In the gambling and iGaming sectors, especially in new markets in the United States, fraud prevention is of the utmost importance and one of the top priorities to mitigate losses year after year.
That certainly is a major focus in New Jersey gambling.
SEON announced Wednesday it has submitted an iGaming permit application in New Jersey. This would allow the England-based company to provide services to online gaming operators in the Garden State, pending state and regulatory approvals.
New Jersey is one of very few states that has legalized real money online casinos.
SEON, which also has a North American office in Austin, Texas, is a computer software company that prevents fraud in the iGaming sector – such as multi-accounting, affiliate and chargeback fraud. Some iGaming businesses attempt to entice first-time customers with rich bonuses, which heightens the risk of bonus fraud.
The company integrates its platform with iGaming companies, enacting real-time customer verification and consumer affordability checks to help mitigate these risks. Its platform also can calculate user spend rates, create alerts for unusually large bets and block actions that might make an iGaming company vulnerable to fines.
The Garden State was one of the first three states to legalize iGaming and some have estimated the market could be worth $8.4 billion in gross gaming revenue (GGR) by 2025.
If approved in New Jersey, SEON plans to apply for additional licenses across other states where iGaming is legal.
Why Now Is Good Time for SEON
SEON feels the timing is right for its entry into the market as companies are required to have measures to prevent money laundering and to promote responsible gaming.
“IGaming fraud is relatively unique and covers a wide array of different attacks. Thankfully, by leveraging data, companies are able to tackle these challenges before they begin to affect profitability,” Jimmy Fong, chief commercial officer at SEON, said in a news release. “We’ve already seen how powerful our system can be through our work alongside some of Europe’s largest iGaming businesses. Now, we plan on introducing this solution to the United States, which is one of the most high-profile markets in the world and therefore a prime target for fraud.”
New Jersey April Numbers Reported
New Jersey was not immune to the national trend of a seasonal dip in sports betting handle.
The state’s handle, recorded earlier this week, fell below $1 billion for the second time in four months this year.
Fortified by March Madness betting money, New Jersey betting handle for that month was $1.12 billion. That number dropped by more than 17%, to $927 million. The overall sports betting handle for 2022 in the state is $4.4 billion.
In April, about 93% of all sports betting – about $863 million – was done online.
Online casino gambling continues to be a powerful revenue driver in New Jersey. For April, the win for internet gaming was $136.9 million, accounting for more than 35% of all gaming revenue in the state.