Published: Tuesday August 23, 2011
LONDON – 23 August 2011 – GB Group, a leading global Identity Management business, has been reselected by Betfair, one of the World’s largest international online sports betting providers, as it continues with its growth strategies to reach into global markets. GB Group has been working with Betfair since 2004 and the new contract will see Betfair continue to use GB Group’s URU and ID3 Check identity verification technologies.
GB Group’s innovative data matching technology, URU and ID3 Check, secures the highest possible match rates for clients. Most organisations already collect enough information on their customers to verify their identity at the very first point of engagement. Holding data on forename, surname and address provides enough information for URU and ID3 Check to positively identify more than 85% of customers with no further requirement for ID documents.
As one of the busiest Internet sites globally, Betfair relies heavily on the most advanced technology to help its system cope with more than 12,000 transactions per minute at peak times – 99.9% of which are processed in less than one second. Established in 2000 in London, Betfair currently has more than three million registered customers placing over five million bets a day.
“We have an ambitious global business strategy and need to be confident the technology we use will be able to handle transactions across borders with different compliance regulations – all the while ensuring our customers have a seamless online betting experience,” says Matthew Hill, Relationship Manager at Betfair.
Hill continues, “After an assessment of the market, we took the decision to extend our relationship with GB Group, as from a price and verification ability perspective, and more importantly from a regulatory point of view, it currently delivers the service we require. GB Group’s web-based identity verification technology enables our professional advisors to instantly verify the identities of our customers online, in accordance with the JMLSG Guidance* – a vital part of our business.
“GB Group’s technology helps us verify new registrations in less than a second and allows our existing customers to trade very quickly and seamlessly. Our internal infrastructure means we can now cater for all new registrations and continually provide a world class service to our customers.”
John Lord, Managing Director at GB Group commented, “We have been working with Betfair for a number of years and are excited to be part of its future. Transacting across borders is a complicated and often difficult process as there are so many licensing issues and restrictions to take into consideration. With our extensive experience in this industry, we are confident we can successfully assist Betfair in growing its business successfully on a global basis. We believe that, as both companies look to expand across different global markets, we are building a partnership that will help us achieve the same goals – to enhance the international side of our business.”
* The Joint Money Laundering Steering Group (JMLSG) is made up of the leading UK Trade Associations in the Financial Services Industry. Its aim is to promulgate good practice in countering money laundering and to give practical assistance in interpreting the UK Money Laundering Regulations. This is primarily achieved by the publication of industry guidance.
About GB Group plc
GB Group is a global leading Identity Management business. It helps organisations recognise and verify all elements of an individual’s identity at every interaction. Through the application of our proprietary technology, we enable organisations to connect, communicate and transact with people safely, responsibly and profitably. In doing so, we help businesses like O2, Laura Ashley, HMRC, HBoS, LloydsTSB, Virgin Games, PartyGaming, Betfair and Ladbrokes understand their customers better to create more meaningful customer interactions – and reduce costs across the business.
GB Group has four complementary Identity Management offerings:
• ID Verification - which provides the ability to verify consumers' identities remotely, without the physical presentation of documentation, in order to enable online business and combat ID fraud, money laundering and restrict access to age related purchases and gambling
• ID Customer Registration - which includes software and services for quick and accurate customer registration and validation of records
• ID Marketing Services - which provides database services so our clients can better understand, target and retain their customers and offers accurate and up-to-date identity information for their contact strategies
• ID Tracing Services - which provides the largest and most accurate picture of the UK's population and properties in order to locate and contact the right individual, first time
GB Group is listed on the London Stock Exchange (GBG). For more information, please visit GB Group’s website: www.gb.co.uk. GB Group - because identity matters™
About Betfair (www.betfair.com)
Betfair is one of the world’s largest international online sports betting providers and pioneered the betting exchange in 2000. Driven by cutting-edge technology, Betfair enables customers to choose their own odds and bet against each other. The company now processes over five million transactions a day from its three million registered customers around the world. In addition to sports betting, Betfair offers a portfolio of innovative products including casino, exchange games and poker.
Betfair has twice been named the UK’s ‘Company of the Year’ by the Confederation of British Industry and has won two prestigious Queen’s Awards for Enterprise, being recognised for Innovation in 2003 and most recently for International Trade in 2008. Betfair currently employs over 2,000 people worldwide. The company holds betting licences in Gibraltar, the US, Tasmania, Italy and Malta.
For any further information, please contact:
Maxine Morgan, GB Group
Number: 01244 657333
Emma Coleman, Bite Communications
Number: 020 8834 3485