The last several years have seen tremendous growth in the online gaming sector. The pandemic has caused a sharp rise in the popularity of internet gaming. Statista predicted that the digital game sector of the gambling and gaming market would generate USD 18,219 million in revenue. With a forecasted market volume of 19,047 million dollars, revenue is anticipated to expand at a pace of 0.9% each year by 2025. Although the market is expanding quickly, it is also attracting the younger generation, which is bad for the sector. Parents and the gaming industry are concerned that the widespread use of the internet is pushing children to gamble.
Regulating bodies are concerned that the dark web has become accessible to kids due to the internet. Children should not enjoy the anonymity that comes with playing games online. One never knows when a scammer would contact them and then use the gaming system for shady business. Thus, it is their duty to conduct digital age verification procedures to safeguard children. Minors can easily avoid manual age checks by providing platforms with simply their date of birth. Nowadays, giving incorrect dates isn’t a huge concern for children, so online age verification is essential. Digital age checks could protect online gaming sites in a number of ways.
Digital Age Verification Solution
Before purchasing some goods with age restrictions, consumers must have their identity and age verified digitally. Online retailers who sell age-restricted goods like alcohol, as well as gaming services, are required by law and morality to carry out thorough age checks for KYC and KYCC. It helps prevent minors from purchasing goods or using services that are age-exclusive. Thus, many firms started to accept investments like Shufti Pro Funding for this reason.
Ways How Age Verification is Ensuring Growth of the Gaming Sector
Corporate Social Responsibility
Every organization owes something to society and other firm stakeholders. One’s duty as a participant in the internet gaming sector is to avoid minor onboarding and to keep them as safe as they can. In the present world, conducting easy-to-evade checks that need false information would not promote CSR. The company needs better systems and age verification online is one of the methods used to achieve the goal.
Better Compliance with Laws
In particular, for organizations that operate online, government laws around identity verification have been stricter over time. The internet gambling sector finds it difficult to comply with regional legislation like COPPA and the UK Gambling Commission, in addition to FATF recommendations. Gambling platforms may find it convenient to satisfy age check criteria digitally.
The prevalence of fake identity theft has grown in this industry over time as per Shufti Pro News. While adults use false identities to harm children on the internet, minors utilize them to finish the registration procedure. Chargebacks are another issue for gaming websites, in addition to various forms of identity fraud. These systems are able to stop fraud by using digital age verification procedures.
Prevent Minor Exploitation
One never knows what’s on the other end when playing online. It’s possible that a con artist contacts young people and exploits them in their illicit schemes. Without online age verification, children can access the website, making it simpler for them to take advantage of.
Improve Brand Image
The greatest issue for a digital gaming platform, aside from everything else, is upholding a respectable brand image. Online identity verification and age authentication procedures enhance the platform’s legitimacy and foster a sense of confidence among gamers. Thus, the brand’s reputation can be improved.
The advent of the internet has made it possible for minors to avoid age checks and participate in online gaming. In addition to being a health risk, this raises issues with the moral and ethical obligations of gaming platforms. Minors are simply able to circumvent age verification procedures on any internet platform. Because of how tempting anonymity is on the gaming sites, it is challenging for the gaming business to discourage them. Making steps to make the online ecosystem safe for children is the social obligation of the regulatory organizations and the digital gaming or gambling service providers.
Robust age verification is the only solution for gaming companies to limit the onboarding of children in order to prevent them from being involved in illegal activities. The verification system also ensures that the company is compliant with the KYC/AML regulations while providing users with a great experience.