- Ohio’s Casino Control Commission has offered its first geolocation and KYC license to GeoComply
- The regulator issued a total of four licenses for suppliers and ten licenses for operators so far
- Ohio plans to open its regulated sports betting market at the beginning of 2023
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Leading, Canadian-based geolocation security service that offers online security solutions and fraud prevention options GeoComply has been handed the first-ever geolocation and Know Your Customer (KYC) license in the Buckeye State. The commission issued a conditional license to GeoComply after releasing ten other operator licenses and four supplier licenses, further paving the way towards the opening of the regulated sports betting market in Ohio with the new license. The market is scheduled for opening on January 1, 2023.
GeoComply to Send Final Geolocation Plans by November 2
The Ohio Casino Control Commission has asked operators to submit their geolocation plans and have them approved by November 2. This way, the commission will have the necessary time needed to start giving the green light to bets by the first day of 2023, which was selected as the universal start date for the sports betting market. GeoComply’s senior vice president of compliance Lindsay Slader expressed the company’s delight about obtaining their license “early in the process.” She also mentioned the fast-approaching compliance deadlines, adding the company was “in the strongest position to ensure our customers meet the requirements” and effectively send the final geolocation plans by the chosen date at the beginning of November.
What Does the Conditional License Mean?
In Ohio, a company that offers KYC services is forced to have a supplier license. Accordingly, the company’s conditional supplier license for Ohio is necessary to cover its geolocation solutions as well as its IDComply product. For the moment, IDComply has a monopoly in the state, since it is the only service that handles the verification of age and identity. The survive streamlines current Anti Money-Laundering and Know Your Customer procedures, with the help of a single all-in-one type of solution. It enables casino operators to obtain the most accurate age and identity verification numbers with the help of a waterfall-inspired procedure. The procedure has been designed to verify several sources of data and vendors at a time with the help of just one application programming interface.
With over a decade of experience under its belt, GeoComply’s award-winning solutions currently fuel more than 400 million devices worldwide. The company assesses more than nine billion transactions per year with the help of state-of-the-art technologies originally created for the complex online gaming and sports betting market in the US. GeoComply reported 71.5% more geolocation inspections during the first four days of the National Football League season in 2022, further proving the way the regulated sports betting industry in the US has kept its ascending trend. The same data acknowledged people’s desire to choose licensed operators. The company also specializes in online payments, banking, crypto, and video streaming geolocation solutions for detecting fraud.