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OnlineFinancialIndustry

Study: UK online gambling industry could increase new account sign-ups by 10%

According to a report by 1account, the UK gambling industry is missing out on £1bn ($1.2bn) every year through failed sign-ups.

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1account, a Know Your Customer (KYC) player onboarding specialist, has found that a better online registration process for online casinos could attract more customers and therefore boost revenues by more than £1bn.

Ben Keirle, 1account CEO, said: “In the year ending March 2021, while the UK online gambling industry successfully onboarded almost 33 million new players using online KYC, there would have been around seven million unsuccessful registrations based on the average industry success rate of 81%.”

Firstly, up to 3% of potential customers input their date of birth incorrectly, which can cause a delay or rejection during the sign-up system. The report discusses several ways that this can be negated, such as drop-down menus instead of manually typing.

Secondly, the User Not Found State can also trigger difficulties in the sign-up process. This is where the applicant's attributable data isn’t available on reputable data sources.

Keirle continued: “Our study shows that it is possible to increase successful applications by 10% by enhancing the KYC process for onboarding new players which would mean that the industry could acquire more than 3m extra players, based on current annual sign ups, for the same financial outlay.

“It’s key that online gambling operators review their current KYC provision to ensure that it is performing optimally and that they do not lose out on a jackpot worth over a billion pounds.”

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