As the world ground to a halt due to the COVID-19 pandemic, the online gambling industry has seen a rapid increase in the number of players, and as a consequence more compliance and fraud breaches, writes Sumsub co-founder Jacob Sever (pictured).
The lockdown’s imposed to halt the spread of the virus were a “recipe for disaster” for the gambling industry, as existing legislation such as the 2005 Gambling Act was described as “sluggish” and “toothless” in combating the subsequent problem gambling caused by increased online gaming.
Furthermore, businesses have struggled to remain compliant – with online gambling firms Betway and Caesars Entertainment UK both paying over £10m for breaching AML and problem gambling laws.
