This Monday, GeoComply, which is a leading brand in geolocation and fraud prevention services in the US and Canadian iGaming sectors, announced that it will acquire OneComply. Both companies are based in Vancouver, British Columbia, but the latter is a brand concentrated on delivering a platform that streamlines compliance data to clients.
As mentioned, OneComply is located in B.C., Canada and it is popular for its assistance of businesses to operate in highly regulated markets helping them centralize their compliance data into one digital account. According to the brand it allows companies to bolster their compliance and license management processes’ efficiency, security, oversight, and more.
Welcome to the Family
GeoComply is heavily involved in the North American iGaming industry as it helps digital sportsbooks and casinos to physically locate users before allowing them to use operators’ services. The company said the acquisition of OneComply will help it expand its portfolio from gaming into fintech and other sectors, while also enhancing its services for iGaming partners.
Anna Sainsbury, GeoComply’s co-founder and CEO commented on the agreement and shared her excitement about the deal and welcome OneComply on board. She said she was pleased with the acquisition and was delighted to complete the process. Furthermore, Ms. Sainsbury stated that the brand’s licensing platform and expertise will add more quality to the geolocation provider’s portfolio.
In her words, the acquisition will help the company improve its solutions thus materially and cost-effectively helping its current and new partners in the gambling and other regulated industries. She also expects that the deal will help the geolocation provider and its many partners on the continent in setting new gold standards in compliance and risk services.
Lastly, Ms. Sainsbury stated that the two companies will have unprecedented capabilities to support the important compliance needs of the gaming industry. This includes aiding anti-money laundering, know-your-customer, licensing, geolocation, sanctions compliance, and fraud prevention technology. The terms of the acquisition deal were not revealed to the public.
Findings from Leading Markets
Currently, GeoComply operates as a geolocation service provider in two of the largest markets in North America – New York and Ontario. Recently, the company issued its first-year report on Ontario, iGaming platforms generated 19.9 million login attempts worldwide from more than 744,000 users. It translated to over CA$35 billion in total placed wagers.
Back in February, the provider disclosed that the Empire State recorded more than 100 million geolocation checks across the country during the Super Bowl LVII weekend. There were more than 13.9 million pings in the state which was the largest volume in all regulated markets in the US. New York also had the second most unique accounts created with 851,000.
Source: O’Connor, Devin “GeoComply Acquires Compliance and Licensing Management Platform OneComply” Casino.org, May 8, 2023