Adopting an efficient digital onboarding system is crucial for the iGaming market, especially in Brazil, which is about to enter a new era with the regulation of the sector in January 2025. With Law 14.790/2023 and other related ordinances establishing new parameters for the sports betting market, the ability to offer a safe and efficient registration process has become more important than ever.
What are the new requirements for onboarding in iGaming?
With the regulation approaching, operators will need to adapt to specific requirements of the Brazilian online betting market.
The legislation requires:
* Rigorous verification of user identity
* Robust KYC (Know Your Customer) procedures
* Controls to prevent money laundering
* Data protection in compliance with the General Data Protection Law (LGPD)
* Measures to make gaming responsible
What are the main onboarding trends that comply with the new regulation?
Some of the main trends for optimizing the bettor registration process include:
Advanced biometric verification
Implementing biometric verification technology has become essential to meet regulatory requirements. Legitimuz's FaceMatch and other facial verification solutions ensure:
* Accurate user authentication
* Compliance with KYC requirements
* Significant reduction in fraud
Regulatory automation
Automated verification systems using Artificial Intelligence (AI) also stand out and need to be adapted to the specificities of the Brazilian betting market, offering:
* Verification of Brazilian documents and their characteristics, which differ in each region
* Integration with national databases
* Compliance with requirements to prevent money laundering and terrorist financing}
Opportunity: why is it urgent to prepare your digital onboarding now?
Basically, because platforms need to ensure compliance to continue operating in Brazil, and because efficient onboarding is one of the major differentiators to remain competitive in this highly competitive market. Therefore, it is essential that operators consider:
1- Compliance with Brazilian regulations
* Implementation of robust and specific KYC processes
* Integration with national verification systems
* Adaptation to LGPD and industry regulations
2- Security and Compliance
* Multi-factor identity verification
* Continuous monitoring of transactions (login, registration, withdrawals and deposits)
* Fraud prevention processes
In addition, the Brazilian market presents significant opportunities for those who wish to transform compliance into an opportunity, such as:
* Estimated market potential of R$ 12 billion per year.
* User base projected at around 40 million Brazilians.
* Need for digital onboarding solutions adapted to the country's profile.
How Legitimuz highlights its partners in the new regulatory scenario
It is a fact that the regulatory complexity imposed by Law 14.790/2023 and the complementary regulations of the Secretariat of Prizes and Betting will require operators to do much more than just simple verification processes. Now, it will be necessary to develop complex and robust digital ecosystems to be 100% compliant with the legislation.
And Legitimuz, as a company specializing in KYC and compliance solutions, has technology developed to meet the needs of Brazilian bettors and raise the level of its partners in the face of competition.
The Legitimuz Identity Verification (KYC Onboarding) system not only guarantees full compliance and security for the operation and its users, but also has a positive impact on conversion, generating an increase of up to 30%, which is directly reflected in the platforms' financial gains.
Legitimuz solutions combine:
* High technological performance, with complete verification in less than 30 seconds
* Use of digital documents during onboarding
* Optimized user experience
* Use of facial biometrics and artificial intelligence
* Highest conversion rate on the market
* Strict security protocols
* Cross-referencing of information in more than 30 official national and international databases
* Instant compliance.
Therefore, online gambling and betting house operators who anticipate and invest in modern onboarding solutions, such as Legitimuz's KYC Onboarding, will not only meet legal requirements and remain in the market, but will also create entry barriers for new competitors.
Talk to our experts here: I want to talk to Legitimuz!
See also: Technology that transforms your operation with efficiency and security: https://blog.legitimuz.com/tecnologia-ocr-transformando-a-plataforma-de-apostas-com-eficiencia-e-seguranca/
Learn more: What the new regulation says about underage bettors: https://blog.legitimuz.com/menores-de-idade-podem-participar-de-apostas-online-no-brasil/
Source: Legitimuz
