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From 3 days to 3 clicks: TrueLayer launches Verification API to deliver an effortless onboarding experience
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Built on top of open banking, the new API delivers a significantly better onboarding experience, with 90%+ of good actors successfully verified in 3 clicks.
TrueLayer, Europe’s leading open banking platform, announced the launch of a new approach to account ownership checks with its Verification API.
Combining open banking with machine learning, the Verification API makes onboarding effortless with success rates that are over 20% higher than credit bureaus and returning a result in seconds, rather than days, compared to manual bank statement checks. By pre-verifying customer’s details, it also simplifies payments setup meaning no more failed transactions.
Multiple TrueLayer clients are using the Verification API, including Authologic, a Y Combinator-backed provider of identity verification solutions.
“Whether you are a fintech, a marketplace, or an ecommerce platform you want to deliver the best possible onboarding experience. We are aggregating different identity verification methods and we are big supporters of using open banking thanks to its ability to make the entire process more intuitive. Working with a market leader like TrueLayer to integrate its Verification API will help us to further strengthen the identity verification process for our customers,” commented Jarek Sygitowicz, co-founder of Authologic.
Traditional verification methods such as bank statement uploads are slow, error prone and create a poor user experience. While open banking offers another approach, existing providers provide access to raw data that requires businesses to then build and maintain their own logic to check that the customer’s name matches their name on file at the bank.
TrueLayer’s Verification API removes these issues. Rather than the time consuming and resource intensive task of building a matching engine, TrueLayer has developed a verification logic that sits on top of open banking rails. It matches the name supplied during the onboarding process with the name on file at the bank, providing a single feed that ensures an immediate and highly accurate response on whether their user’s account has been verified or not.
As a result, the Verification API delivers significant benefits, including:
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An accelerated onboarding process from 3 days to just 3 clicks.
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Coverage spanning all major banks, resulting in a 22.5% higher success rate compared to credit bureau checks.
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Lower fraud risk through embedded Strong Customer Authentication within the bank verification flow.
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An improved user experience, with a simple redirect to their banking app to confirm account ownership with a fingerprint or Face ID.
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Reduced payment failures by using pre-verified account details.
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Reduced burden on compliance teams by automating checks through a single API call.
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Reduced burden on engineers who can focus on solving core business problems, rather than building and maintaining name-check logic.
“Verification is the first step to onboarding a new user and yet it can often take days to verify an account owner using traditional methods. Their security is questionable, they’re prone to errors and they take forever,” commented Ossama Soliman, Chief Product Officer at TrueLayer. “It doesn’t need to be that way. With the Verification API we’ve built on top of open banking to create a faster, more secure and more accurate approach to verifying a user’s account. It serves businesses across multiple industries, including financial services, PSPs, wealth management and trading, marketplaces, property and iGaming.”
Brian Goodman CEO of Golden Matrix
Golden Matrix Group Inc. Reports Strong Q3 2024 Earnings and Continued Operational Growth
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Revenue Growth: Q3 2024 consolidated revenue increased by 85% to $41 million, with year-to-date revenue up 55% to $105.3 million, driven by consistent performance across key markets.
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Gross Profit Increase: Gross profit grew 39% in Q3 to $22.4 million, with year-to-date gross profit rising 24% to $61.8 million, reflecting improvements in operational efficiency and product margins.
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AEBITDA: Adjusted EBITDA for Q3 reached $4.3 million, reflecting resilient performance across multiple revenue channels with marginal impacts from currency fluctuations across subsidiaries.
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Balance Sheet Strength: As of September 30, 2024, Golden Matrix maintained a robust financial position with over $38.4 million in cash and equivalents and short-term debt of $17.5 million. Shareholder equity also grew 60% to $94 million, reinforcing the Company’s ability to pursue strategic growth initiatives.
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Meridianbet Strong Growth Continues: Meridianbet’s Q3 revenue grew 16% YoY, led by a 19% online increase and 6% in retail. Deposits rose to $61.9M (+13% QoQ), with new registrations up 23% to 125K. Online casino GGR margin hit 3.37% (+21% turnover), sports betting rose 7.4% YoY with GGR at 9.5%, retail sports GGR at 10.3% (record 14.1% in August), and retail slots up 17.5% YoY.
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Expansion of GMAG Platform: The GMAG B2B aggregator platform saw substantial growth, with wagering volume increasing 84% to $1.4 billion. Enhanced customer retention tools and the addition of high-margin games have driven engagement and profitability.
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Classics for a Cause Acquisition: This newly acquired Australian business added $2.1 million in revenue and $503,000 in EBITDA within two months, expanding Golden Matrix’s market reach and contributing to overall profitability.
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Mexplay Growth: Mexplay, the Company’s online casino in Mexico, reported a 56% increase in active players and a rise in gross gaming revenue to $15 million, underscoring growth potential in Latin America.
As esports and digital entertainment surge forward, driven by tech innovations, global reach, and shifting user preferences, we’re seeing a redefined gaming landscape with unprecedented growth opportunities. Although recent regulatory shifts and the impact on live events have temporarily slowed growth, the future of esports remains incredibly promising. Key revenue drivers, including sponsorships, advertising, merchandise, ticket sales, and streaming, are expected to continue propelling the industry forward.
Betting options have also transformed, expanding well beyond traditional sports to embrace esports. This new category, focused on top video games, is drawing in players eager for engaging betting experiences on local sportsbooks that cater to their interests with a diverse array of games, leagues, and tournaments. Atlaslive iGaming Platform and Sportsbook rise to this challenge, offering a rich catalog of esports betting options. Within the “Sports” section, fans can back their favorite teams across leading games like Dota 2, Counter-Strike, Valorant, League of Legends, Fortnite, and Call of Duty.
With a seamless registration and verification process, Atlaslive brings fans closer to the action. The platform provides a vast array of betting options across multiple games, with fan favorites like League of Legends and Counter-Strike: Global Offensive (CS) attracting enthusiastic participation. The live betting section is crafted for maximum engagement, allowing fans to place wagers tailored to each game’s unique competitive elements.
Backed by comprehensive market research, Atlaslive identifies emerging trends in gaming and esports revenue, particularly across the top six revenue-generating regions. With a commitment to innovation, Atlaslive continues to enhance its iGaming platform, blending high-quality gaming content with adaptable, real-time technology to offer an unparalleled experience for players worldwide.
Esports Market in Focus: Global Statistics and Emerging Trends
Competitive gaming, or esports, has skyrocketed into a global phenomenon, where pro players and teams battle it out in popular multiplayer games through structured leagues, tournaments, and major events. With devoted fans, substantial sponsorships, and an enthusiastic community, esports is more profitable and visible than ever. But what factors are powering this explosive growth, and what lies ahead?
One major accelerator is the worldwide accessibility of high-speed internet and mobile technology. With mobile devices now in nearly every pocket, esports can reach a truly global audience. Atlaslive’s analytics reveal that over 90% of players prefer mobile gaming, a trend that highlights the ease of access for fans to engage with esports anytime, anywhere. This mobile-friendly environment also makes it seamless for fans to place bets on the go, keeping engagement high.
Another driving force is the impact of streaming services like Twitch, Kick, and YouTube, which collectively attract millions of viewers every month. Twitch alone garners over 240 million unique visitors monthly, demonstrating how integral streaming is to the esports community. These platforms not only allow fans to watch games live but also encourage connections between streamers and viewers, creating an interactive and immersive experience that brings fans closer to their favorite players and teams. The professionalization of esports, with structured leagues, big sponsorships, and marquee events, has cemented its place as a mainstream entertainment option.
As the industry’s momentum builds, Atlaslive is positioned to elevate the esports betting experience, enhancing accessibility and engagement in this fast-evolving digital arena. With such strong community support and technological innovation, esports is set to reach even greater heights in the years to come.
Source: Statista 2024
The global esports market has evolved remarkably, expanding from $1.2 billion in 2017 to an anticipated $6.1 billion by 2029, boasting a strong CAGR of 14.5%. This impressive rise reflects esports’ journey from a specialized interest to a mainstream entertainment force, fueled by increasing investments and a widening international audience.
Esports revenue is driven by six primary streams:
- Sponsorship and Advertising: Brand deals and advertisements associated with tournaments and events.
- Merchandise and Ticket Sales: Earnings from event tickets and esports-themed merchandise.
- Streaming, Media Rights, and Publisher Fees: Revenue from broadcasting on platforms like Twitch and YouTube.
- Esports Betting: Wagers placed on esports outcomes, adding a dynamic element of fan engagement.
Together, these streams create a substantial revenue foundation, underscoring the industry’s growth potential.
Average revenue per user (ARPU) in esports is on a steady incline. Currently, esports betting ARPU sits at around $33 for 2024, contributing to broader sports betting ARPU exceeding $300. Although modest, the esports ARPU indicates a growing appeal among new audiences, with demand surging for platforms that offer a wide range of games tailored to market needs.
Both merchandise and ticket sales are experiencing steady increases, highlighting fans’ enthusiasm for esports, both in live and virtual formats. While streaming revenue remains a smaller segment, it is on a gradual rise, signaling that esports content monetization is expanding, though at a gentler pace compared to other revenue channels.
This upward trajectory underscores esports as a thriving market, with continuous growth opportunities across diverse revenue streams.
Source: Statista 2024
The global reach of esports has skyrocketed, growing from 386 million users in 2017 to a projected 896.1 million by 2029, marking its shift from niche to mainstream. By 2025, esports is set to reach 772 million users, almost quadruple iGaming’s 211 million, with the market penetration of 12.6% compared to iGaming’s 2.7%. This growth reflects rising engagement among players and bettors, drawn by the excitement of competition and easy online access. For brands, this young, tech-savvy audience offers a prime opportunity to connect in a rapidly expanding market.
Source: Statista 2024
The esports market could reach a remarkable $8.3 billion by 2029 in a best-case scenario, fueled by expanding internet access, community support, and advancing technology. Moderate forecasts, however, suggest potential market sizes of $4.7 billion or $6.4 billion, depending on these influences.
These projections illustrate the range of possibilities for esports growth. While the optimistic scenario forecasts rapid expansion, even conservative estimates indicate steady progress, underscoring the market’s resilience and potential.
Global Leaders in the Esports Landscape
As one quote goes, “The aim is to convert data into information, and information into great thoughts.” This approach is crucial for success in esports, as data reveals how various regions drive the global rise of esports. Established markets continue expanding while emerging regions promise future growth, showing where engagement is strongest today and where the next opportunities may emerge.
Source: Statista 2024
Europe, North America, and Asia lead the esports market, generating the majority of industry revenue, thanks to strong infrastructure and significant investments in key hubs like the U.S., South Korea, and Germany. Asia, with gaming-driven cultures and government backing in countries like China and South Korea, sees robust growth. Meanwhile, South America faces economic and infrastructure challenges, slowing its progress, though interest in esports is on the rise. Australia also holds a modest share, reflecting a smaller population but a dedicated esports community.
Source: Statista 2024
Europe currently leads the esports market and is set for steady growth, though North America’s strong 10% growth rate could close the gap with strategic investments and expansion. Asia, with a 6.9% growth rate, remains a key region due to its large audience and gaming culture, yet North America’s rapid growth could soon push it ahead in revenue.
Regions like South America, Africa, and Australia & Oceania, though smaller, show strong potential. South America, growing at 8.1% annually, stands out for investment opportunities, while Africa and Australia & Oceania hint at future development possibilities.
Unlock New Betting Possibilities in Esports with Atlaslive
The growth of esports has driven betting operators to expand beyond traditional pre-match bets. With Atlaslive, users experience the excitement of live betting as events unfold, enjoying competitive odds and dynamic options for in-play predictions. From pre-tournament wagers to real-time betting, Atlaslive provides a seamless and engaging betting journey.
Recognizing the importance of mobile accessibility, Atlaslive Platform offers optimized mobile solutions, allowing players to bet on their favorite esports events anytime, anywhere. The platform also delivers comprehensive stats, featuring both real-time and historical data, empowering users with valuable insights into team performance and past results for smarter betting choices.
Backed by advanced technology, Atlaslive offers esports fans an immersive live betting experience while partners benefit from increased engagement, access to vibrant player communities, and enriched iGaming options.
Lead the game with Atlaslive.
The post Esports Market Growth and the Atlaslive Advantage in Betting Innovation appeared first on European Gaming Industry News.
MGM National Harbor is kicking off November with a big jackpot. A lucky guest was playing Ultimate Texas Hold’em on November 3 when he was dealt a Royal Flush of diamonds, winning $961,428.50.
“What an incredible way to kick off the holidays,” said Alex Alvarado, MGM National Harbor’s Vice President of Casino Operations. “We take great pride in offering the premier selection of table games in an industry where anything is possible. Today, that possibility became a reality with a life-changing win for our guest.”
Golden Matrix Group Inc. Reports Strong Q3 2024 Earnings and Continued Operational Growth
Esports Market Growth and the Atlaslive Advantage in Betting Innovation
Guest Wins Nearly a Million Dollars on Royal Flush Jackpot at MGM National Harbor
Stretch Network Partners with Vivaro.US to Enhance Poker Offerings
GAN Reports Third Quarter 2024 Financial Results
SOFTSWISS Gets Certification for Its Jackpot Aggregator in Bulgaria
Spinomenal celebrates Halloween with Book of the Cursed release
QiH Group completes C-suite hiring spree with new CFO appointment
Evoplay enters Czech market with exclusive Fortuna collaboration
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