An advanced data and technology provider is teaming up with a geofencing company to launch a new venture in the lucrative U.S. gaming industry.
LexisNexis Risk Solutions announced a “strategic alliance” with Radar to help sports betting operators ensure that online devices comply with state regulations and protect against fraud.
The companies will look to compete with GeoComply and others currently offering geofencing and data solutions to the likes of FanDuel, DraftKings, and BetMGM, among other U.S. sports betting and iGaming operators.
“LexisNexis Risk Solutions provides the tools gaming and gambling operators need today to mitigate fraud, identify risk, and help ensure compliance,” Sean Britt, senior director of LexisNexis Risk Solutions, said. “By aligning with Radar, we can offer those protections throughout the entire customer lifecycle.”
Proactive approach
Britt described the collaboration as “timely.” With sports betting legal in 39 U.S. jurisdictions and increasing regulation, LexisNexis and Radar plan to take a proactive approach to regulatory compliance.
“Radar’s extensive expertise in location-based products, coupled with our proprietary algorithms and robust reporting, aligns perfectly with the risk mitigation knowledge and solutions from LexisNexis Risk Solutions,” Nick Patrick, co-founder and CEO of Radar, said. “We are excited to provide our tools and services to gaming and gambling operators, simplifying their compliance processes.”
Business model
The Atlanta-based LexisNexis Risk Solutions currently offers information-based analytics and data management services to various business sectors, including government, financial services, healthcare, and insurance.
Radar helps retail, restaurant, travel, and logistics businesses with location infrastructures. Radar already has a gaming department, which provides geofencing to social sportsbook Fliff and daily fantasy site Sleeper, among others.
The two companies combined plan to develop geofencing products and tools for state boundaries, sports arenas, casinos, tribal lands, and other venues. Their list of services will include KYC, one-time passcodes, fraud prevention, compliance, and payments.
