Liron Warhaftig, VP of Payments, Risk & Fraud Prevention at BetMGM, has identified instant payments and digital wallets as the most promising financial innovations for the iGaming sector. Speaking to Payment Expert ahead of the SBC Summit in Lisbon, Warhaftig shared insights on technological advancements, compliance strategies, and the future of payments in the gambling industry.
Key Highlights:
- Instant payments and digital wallets lead financial innovation in iGaming
- AI and machine learning crucial for enhancing KYC processes and fraud detection
- Lessons from the financial sector’s adoption of AI and blockchain applicable to iGaming
- Importance of balancing technological advancement with robust compliance frameworks
Advancing Payment Technologies
Warhaftig emphasized the transformative potential of instant payments and digital wallets:
“The most promising financial innovations for the betting experience are instant payments and digital wallets. These technologies offer faster and more secure transactions, which significantly enhances the overall user experience. Digital wallets, such as PayPal or Apple Pay, provide quick and easy deposit options, drastically reducing transaction times.”
Compliance and Security in the Digital Age
The BetMGM executive stressed the need for compliance frameworks and KYC strategies to evolve alongside technological advancements:
“AI and machine learning, for instance, can strengthen KYC processes by rapidly detecting fraudulent activities and verifying user identities in real time. This proactive approach not only helps maintain regulatory compliance but also safeguards companies and their customers from potential threats.”
Learning from the Financial Sector
Warhaftig pointed out valuable lessons from the financial industry’s adoption of emerging technologies:
“By integrating similar technologies, gaming operators can enhance their security measures and improve customer trust. For example, using AI to monitor transactions in real-time can help detect suspicious activities quickly, thereby preventing fraud and ensuring a safer gaming environment.”
He further elaborated on the role of AI and machine learning in gambling compliance:
“AI and machine learning are critical innovations for gambling compliance. They can detect unusual patterns and behaviours indicative of fraud or money laundering much faster than traditional methods. For instance, these technologies can analyse vast amounts of data in real-time, identifying potential risks before they escalate. Implementing these tools can streamline compliance processes, making them more efficient and effective.”
Looking Ahead: SBC Summit in Lisbon
The Payment Expert Summit, where Warhaftig will be participating, is part of the upcoming SBC Summit at the Feira Internacional de Lisboa from September 25-26. The event offers an Early Bird ticket for €400, providing access to the exhibition floor, conference sessions, and evening networking parties across all three core days of the event.
As the iGaming industry continues to evolve, the insights shared by industry leaders like Warhaftig at BetMGM highlight the critical role of financial innovations in shaping the future of online gambling. The focus on advanced payment technologies, coupled with robust security measures and compliance strategies, underscores the industry’s commitment to enhancing user experience while maintaining the highest standards of safety and regulatory adherence.