Gambling companies are increasingly under scrutiny. They want to seem transparent, especially in marketing themselves to countries where transparency is an important part of government regulation. Bet365, a British company based in Stoke-on-Trent, is the latest gambling business to hire a company to help with compliance. The company is hoping that increased compliance will help it move into new markets.
About Bet365
Founded in 2000, Bet365 is an online gaming company. It offers sportsbooks and casino games. The company does business in Australia and Europe. Its founder was a woman who lived in a trailer and loved to gamble on sports. Her family had been in sports gambling for years and had owned a betting shop since the 1970s. The family decided to borrow money to take the business into online gambling and sportsbooks. Bet365 has grown into one of the largest online gaming companies. Its revenue topped £52 billion (about $65 billion) in 2018.
The company has managed to stay on top of the online gambling world because of its innovations. In 2001, Bet365 offered free money to people who signed up for an account. These days, offering free money for gambling is nothing new. However, back then, it was revolutionary. Bet365 also focused its attention on worldwide sports, rather than limiting its focus to sports that happened in its area. Both of these innovations drew customers to its site. Allowing free money play gave the site tens of thousands of customers it would not have had otherwise. The site also got new customers because it chose to focus on sports worldwide, rather than just British sports.
People also know Bet365 for its transparency. In order to keep this reputation, the company has been looking for a way to continue its focus on transparency and compliance. This is necessary for the company, especially since it has incurred fines for false advertising and false domain names. Bet365 has also had problems paying big punters off. There have been several lawsuits brought against the company by players who did not receive their money.
Gaming Innovation Group
Gaming Innovation Group (GiG) began in 2008 as just another gaming company. It operated a poker forum called donkr.com. Gradually, the company moved from operating gaming platforms and began to work with payment and game vendors. Gaming Innovation Group has continued to move into a service company for online gambling providers.
The Agreement
The agreement between Bet365 and GiG is to make sure that Bet365 is following rules and regulations. GiG has developed compliance software. The software tool can scan more than 30,000 web pages daily. The software will be able to show Bet365 locations that mention its brands. This is important because the compliance software is able to track when someone is illegally using Bet365’s name. Also, the software is able to track terms, images, and links to promotional offers. The company also has software that can track trends with betting and possible cheating. By preventing cheating, Bet365 is able to maintain the trust of its gamblers. In addition, with compliance and transparency software, the company may be able to expand its market.
It is difficult for gambling companies to be sure that they are following the rules properly for each market. No market has the same rules. This makes it difficult for businesses that are multinational to keep up with changing regulations. Compliance software allows gambling companies to ensure their businesses remain ahead of the regulation of nations where they do business. It also allows them to ensure no other company is using their likenesses, offers, or games for their own profit.
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