According to one of the most prominent KYC (Know Your Customer) onboard player specialists, 1account, implementing a better and more improved registration procedure for UK online casinos could technically increase gambling revenues by a whooping £1 billion ($1.27 billion), or up to 10% in new sign-ups.
More specifically, as per the study conducted by 1account, by improving the overall registration process, players would feel more compelled to create an account and register at a certain online casino.
Speaking on the subject, the CEO of 1account, Ben Keirle, states that in 2021 there have been roughly 7 million failing registrations, as opposed to the average success rate of the industry of 81%.
In the year ending March 2021, while the UK online gambling industry successfully onboarded almost 33 million new players using online KYC, there would have been around seven million unsuccessful registrations based on the average industry success rate of 81%.Ben Keirle – CEO at 1account
The first major issue was due to the incorrect input of the customers’ date of birth, which amounts to 3%. This usually results in a delay by the casino or a rejection due to incorrect information. As per the report, one of the most effective ways to solve this issue would be the implementation of drop-down menus, instead of the customers manually filling out their personal details.
Another major difficulty in the process of signing up is the “user not found” problem, where the customer’s referrable data is not available on credible data sources.
According to Ben Keirle, improving the general KYC procedure when registering an account at online casinos could potentially increase the number of new players by a respectable 10%, which in layman’s terms equals more than 3 million new players.
However, in order for this to succeed, Keirle proceeds, the first thing that needs to happen is for the online gambling operators to revise and review their current KYC proceedings, so that they can ensure maximum optimization.
Our study shows that it is possible to increase successful applications by 10% by enhancing the KYC process for onboarding new players which would mean that the industry could acquire more than 3m extra players, based on current annual sign-ups, for the same financial outlay. It’s key that online gambling operators review their current KYC provision to ensure that it is performing optimally and that they do not lose out on a jackpot worth over a billion pounds.Ben Keirle – CEO at 1account
From here, it is quite obvious that simple, modern, and player-friendly registration procedures could definitely increase the gambling revenue of UK online casinos by even more than £1 billion. And the best part is that every online gambling market can use the study by 1account and implement similar solutions to both ease the sign-up process of new players, and consequently net substantially larger revenues.