Geofencing Company Radar to Compete with GeoComply in US Gaming Industry
Based in New York, tech company Radar is making waves in the US gaming industry. With a mission to disrupt the near-monopoly of GeoComply's geolocation services for iGaming and online sportsbook platforms, Radar hopes to provide businesses with a more affordable and accessible alternative.
Due to the legal and regulatory complexities of the online gaming and internet sportsbook market, which differs from state to state and within their respective borders, providers like DraftKings and BetMGM are heavily dependent on geolocation services. GeoComply dominates this space, with its flagship PinPoint product locating users within an area smaller than four feet.
When customers place a bet online or via a mobile platform, state law mandates that the gaming companies must verify their locations first. GeoComply's PinPoint service uses Wi-Fi, GPS, and cellphone signals to accurately pinpoint the request's location in a matter of seconds.
Radar anticipates an opportunity to enter this niche, offering a gaming-focused product with strong competition against GeoComply's offerings.
Challenging GeoComply's Dominance
Radar recently announced the completion of a fraud detection and geolocation solution tailored for the gaming industry, seeking to make a dent in GeoComply's market share.
In addressing their intentions to attract customers from GeoComply, a Canadian-based firm, Radar executives have revealed that they've developed a cost-effective and user-friendly geolocation solution.
Online gaming usage is on the rise across the US. With GeoComply partnering with almost every online gaming platform, Radar sees the necessity of competition in this industry. "From the numerous conversations we've had with operators, vendors, compliance experts, and regulators over the past year, it's evident that the market requires alternative geolocation solutions," said Nick Patrick, Radar's co-founder and CEO.
Established in 2016, Radar specializes in bridging the gap between the digital and physical realms for its enterprise clients. Acting as a one-stop-shop, Radar provides geolocation services to major brands such as Dick’s Sporting Goods, Panera, Zillow, Qdoba, Dairy Queen, and Zappos. The company processes over 100 billion location detections annually and offers features like geofencing, trip tracking, estimated time of arrival, and delivery routing.
Furthermore, Radar's proprietary technology is capable of detecting GPS spoofing and VPN attempts, preventing users from concealing their actual location.
Recognizing the Need for Competition
Radar is confident that its pricing model is more appealing to iGaming and online sportsbook companies than GeoComply's pay-per-ping approach. While GeoComply traditionally charges partners on a per-ping basis, Radar's pricing model is calculated through monthly tracked users.
Radar obtained licensing for gaming geolocation checks in Arizona, Colorado, and West Virginia, where online sports betting is legal. In addition to online sports betting, West Virginia also permits interactive slots and table games. The primary online gaming states are New Jersey and Pennsylvania, where online gaming revenue reached nearly $461 million in September.
Other states with legal iGaming include Delaware, Michigan, and Connecticut. Combined, these five states generated over half a billion dollars of revenue through online gambling in 2020 alone, demonstrating the potential for growth and the urgent need for additional geolocation services.
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Source: www.casino.org
