Pinnacle, one of the first global bookmakers to offer odds on esports, have partnered with the identity verification platform, Sumsub to improve the user experience and reduce the risks related to online betting.
Sumsub covers the compliance disciplines of KYC, KYB, and AML. By partnering with Pinnacle, they are offering support for streamlining its onboarding customer procedures and improving the security and safety of the users.
Pinnacle is a leader in the online betting industry. They began in 1998 as Pinnacle Sports and grew in popularity by offering their users a reduced margin pricing model. They offered better odds at lower margins. The consumer confidence in the company has allowed them to operate for over 20 years. Their pedigree and willingness to explore new ideas in the betting industry has placed them at the forefront of several emerging industries.
They develop risk management strategies for their users to make sure they never bet more than they can afford, they produce educational content to help users understand the business, and most importantly, they were the first global bookmaker to offer odds on esports. What began in 2010 as an experiment in different types of online betting for the company quickly grew into a huge profit maker. In February 2017 Pinnacle announced that had reached the milestone of 5 million esports bets. It has become one of their largest markets.
As esports may draw some inexperienced bettors, it is all the more important that the company improved their onboarding and risk management procedures. In the press release from the two companies, Veronique dos Reis, Legal, Compliance and Regulatory Affairs Manager at Pinnacle wrote:
“The integrity and efficiency of our platform is a part of our success. So, to keep our operational levels high, we needed a solution that could accelerate compliance processes and level-up security. Sumsub’s solution was a great choice for us. We have accelerated the verification of clients, source of funds verification, and have enabled the detection of false chargebacks. It was a great leap forward in terms of the internal organisation of our compliance processes. Overall, we are providing a better onboarding experience for the members of our betting community.”
Sumsub is a far younger company that offers identity verification tools. They focus on accelerated ID verification, digital fraud detection, and compliance for over 200 markets. This means that companies that work with them can be sure that the tools that they use will be able to meet regulatory requirements, prevent fraud, and enhance customer confidence. Jacob Sever, Co-founder of Sumsub writes about the recent partnership:
“Betting companies have to stay compliant with both AML and responsible gambling requirements, which is not an easy task. We are glad to be utilizing our expertise in order to help Pinnacle to become more socially responsible and protect their customers from any possible gaming-related issues”
Pinnacle and Sumsub are a winning combination for anyone looking to get into esports betting, there are plenty of websites that are both safe and easy to use but if you have any doubts or want to look for the longest-running and safest option, Pinnacle is a good bet.