There’s no doubt about it – 2019 is going to be the year of scale.
With sports betting set to gather even more speed in the US, your market could be about to get a whole lot bigger. Those that are best equipped to onboard new users will be the ones that win big.
So how do you get yourself ahead of the competition? The answer’s simpler than you might think. Doing a document check could be the difference between winning and losing this year. Here’s our hattrick of reasons why.
Corner the youth market
We all know that young men are the most frequent gamblers – in fact, our research shows that almost half of them (48%) bet at least monthly.
But did you know that young people are also the trickiest to onboard? Our customers tell us that when it comes to KYC, their match rates drop from around 82% to only 65% for this age range. That means you’re missing out on around two in five young users coming to your platform.
Don’t like those odds? Didn’t think so. Young players are often missed when it comes to Identity Record checks due to their thin credit files. Add in a document check, and you can easily and safely onboard them. That way you don’t miss out on new users, and they don’t miss out on the fun.
Cut out friendly fraud
It’s pretty easy to check an Identity Record. Run a name, date of birth and address against a credit bureau and you’ll be able to figure out if all the dots join up. But proving an identity exists is only one part of the puzzle. How do you know the person giving you their details actually owns them?
Quite often, they don’t. Customers can easily open multiple accounts with stolen or borrowed IDs, and use them to take advantage of free sign-on bets. While that might sound quite minor, it’s actually costing gambling platforms an estimated 15% of revenue. Performing a document check at the point of withdrawing funds means you can be sure the person claiming their winnings really is the person who owns the account. It’s also the best way to conform to gambling commission regulations to avoid heftier losses later.
Create a UX that keeps them coming back
We know what you’re thinking. Surely a document check will just add friction to your KYC? And since online gamblers have the lowest tolerance for cumbersome ID checks, won’t they just switch to another platform?
Document checks don’t have to be painful. In fact, the right UX can actually increase your conversions from desktop. At Onfido, we’ve built a cross-device flow that allows your users to start the KYC process on their desktop, seamlessly switch to their mobile to capture images of their document and face, and then switch back to submit. It’s quick, frictionless, and reduces the drop-off that comes with endless, arduous customer inputs. Our research shows that a massive 84% of users would switch to a different provider for a better user experience. Make sure they’re coming to you.
Check out the cross-device flow in action and find out more about how Onfido could help you scale up your onboarding, at our next Product Demo.