GeoComply is making efforts to prevent illegal gambling across the country.
The geolocation and fraud prevention solutions provider has released a new video campaign to expose the societal and economic impacts of illicit online wagering across the country. The prevalence of illegal gambling has prevented state and local governments from reaping the benefits of an additional stream of revenue. Illicit wagering has also put consumers in danger as offshore and unregulated platforms fail to ensure the protection of their customers.
Despite more than 35 jurisdictions in the U.S. having regulated betting, Americans wager $400 billion annually with illegal and unregulated operators, according to data provided by GeoComply. The illicit betting has led to the legal industry missing out on more than $30 billion in gaming revenue each year with state governments losing nearly $5 billion in tax revenue annually.
Illegal gambling has also hindered economic investment and new employment opportunities.
GeoComply is using key figures in the gambling industry to voice the importance of illegal gambling prevention. The company enlisted Cait DeBaun, who serves as the Vice President of Strategic Communications & Responsibility at the American Gaming Association, to discuss the resources that are impacted by illegal gambling. GeoComply also used the expertise of industry veteran Alan Feldman, a responsible gaming expert at the UNLV International Gaming Institute.
GeoComply Law Enforcement Liaison Mike Dawson also joins DeBaun and Feldman in the video campaign.
The regulated gambling industry will continue to grow but could reach new heights with the prevention of illegal gambling as GeoComply analyzes over 10 billion transactions a year.
The transactions come from more than 400 million devices that use GeoComply technology.
