Provider’s fast and accurate technology also leads to 500% boost in limit increase approvals
Real-time risk profiling tool provider ClearStake has revealed a significant reduction in player churn and a boost in limit increase approvals as the company reports results from operators using the solution.
ClearStake’s Open Banking technology, built specifically for the gambling industry, helps operators reduce player churn by instantly identifying which players can stake freely and which need protecting, minimising harm while maximising revenue.
The traditional method of asking for physical bank statements is known to be a laborious process for both the operator and player, often leading to high levels of customer churn believed to be around 85%.
Sharing data for the first time, the company revealed that one customer, a sportsbook operator, saw a 160% increase in players completing enhanced due diligence (EDD) checks with ClearStake when compared with conventional methods.
Another customer, an online casino platform, used ClearStake to speed up and manage the process through which players request a change to the standard spending limit applied to all new players.
By using ClearStake, the operator reported a 500% increase in approvals of limit increases, from 10% to 60%, as a result of improved player convenience and the rich data provided to its compliance team.
The customer also observed a 60% reduction in the time it takes staff to reach a decision on a player’s financial health when compared to manual reviews, due to an increased confidence in the breadth and accuracy of data supplied by ClearStake.
The results demonstrate ClearStake’s leadership credentials in the gambling RegTech space as it anticipates stronger results in the last quarter of the year.
“These customer results show the ability of ClearStake’s Open Banking technology to expedite the financial risk check process, save money and improve confidence in decisions around affordability,” the founder of ClearStake, Martin Burt, said. “We look forward to seeing a further boost in these statistics as our customers deepen integration and widen use cases.”
