Digital identity verification technology firm Socure has signed a multi-year agreement with DraftKings Inc this week. Under the terms of the deal, DraftKings will use Socure’s Socure ID+ identity verification suite to complement its compliance measures, enabling it to more seamlessly engage its customers across its product suite.
DraftKings selected Socure after a lengthy evaluation process, which included a robust proof-of-concept test showing a frictionless auto-approval rate increase of 4.5% for new users and a 14% decrease in manual reviews.
The company plans to leverage Socure’s Intelligent KYC (Know-Your-Customer) and Global Watchlist with Monitoring products to assist in its customer verification processes across its Daily Fantasy Sports, Sportsbook, and igaming products.
Socure CEO Johnny Ayers commented: “Working with DraftKings is a privilege and underscores a significant milestone for us as we continue to expand our presence in the online gaming industry.
“It’s an exciting time to be working with an industry that is growing at such a tremendous pace across the country, while helping online gaming operators meet compliance requirements to ensure continued, unimpeded responsible growth.”
With an automated digital approach, Socure unlocks scale and speed in customer acquisition with what it describes as industry-leading auto-approval rates. Online gaming operators, it added, can grow their customer bases using its decisioning systems that leverage advanced logic, best-in-class depth of data, while providing actionable insights, resulting in the broadest identity data coverage available.
Ayers continued: “Socure’s Intelligent KYC passively verifies the identities of qualified players online quickly and accurately, while increasing new player conversions and reducing drop-off rates.
“Our Global Watchlist solution works alongside our Intelligent KYC product to deliver true continuous monitoring of player eligibility, resulting in uninterrupted compliance with Anti-Money Laundering (AML) and KYC regulations for online gaming providers.”
Socure ID+ streamlines online identity verification to minimize friction and drop off rates, and maximize new player conversions through its Intelligent KYC and Global Watchlist offerings.
The platform uses numerous data sources, including proprietary data with over 290 million good identities, as well as over 7 billion records from credit, utility, telecom, and other authoritative sources to deliver market-leading matching accuracy.
The company is approved to provide services to online gaming operators in Colorado, Illinois, Indiana, Iowa, Michigan, New Hampshire, Pennsylvania, Tennessee, and West Virginia. Additionally, it has filed for vendor status in New Jersey and Virginia.