GeoComply, a leading geolocation data firm, has been granted a contractor license by the Maryland State Lottery and Gaming Control Agency. This license enables the company to provide its cutting-edge geolocation, ID verification, and fraud detection services to regulated operators as Maryland prepares to launch online sports betting. The firm’s products empower operators to enhance their know-your-customer (KYC) and anti-money laundering (AML) processes, as well as bolster fraud prevention measures. With the approval in Maryland and a conditional license granted in Ohio earlier, GeoComply is poised to support the growth of the mobile sports betting market in both states. Meanwhile, Maryland’s retail sports betting handle has been witnessing substantial growth, reaching $31.4 million in September, with a promising tax collection for the state.
GeoComply’s Maryland License: Elevating Mobile Sports Betting
GeoComply’s contractor license from the Maryland State Lottery and Gaming Control Agency marks a significant milestone as Maryland prepares to launch its mobile sports betting market. The license empowers GeoComply to offer geolocation, ID verification, and fraud detection services to operators, instilling confidence for a successful launch. With a reputation for stringent standards, Maryland’s approval affirms the company’s commitment to compliance and regulatory requirements, making it a trusted partner for operators seeking reliable solutions.
Advantages of GeoComply Products for Operators
GeoComply’s innovative products provide operators with valuable tools to leverage customer data effectively. By integrating geolocation data, operators can enhance their KYC and AML processes, ensuring responsible gambling practices and safeguarding against illicit activities. The fraud detection and prevention capabilities offered by GeoComply play a pivotal role in mitigating fraudulent activities, protecting both operators and bettors from potential risks. This comprehensive suite of services equips operators with the necessary resources to provide a secure and seamless betting experience.
SWARC’s Final Approval and Ten Selected Operators
As Maryland moves closer to the launch of its mobile sports betting market, the Sports Wagering Application Review Commission (SWARC) is set to award licenses to selected operators. Ten prominent operators, including Caesars Sportsbook, FanDuel, Betfred, BetMGM, DraftKings, Fanatics, Parx, Barstool Sportsbook, PointsBet, and BetRivers, have been presented for SWARC’s final approval. The collaboration between GeoComply and these operators will ensure a compliant and well-regulated sports betting environment in Maryland.
Maryland’s Soaring Retail Sports Betting Handle
Maryland’s retail sports betting handle experienced a remarkable upswing in September, climbing to $31.4 million—a staggering 67.9% increase from the previous month’s $18.7 million. Furthermore, the hold rate for sportsbooks in September reached 17.6%, surpassing August’s 17.2%. The positive growth indicates a promising trajectory for the state’s sports betting industry and provides a lucrative revenue stream. Maryland collected $984,308 in taxes, with the majority directed towards the Blueprint for Maryland’s Future Fund, fostering various educational and developmental initiatives.
GeoComply’s acquisition of the Maryland State Lottery and Gaming Control Agency’s contractor license has positioned the company as a crucial player in the upcoming mobile sports betting market in the state. The suite of services offered by GeoComply empowers operators to ensure compliance, enhance customer verification processes, and safeguard against fraud, setting the stage for a secure and responsible betting environment. As Maryland’s sports betting industry continues to thrive, the retail sports betting handle’s remarkable growth signifies a promising future for the state’s economy and community development initiatives. With the support of GeoComply and prominent operators, Maryland’s mobile sports betting market is poised for a successful and regulated launch.