Socure Signs Multi-year Compliance Deal With DraftKings

Socure, a digital identity authentication solutions company, announced this week that it has signed a multi-year deal with DraftKings Inc. DraftKings will use Socure’s Socure ID+ identity authentication suite to supplement its compliance procedures, allowing it to reach its consumers more seamlessly through its product suite.

Socure was chosen by DraftKings after a thorough assessment process that included a rigorous proof-of-concept test that showed a 4.5 percent improvement in frictionless auto-approval rates for new apps and a 14 percent reduction in manual ratings.

Customer verification process

To aid in consumer authentication processes through its Daily Fantasy Sports, Sportsbook, and igaming products, the firm aims to use Socure’s Intelligent KYC (Know-Your-Customer) and Global Watchlist with Monitoring products.

CEO of Socure, Johnny Ayers, has this to say: “Working with DraftKings is a privilege and underscores a significant milestone for us as we continue to expand our presence in the online gaming industry. 

“It’s an exciting time to be working with an industry that is growing at such a tremendous pace across the country, while helping online gaming operators meet compliance requirements to ensure continued, unimpeded responsible growth.”

Broadest identity data coverage

Socure’s advanced digital solution enables size and pace in consumer acquisition with industry-leading auto-approval speeds, according to the company. Its decisioning technologies, it added, will help online gaming operators expand their customer bases by leveraging sophisticated logic, best-in-class data depth, and actionable insights, resulting in the broadest identity data coverage possible.

Ayers continued: “Socure’s Intelligent KYC passively verifies the identities of qualified players online quickly and accurately, while increasing new player conversions and reducing drop-off rates. 

“Our Global Watchlist solution works alongside our Intelligent KYC product to deliver true continuous monitoring of player eligibility, resulting in uninterrupted compliance with Anti-Money Laundering (AML) and KYC regulations for online gaming providers.”

Increasing new player conversions

Via its Intelligent KYC and Global Watchlist offerings, Socure ID+ streamlines online identity checking to reduce friction and drop off rates while increasing new player conversions.

To offer market-leading matching precision, the app uses a variety of data sources, including proprietary data with over 290 million good identities, as well as over 7 billion documents from credit, service, telecom, and other reliable sources.

In Colorado, Illinois, Indiana, Iowa, Michigan, New Hampshire, Pennsylvania, Tennessee, and West Virginia, the organisation has been licenced to offer services to online gaming operators. It has also applied for vendor status in the states of New Jersey and Virginia.