GeoComply, one of the leading sports betting geolocation providers in North America, has acquired the licensing and compliance platform provider OneComply in a deal that marks the Vancouver, B.C.-based company’s first-ever acquisition.
GeoComply, which conducts approximately one billion geolocation checks per month, counts leading sportsbook operators such as BetMGM, Caesars, DraftKings, and FanDuel among its customers. These clients can now utilize OneComply’s platform to automate licensing compliance responsibilities, according to a joint press release.
“From our first interactions with OneComply, we have been excited about the opportunity to welcome them into the GeoComply family, and it gives me great pleasure to have completed that process,” said Anna Sainsbury, GeoComply’s co-founder and CEO, in the statement. “Licensing organizations and key individuals is necessary, but can be a painful process for any entity working in regulated industries such as gaming or fintech. As an existing OneComply customer, we know just how much OneComply eases that pain, not just for us, but also for the regulators administering the process.”
Synergies between the companies
There are numerous synergies that can be realized through the merger.
With the addition of OneComply’s suite of high-tech solutions, GeoComply will offer its gaming and fintech customers a wide range of tools to navigate the licensing process, beginning from the initial application phase through ongoing compliance management. The addition of OneComply will also enable GeoComply to streamline efforts to assist clients with a multitude of licensing issues, ranging from Know Your Customer (KYC) and anti-money laundering (AML) protocols to fraud prevention and sanctions compliance.
“I am sure that together we will amplify and enhance our world-class compliance and licensing solutions for regulated industries around the globe,” said OneComply CEO Cameron Conn in the statement.
Fraud detection is one of GeoComply’s most valued characteristics. Its sophisticated geolocation technology can be used to spot anything from account takeovers in cybersecurity breaches to bonus fraud in sports betting. GeoComply has also earned plaudits for detailing betting activity when various jurisdictions go live with mobile sports wagering.
In March, GeoComply recorded approximately 8.1 million transactions during the opening weekend of online sports betting in Massachusetts, nearly doubling transaction volumes from launches in Virginia and Arizona, two similarly sized states. Over that weekend, GeoComply said it prevented more than 5,000 transactions from devices or accounts with a known history of fraud, saving its customers tens of thousands of dollars.
On point 📍 in Massachusetts! Check out our pin-drop map, illustrating real-time sports betting activity in Massachusett during its opening weekend. https://t.co/d1dh7DJ9CZ pic.twitter.com/yfkmP4rvPf
— GeoComply (@GeoComply) March 14, 2023
The announcement of the OneComply deal (the terms of which were not disclosed) comes less than a week after GeoComply unveiled a new office in Las Vegas. UNLV’s Harry Reid Research & Technology Park will serve as the company’s U.S. headquarters, while Vancouver will remain as its global headquarters.
Also based in Vancouver, OneComply possesses several decades of experience in assisting clients with complex gaming licensing needs.