iDenfy is getting into the sports betting business through a new partnership with Sparlay. The latter is building a peer-to-peer sports betting platform, and iDenfy will be providing identity verification software to ensure that the people using the platform are legally able to do so.
In that regard, iDenfy noted that sports betting is a heavily regulated industry internationally. The problem is that different countries can have very different laws, so civilians that are allowed to place bets in one country might not be permitted to gamble in another jurisdiction.
iDenfy’s platform will help keep track of players in different territories. Sparlay will be able to deny service to people using IDs from countries that do not allow sports betting, which will in turn allow the platform to remain compliant with gaming laws all over the world. That utility is particularly important for a site like Sparlay, which will allow players to set their own odds, and challenge other users or members of the general betting public.
The iDenfy platform uses document recognition to verify the authenticity of a photo ID. It then uses facial recognition to match that document to the face of the person holding it. The solution is designed to streamline the onboarding process, and fulfill an organization’s Know Your Customer obligations.
“My customers feel safe knowing that they can play on Sparlay legally and fairly,” said Sparlay founder and CEO Elliott Workman. “In addition to verifying my customers’ identity, iDenfy also runs the users against anti-terrorist and anti-money laundering watchlists, helping keep me and my customers fully protected.”
“We have full confidence in the capabilities of our identity verification technology to aid in safe online betting,” added iDenfy CEO Domantas Ciulde.
For iDenfy, the deal is the latest in a string of successes in 2021. The company has now provided identity verification services for multiple organizations, including eCompliance, Paymento Financial, and the Impily and Emirex cryptocurrency exchanges.
August 13, 2021 – by Eric Weiss