It’s official: players WILL complete financial checks

You may have seen our news. We have been working with MrQ, the UK’s fastest growing online casino, for some time now. 

But perhaps even more significantly, a full 55% of players are sharing financial data when requested for the purposes of AML and affordability checks. Yes, you read that right: 55%. 

Contrast that number with the sort of figures we have heard when talking to other operators. Those typically range from 5% to 20%, with the latter being the sort of figure a lot of compliance teams are proud of.

In fact, operators have generally been SO unsuccessful at getting players to complete financial checks that an entire set of justifications for this failure has taken root. We all know the lines: players won’t agree to these checks. They are an invasion of privacy. Even when players are willing to engage, they are too costly and complex for both parties involved. And so on.

Well, at least one operator thought a little differently.

With characteristic commitment to finding a solution and making it work, MrQ has demonstrated that this entire school of thought is mistaken. Players at MrQ get through these checks, and when they do, they keep playing. That in turn means a significant uptick on top line revenues, without compromising one inch on player safety.

Remind me who the fastest growing online casino in the UK is? I wonder if these two facts are related?

The lesson is clear

The time for excuses is over. The idea that players will not perform these checks has been blown out of the water. If you have been telling yourself that it just isn’t worth it, because players won’t do it, you need to stop and think again.

Now is the time to act, before more progressive operators who are making the effort steal your best customers (which is what anyone performing these checks is by definition).

Suggestion:

• If you are in a compliance team, it’s time to invest in the technology that will ensure more players than ever before complete financial checks
  • Conveniently enough, that technology also saves your team time and money (a 46% reduction in the time to complete a case for MrQ, for example)
• If you are responsible for P&L and/or player retention, it’s time to ask your compliance team why they are happy with losing 90% of players the moment an AML or affordability check is required

I don’t think I need to say any more. And anyway, we have phones to man: we’re expecting a few conversations with friends old and new over the next couple of weeks. If you would like to be one of them, reach out today.