- Legal States
Velimir Velichkov November 2, 2022 3 min read
GeoComply Secures Maryland License Ahead of Mobile Market Launch
The leading provider of fraud prevention and cybersecurity solutions for the iGaming industry, GeoComply, expanded its reach on Tuesday this week.
Maryland Regulator Awards GeoComply License
The company revealed it was awarded a Tier One Contractor license by the Maryland State Lottery and Gaming Control Agency, the gambling regulator in the state. Achieving the license marks an important step for GeoComply, as it will be able to introduce its ID verification, geolocation and fraud detection and prevention services for regulated gambling operators in Maryland once the state launches its sports betting market.
It was back in May last year when lawmakers in Maryland legalized sports betting. Then, in December, the state launched its retail sports betting market. Despite the launch of retail betting, Maryland is yet to launch its regulated mobile sports betting market. Currently, the launch is expected at some point during this quarter.
As soon as Maryland launches its regulated market, operators in the state will have the chance to benefit from GeoComply’s leading solutions. The current license covers the company’s IDComply product, as well as its leading geolocation services. Just like in other states, such as Ohio, where GeoComply recently was awarded a conditional license, Maryland also requires companies that offer KYC (know-your-customer) services to have a supplier license.
According to GeoComply, its IDComply solution “streamlines existing KYC and AML processes, through an all-in-one solution.” This enables partner operators to benefit from high rates of identity and age verification. The complex process leverages different data sources and vendors “all through one API call,” GeoComply explained.
The Licensing Marks an Exciting Moment for the Company
Lindsay Slader, GeoComply’s SVP of compliance, said that achieving a license ahead of the regulated sports betting market launch in Maryland brings excitement to the company. She pointed out that the company’s dedicated team of experts did their best to ensure compliance with the high standards in the state.
“We are very excited about the launch of Maryland’s highly anticipated mobile sports betting market.“Lindsay Slader, SVP of compliance at GeoComply
Now, according to Slader, the license means that GeoComply’s partners will be able to launch their services from the first day of the market launch. In conclusion, GeoComply’s SVP of compliance said: “We look forward to supporting the compliance needs of operators and providing state regulators with tools and data so they can properly oversee the growth of mobile sports betting in Maryland.”