Hollywoodbets has signed an agreement with ClearStake, a real-time customer risk profiling tool, to strengthen its source-of-funds verification capabilities.
The operator, based in Durban, South Africa but active in several international markets including the UK and Ireland, will utilise ClearStake’s platform to simplify, speed up and make a frictionless fund check process.
ClearStake’s solution allows players to share financial data in ‘three clicks and 30 seconds’, which is subsequently categorised, analysed and delivered to HollywoodBets with the information needed to make quick affordability and source of funds decisions.
Martin Burt, CEO at ClearStake, said: “ClearStake has one mission – to support gambling companies in protecting customers while losing as few of them as possible.
“Ensuring the highest player protection is key to any operator and our technology allows businesses to truly know how much every customer can afford to spend while meeting rapidly evolving regulatory requirements. We’re delighted to be helping Hollywoodbets to change the face of compliance.”
Hollywoodbets aims to boost the management of its customers via the partnership by setting better limits and ensuring player protection, whilst also respecting player freedom.
The multinational firm’s desire to strengthen its source of funds, player protection and financial checking abilities comes as demand for enhancement of such policies has increased in markets such as the UK.
The publication of the Gambling Act review saw a number of recommendations for regulatory reform in Britain. One such proposal was the introduction of financial risk checks to verify player’s fiscal capacity to gamble.
Additionally, shortcomings on source of funds have been cited as reasons for a range of regulatory enforcement actions by the UK Gambling Commission (UKGC) over the past year, including the record £19.2m settlement with William Hill.
Tyla Labuschagne, Compliance Manager at Hollywoodbets, added: “It is such a pleasure working with the ClearStake team and using their platform, they are so hands-on and helpful with any queries we have.
“The platform is easy to use and any changes we request are promptly implemented. Our conversion ratio has increased substantially using ClearStake. I would highly recommend ClearStake to other operators.”