Digital identity verification technology provider Socure on Wednesday said it has signed a multi-year agreement with DraftKings, Inc., to help the operator meet compliance standards.
DraftKings said it will use Socure’s Intelligent KYC (know-your-customer) and Global Watchlist with Monitoring products to assist in its customer verification processes across its daily fantasy sports, sportsbook and online gaming offerings.
According to Socure, DraftKings selected the company after a lengthy evaluation process, during which Socure’s proof-of-concept test demonstrated an auto-approval rate increase of 4.5% for new users and a 14% decrease in manual reviews.
New York City-based Socure said its platform draws from numerous data sources, including proprietary data with more than 290 million good identities, along with more than 7 billion records from credit, utility, telecom and other 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,” Johnny Ayers, CEO of Socure said in a statement. “It is 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.”
Socure noted it is approved to provide services to online gaming operators in Colorado, Illinois, Indiana, Iowa, Michigan, New Hampshire, Pennsylvania, Tennessee and West Virginia.
The company has filed for vendor status in New Jersey and Virginia.
Socure has more than 350 customers across the financial services, gaming, telecom and ecommerce industries.