DraftKings inks verification-led partnership with Socure
US sports betting heavyweight targets automation in ID verification with new agreement
DraftKings has signed a multi-year agreement with US based digital identity verification and fraud prevention service Socure.
The agreement will see DraftKings utilise Socure’s ID+ identity verification suite as well as its KYC and global watchlist with monitoring products in its existing sportsbook, DFS, and igaming products.
It is understood the Socure agreement was reached following a lengthy evaluation process which included a proof-of-concept test which showed an auto-approval rate jump of 4.5% for new users and a 14% decrease in the need for manual reviews.
The Socure ID+ platform uses several different data sources, including proprietary data with more than 290 million identities, as well as over seven billion records from credit, utility, and telecommunications sources.
“Working with DraftKings is a privilege and underscores a significant milestone for us as we continue to expand our presence in the online gaming industry,” Socure CEO Johnny Ayers said.
“It’s an exciting time to be working with an industry that is growing at such a tremendous pace across the country, while helping online gaming operators meet compliance requirements to ensure continued, unimpeded responsible growth,” Ayers added.
Socure is currently approved to provide services to online gaming operators in Colorado, Illinois, Indiana, Iowa, Michigan, New Hampshire, Pennsylvania, Tennessee, and West Virginia.
The firm has additionally filed for vendor status in New Jersey and Virginia.