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The odds just went up in favor of the house. That’s because, as a registered vendor with the New Jersey Division of Gaming Enforcement, ThreatMetrix is now authorized to provide Atlantic City casinos with protection from cybercrime.
Internet gambling is expected to garner up to $300 million for New Jersey casinos and $45 million in tax revenue by the end of its first year. In addition, total worth of the U.S. online gambling industry is projected to reach $9 billion in the next five years if large states such as California pass legislation to allow it. While online gambling was just legalized in New Jersey in November 2013, eight states currently have legislation pending that will permit it and several other states are considering lifting their bans.
“ThreatMetrix is uniquely positioned to serve the online gaming market by providing frictionless context-based authentication to protect against cybercrime risks both online and via mobile devices,” said Andy Swett, director of business development, ThreatMetrix. “Our solution enables Atlantic City casinos to provide a safe, reliable outlet for online gaming while offering an unmatched customer experience free of inconvenient authentication barriers.”
Internet gaming shares many of the same risks as other online businesses such as e-commerce and financial services websites. And it also faces some challenges unique to the industry:
• Payment Fraud – Stolen credit card information is used to gamble online.
• Account Takeover – Cybercriminals install malware to steal log in information and sign in using an authentic player’s credentials.
“The key to making online gambling successful in the U.S. is an effective security platform and anonymized global sharing of threat intelligence through a trusted identity network,” says Swett. “While it’s essential to protect the personal data of online gamblers, if the customer experience is arduous due to time consuming authentication techniques, the market will turn gamblers away and fail to thrive.