ClearStake launches affordability solution for gambling, promising to change the way the industry thinks about consumer protection

Home » ClearStake launches affordability solution for gambling, promising to change the way the industry thinks about consumer protection
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ClearStake today announced the general availability of its affordability solution, which makes it incredibly easy for customers to share financial data with gambling operators, and as a result enables those operators to comply with emerging affordability requirements without compromising either customer experience or revenues.

Backed by investors with a proven track record and extensive experience in the gambling sector, ClearStake wants to change the way gambling operators think about affordability checks. Specifically, the ClearStake approach removes the pain associated with these checks, and thus enables operators to meet responsible gambling commitments whilst avoiding the customer churn associated with conventional approaches.

“With regulatory red-tape increasing within many industries, affordability checks are fast becoming the new normal”, said Martin Burt, CEO of ClearStake. “However, manual checks cost time and money to perform and can lead to frustration amongst customers which can lead them to churn. ClearStake makes it incredibly simple for operators to conduct these checks, and just as easy for their customers to engage. We genuinely believe our approach is game-changing”.

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ClearStake, allows customers to share their financial data via Open Banking, or sharing conventional statements via a fast, easy UI that maximises customer opt-in.

Once uploaded, ClearStake analyses all relevant data, calculates customer income and outgoings to establish affordability, and flags risk indicators such as high gambling spend, significant debt repayments, benefits, or any other unusual transactions. The product then recommends a decision, and each case is stored so that every affordability decision is easily evidenced.

Among other investors, ClearStake is backed by Oli Slipper and Adam Perrin, previously early investors in Open Banking insurance unicorn Marshmallow. Both feel that ClearStake has the potential to follow suit.

Speaking of his investment, Adam Perrin said “ClearStake has a strong founding team and very exciting tech. Their vision and passion is solving a very real challenge that exists across multiple verticals and geographies. While the governmental and regulatory pressure within the gambling industry makes it an obvious starting point for ClearStake, we envision moving into multiple sectors as we continue to refine and develop the service.”

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Martin Burt of ClearStake added “increased regulatory requirements are a welcome protection for gambling customers but they do create a time-consuming administrative headache for firms who are doing their best to comply. We’re looking to lessen the burden on them while also increasing protection for all customers, leading to a more seamless service for both customer and provider.”

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