers, Socure CEO
Socure uses an automated digital approach, which allows the company to provide industry-leading auto-approval rates. According to Ayers, the company’s Intelligent KYC system verifies the identities of qualified players online both quickly and accurately. This boosts player conversions and also reduces drop-off rates. Furthermore, he stressed that Socure’s Global Watchlist solution works together with the Intelligent KYC product, which results in continuous monitoring of player eligibility. Additionally, the collaboration of the two systems ensures uninterrupted compliance with both KYC and Anti-Money Laundering regulations for online gambling suppliers.
Socure Continues to Grow in the US Market
Socure’s platform uses multiple data sources including more than 290 million good identities. Furthermore, the company derives data from 7 billion records from telecom, credit, and other reliable sources to deliver market-leading matching identity accuracy.
Currently, the company is allowed to provide its services to online gambling operators in Illinois, Indiana, Iowa, Colorado, Pennsylvania, Tennessee, New Hampshire, Michigan, and West Virginia. Furthermore, Socure’s vendor status is pending in Virginia and New Jersey.