Socure has secured a multi-year contract to provide customer verification technology for DraftKings, the company has announced.
Founded in 2012, DraftKings is a fantasy sports betting platform that revolves around a mobile app on which players can win cash prizes. The company went public last year through a reverse merger with Diamond Eagle Acquisition Corp, a Special Purpose Acquisition Company, or SPAC.
DraftKings is now poised to benefit from Socure’s Intelligent KYC solution, which features the use of biometrics for customer onboarding; as well as its Global Watchlist with Monitoring. In a statement announcing the deal, Socure explained that it was selected as DraftKings’ KYC vendor “after a lengthy evaluation process” in which Socure’s technology enabled “a frictionless auto-approval rate” of 4.5 percent while reducing manual reviews by 14 percent.
“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,” explained Socure CEO Johnny Ayers. “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.”
The deal comes after Socure’s announcement in January that its Socure ID+ KYC platform had become available to support digital gaming in the states of Colorado, Illinois, Indiana, Iowa, Michigan, New Hampshire, New Jersey, Pennsylvania, Tennessee, Virginia, and West Virginia. At that time, Ayers noted that the online gaming industry was “experiencing unprecedented growth” as more states moved to legalize online sports betting.
The DraftKings announcement also comes after the news that former Auth0 engineering head Rong Cao had signed on as Socure’s new Senior Vice President of Technology, underscoring the company’s growth trajectory.
April 9, 2021 – by Alex Perala