March 14, 2023 (Vancouver, BC):
Leading fraud and risk solutions provider GeoComply recorded over 400,000 player accounts in Massachusetts over the opening weekend after the Commonwealth launched regulated online sports betting on Friday, March 10th.
Throughout the regulatory process, the Massachusetts Gaming Commission (MGC) has emphasized consumer protection, resulting in an oversight regime with strong rules around advertising and responsible gambling.
GeoComply SVP of Compliance Lindsay Slader commented: “We are privileged to be licensed in Massachusetts and support operators and the MGC as it builds a regulated online sports betting market with responsible gambling hard-boiled into its regulations. Massachusetts citizens will benefit from legal online sportsbooks dedicated to greater protection and an increased budget for responsible gambling programs.”
Based on Commonwealth officials’ estimates of annualized tax revenue of $60m, Massachusetts would add about $5.4 million to the Public Health Trust Fund, which largely supports responsible gambling programs. Massachusetts has invested in responsible gambling programs since the 2011 bill that legalized its casinos. The Fund’s budget for 2022 was $17m.
GeoComply prevented over 5,000 transactions from devices or accounts with a known history of fraud, saving its customers tens of thousands of dollars. GeoComply recorded a total of 8.1m geolocation transactions in Massachusetts throughout the opening weekend.
“When Anna [Sainsbury] and David [Briggs] founded GeoComply over a decade ago, they set about solving the geolocation conundrum. Today, one of the biggest challenges facing operators is onboarding genuine players and keeping out fraudsters. With the gold standard of geolocation in place and an experienced team of experts, we are uniquely positioned to lead the fight against fraud in all its forms,” said Slader.
Massachusetts betting action from March 10th-12th, based on GeoComply’s data:
- 6 operators
- 406,400 player accounts
- 8.1m geolocation transactions
Massachusetts figures on launch weekend far outstripped those of similar-sized states. It was the fifth busiest state in the US over the weekend, with only New Jersey, Ohio, Pennsylvania and New York recording more geolocation transactions.
GeoComply is the trusted provider of geolocation verification and fraud-prevention solutions for approved Massachusetts online sports betting operators, and its data provides a unique view of the Massachusetts market since it launched on March 10th.
GeoComply’s data does not purport to be definitive or represent the entire market in Massachusetts or any other jurisdictions but is intended to provide general insights into relevant market dynamics.
About GeoComply Solutions Inc.
GeoComply provides fraud prevention and cybersecurity solutions that detect location fraud and help verify a user’s true digital identity. Trusted by leading brands and regulators for the past 10 years, the company’s geolocation solutions are installed on over 400 million devices and analyze over a billion transactions every month.
Our award-winning products are based on the technologies developed for the highly regulated and complex US online gaming and sports betting market. Beyond iGaming, GeoComply provides geolocation fraud detection solutions for streaming video broadcasters and the online banking, payments and cryptocurrency industries, building an impressive list of customers, including Akamai, Amazon Prime Video, BBC, BetMGM, DraftKings, FanDuel, and Sightline.
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