The geolocation and fraud prevention solutions provider has released a new video campaign to expose the societal and economic impacts of illicit online wagering across the country. The prevalence of illegal gambling has prevented state and local governments from reaping the benefits of an additional stream of revenue. Illicit wagering has also put consumers in danger as offshore and unregulated platforms fail to ensure the protection of their customers.
Despite more than 35 jurisdictions in the U.S. having regulated betting, Americans wager $400 billion annually with illegal and unregulated operators, according to data provided by GeoComply. The illicit betting has led to the legal industry missing out on more than $30 billion in gaming revenue each year with state governments losing nearly $5 billion in tax revenue annually.
Illegal gambling has also hindered economic investment and new employment opportuni..
