iDenfy helps Coolbet streamline identity verification

iDenfy, a prominent provider of identity verification and fraud prevention solutions, has recently forged a strategic partnership with Coolbet, an innovative online gaming platform recognized for its transparency and commitment to fair play. This collaboration is a key move for Coolbet, allowing it to integrate iDenfy’s advanced identity and address verification technologies to strengthen its compliance measures, mitigate fraud risks, and simplify the user onboarding experience across its international markets.

The online gaming sector is experiencing rapid expansion, with an increasing need for secure, reliable systems. By partnering with iDenfy, Coolbet reaffirms its dedication to upholding transparency and fairness, while ensuring compliance with regulations in all the markets it serves.

Coolbet's Journey and the Drive for Automation

Established in 2016, Coolbet has quickly emerged as a prominent contender in the online gaming industry. Headquartered in Tallinn, Estonia, and operating under licenses from Estonia, Sweden, and Malta, the platform offers a diverse array of entertainment options, including online casino games, sports betting, and poker. Coolbet has attracted over 1.3 million active users across ten markets, such as Canada, Sweden, and Chile.

Coolbet’s emphasis on transparency and the use of in-house technology to ensure fair gaming and excellent customer service has played a significant role in its success. However, as its user base grew and its operations became more intricate, managing the manual processes of identity and address verification began to pose challenges. The manual verification process consumed valuable resources and created opportunities for human error, delays, and inefficiencies. As the company sought to expand further, the need for automation became clear.

Addressing the Growing Threat of Identity Fraud

The need to improve verification processes is particularly urgent in light of rising identity fraud. Recent industry data reveals that identity fraud accounted for over 50% of online fraud cases globally in 2024, a figure expected to rise as digital transactions continue to surge. The stakes are especially high for companies in regulated industries such as online gaming, where compliance and security are paramount.

In response to these challenges, Coolbet recognized the need to act swiftly and decisively. By integrating iDenfy’s identity and address verification solutions, Coolbet aimed to create a more efficient onboarding experience for users, all while ensuring full compliance with relevant regulations. iDenfy’s AI-powered solutions not only expedite the verification process but also enhance conversion rates, ensuring that Coolbet can retain more users during the sign-up phase.

Transforming Coolbet's Onboarding Process with iDenfy’s Technology

iDenfy’s Know Your Customer (KYC) system provides a comprehensive solution for verifying identities. Utilizing cutting-edge technology, including AI-driven document scanning, biometric recognition, and 3D liveness detection, iDenfy’s platform is capable of verifying more than 3,000 types of documents from over 200 countries.

This global reach is crucial for Coolbet, as its user base spans multiple continents. By automating the KYC process, Coolbet can ensure that all necessary checks are performed quickly, securely, and accurately, without the need for manual intervention.

One of the standout features of iDenfy’s solution is its flexibility. Operators can configure specific rules for the types of documents they accept as proof of address, including utility bills, bank statements, credit card statements, and tax documents. Additionally, the platform ensures that the documents are valid and issued within the past three months, which helps maintain stringent compliance standards.

Furthermore, iDenfy’s user-friendly KYC management dashboard provides Coolbet’s compliance team with an intuitive interface that makes monitoring and managing verifications simple and efficient. This streamlined process is crucial in the fast-paced world of online gaming, where customer satisfaction and regulatory compliance must go hand-in-hand.

A Cost-Effective Model: Results-Based Pricing

A standout feature of iDenfy’s service is its results-driven pricing model. Instead of charging for every verification attempt, iDenfy only invoices clients for successful verifications. This approach enables businesses like Coolbet to significantly reduce operational expenses while maintaining high standards of security and reliability.

This model is particularly advantageous in the highly competitive iGaming industry, where businesses face constant pressure to maintain profitability while ensuring the safety and security of their users. By reducing the costs associated with unsuccessful verification attempts, Coolbet can reallocate resources to other critical areas, such as product development and marketing.

iDenfy’s approach aligns seamlessly with Coolbet’s overall business philosophy, which emphasizes transparency, fairness, and trust in all of its operations.

The Growing Threat of Online Fraud in the Digital Age

The importance of robust identity verification systems extends far beyond the gaming industry. Research conducted by Juniper Research predicts that global losses due to online fraud will surpass $107 billion by 2029, with identity fraud being one of the major contributors to these losses.

In this environment, having reliable, scalable identity verification solutions is no longer optional but a fundamental necessity. For businesses in heavily regulated sectors like online gaming, failure to implement effective identity verification can result in significant financial losses, damage to reputation, and even regulatory penalties.

The partnership between Coolbet and iDenfy serves as a prime example of how companies in high-risk industries can navigate the complex landscape of digital fraud prevention.

Insights from Leadership on the Partnership

Coolbet’s President, Endre Nesset, shared his thoughts on the collaboration with iDenfy:
“With iDenfy, we found a partner who not only delivers a high-quality product but also supports it with fast, transparent communication from day one. Their user-friendly dashboard, high acceptance rates in our target markets, and efficient support made the integration process seamless. We were able to automate identity and address verification, improving our operational efficiency”

His comments highlight the significance of working with partners who not only offer cutting-edge technology but also provide exceptional customer service and support.

Similarly, iDenfy’s CEO, Domantas Ciulde, expressed his excitement about the collaboration:
“We’re thrilled to work with Coolbet, a company that puts transparency and player trust at the heart of its platform. Our mission is to empower businesses to grow securely, and this partnership reflects that. By combining automation with accuracy, we’re helping Coolbet to create a more efficient, fraud-resistant onboarding experience for its global audience.”

Looking to the Future: A Partnership Built for Growth

The partnership between Coolbet and iDenfy is more than just a technological upgrade; it is a strategic alignment designed to ensure that both companies thrive in an increasingly competitive and complex digital landscape. As digital threats continue to evolve and regulatory requirements become more stringent, partnerships like this one will be critical for businesses seeking to scale responsibly and securely.

With iDenfy’s advanced identity verification solutions now embedded in Coolbet’s operations, the company is well-positioned to meet the needs of modern gamers. The result is a seamless, secure, and reliable user experience for players across the globe.

Conclusion

The partnership between Coolbet and iDenfy represents more than just a technological upgrade; it is a strategic alignment that positions both companies to succeed in a challenging and evolving marketplace. As digital threats continue to escalate, and regulatory scrutiny intensifies, partnerships like this one will become increasingly important for companies that wish to scale sustainably while safeguarding the integrity of their platforms.

With iDenfy’s state-of-the-art identity verification solutions now integrated into its operations, Coolbet is well-equipped to meet the demands of modern gaming customers — delivering a seamless, secure, and trustworthy user experience on a global scale.

FAQs

What is the purpose of Coolbet partnering with iDenfy?
The partnership aims to enhance Coolbet’s identity verification processes, improve compliance, and reduce fraud risks across its global operations.

How does iDenfy’s technology benefit Coolbet?
iDenfy’s AI-powered verification streamlines onboarding, increases user conversion rates, and ensures regulatory compliance while reducing operational costs.

What is unique about iDenfy’s pricing model?
iDenfy charges clients only for successful verifications, making the process more cost-effective for companies like Coolbet.

Which markets does Coolbet serve?
Coolbet operates in over ten international markets, including Canada, Sweden, and Chile, and is regulated by Estonian, Swedish, and Maltese authorities.

What technologies does iDenfy use for identity verification?
iDenfy employs AI-powered document scanning, biometric verification, and 3D liveness detection to verify user identities globally.

Why is identity verification important for online gaming platforms?
Identity verification helps prevent fraud, ensures compliance with regulations, and builds trust with users by securing their personal data.

How does iDenfy’s KYC management dashboard help Coolbet?
The dashboard provides an intuitive interface for managing verifications efficiently, which is crucial for fast-paced gaming environments.

What kind of documents can Coolbet accept for proof of address verification?
Coolbet accepts utility bills, bank statements, credit card statements, and tax documents that are no older than three months.

What is the projected global cost of online fraud by 2029?
A study by Juniper Research estimates that global losses due to online fraud will exceed $107 billion by 2029.

What do Coolbet executives say about working with iDenfy?
Coolbet’s President praised iDenfy for its high-quality product, transparent communication, and the seamless integration process.