General Information About
Business Risk Management Department
Risk Management is the foundation of every operation in the gambling industry. Risks make running a company a viable business model and help keep it from being a literal gamble. The work includes examining the risk levels of new and old player accounts, analyzing financial transactions to prevent money laundering or fraud, detecting suspicious activity and reporting it to the appropriate staff.
The Business Risk Management Department consists of:
- Operational Risks
- Promotional Risks
- Risk Development Unit
Meet Our Team
Andrii Maruschakivskyi
Head of Business Risk Management Department
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Gagik Simonyan
Operational Risks Team Lead
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Ara Manukyan
Casino Risks Team Lead
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Van Hambardzumyan
Manager of Sportsbook Risk Team
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Davit Gevorgyan
Head of Traffic Risks
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Emma Ghulyan
Affiliate Risks Team Lead
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The main functions of the Operational Risk Department:
Risk Management is a vital and important aspect of our industry, which includes a set of strategies and practices aimed at identifying, assessing and mitigating potential risks associated with ongoing operations. In this highly regulated and dynamic environment of gaming operators [online casino providing gambling service], effective risk management is essential to ensure financial stability, maintain compliance with regulated and accepted standards, and protect the organization's reputation. This multifaceted approach addresses a number of challenges, including financial uncertainties, security concerns, and compliance-related difficulties. A well-constructed risk management system minimizes potential losses and promotes business integrity, security and stability.
The main functions of the Operational Risk Department:
The Risk Management department deals with the evaluation, reduction and prevention of all types of risks of the organization. It includes a wide spectrum of work. For example:
- Detection and restriction of other interest groups / group registrations
- Detection of unfair / fraudulent games by customers
- Control of payment transactions, inflows and outflows of funds performed by customers
- Detection and prevention of bonus promotion abuse by customers
- Risk assessment, approval and control of bonus promotions offered by the organization
- Investigation and analysis of customer complaints
- Stopping the financial outflow caused by technical reasons
- Detection of cases of money laundering [AML = Anti-Money Laundering]
The main responsibilities of the Head of Operational Risk are:
- Supervision of the activities of the general staff of the department
- Employee attendance control
- Involvement in the process of recruiting new staff, including conducting interviews and making final decisions
- Negotiating with other departments to resolve issues
- Validation / authorization of bonuses, promotions and promotional activities [confirmation]
- Cooperation with Regional Directors
- Implementation and management of structural changes
- Research and integration of automation tools
Operational Risks consists of:
- Sport Risks
- Casino Risks
- Payment Risks
- Traffic Risks
Sports Risks Team
General job description and responsibilities of a Sports Risks Manager:
The Sports Risks team deals with due diligence of customers who have made bets in sports, assessing the risks arising from their betting. Every customer who makes a bet in sports is checked by Risks at some stage.
General job description and responsibilities of Team Lead of Sports Risks:
- Use appropriate data analysis tools and algorithms to assess risks associated with player behavior and transactions.
- Develop and implement comprehensive risk mitigation strategies by optimizing game configurations, limits, and player interactions to minimize financial risks and financial exposure.
- Develop and deploy sophisticated / advanced fraud detection technologies to detect irregular patterns of gaming and financial transactions.
- Develop strategies to manage player behavior by balancing player satisfaction with responsible gaming practices.
- Analyze sportsbook promotions and assess their impact on customer behavior and risk exposure.
- Lead and manage a team of experienced risk analysts, providing mentorship and guidance in the application of management methodologies.
Working procedure of Sports Risks Management:
The main workflow of the Sports Risk Manager is closely related to the verification of the bets placed and their analysis:
- Whether bets are accepted at correct odds or not
- Whether the bet is intended for bonus abuse or not
- Whether customers have a faster source of information (which can help them make more profitable bets) or not
- Whether the player is using a prohibited software add-on (Bot)
- Whether the bet has been made on a fixed match
Certain restrictions apply to customers when spotting such bets. Restrictions are of different types:
- Reduction of betting limits [Live / Pre-Match Limits]
- Increased bet acceptance time [Global Live Delay]
- Suspension of bonus promotions
- Cashout limit
In addition, such customers are assigned different gamestyles and their corresponding categories, which make it easier for both Risk Management and other departments to work with these users.
In addition to checking bets, Sports Risk managers also look at the financial indicators and activity of customers at different time periods.
Depending on the region / Skin, clients are examined and restricted differently, taking into account the license requirements and the specifics of the gaming industry of that region.
The Sports Risks team mainly uses AGP and Umbrella programs.
AGP is the main platform used by the team, which is used as a database, and Umbrella is a tool for the Risk Department, which aims to automate the main functions performed by the Risk Department. On these platforms, the Risk Manager:
- View and reviews reports
- Sees financial and other data relevant to the customer’s case
- Investigates automatically received "alerts" about customers
- Examines the interconnection between different customers
- Performs various operations with gaming accounts
Casino Risks Team
Casino Risks Manager general job description and responsibilities:
The Casino Risks team deals with the study of customers who have placed bets in the casino, assessing the risks arising from their gambling behavior. Every customer who makes a bet in the casino is at some stage checked by Risks.
General job description and responsibilities of Team Lead of Casino Risks:
- Use appropriate data analysis tools and algorithms to assess risks associated with player behavior and transactions.
- Develop and implement comprehensive risk mitigation strategies by optimizing game configurations, limits and player interactions to minimize financial risks and financial exposure.
- Conduct thorough risk assessments to identify potential hazards and vulnerabilities in the Casino environment.
- Cooperate with software developers to improve fraud prevention mechanisms and ensure the integrity of our Casino platforms.
- Mastering the logic of Random Number Generators and related algorithms, perform in-depth evaluations of Casino games to ensure gaming fairness and compliance with regulatory standards.
- Keep abreast of updates to global gaming regulations in the gambling industry and ensure that VBET's Casino offerings meet licensing requirements and industry standards.
- Lead and manage the team of experienced risk analysts, providing mentorship and guidance in the application of management methodologies.
Casino Risks Management working procedure:
The main workflow of the Casino Risk Manager is closely related to the verification of certain data of the customer's gaming accounts. The following is checked:
- Customer's gaming history
- Accuracy of recorded winnings
- Cases of abuse of customer bonus promotions
- Cases of unfair / fraudulent competition in tournaments
In addition, Casino Risk Managers are involved in the study of unusual fluctuations in the winnings of games / providers. In addition, the daily workflow includes the review and resolution of issues raised by customers.
Fraud prevention measures are carried out through automated systems (Umbrella). These measures apply to both sports and casino-related risks.
Incidents related to the following products are within the scope of the Casino Risk investigation:
- Casino
- Live Casino
- Some incidents of Skill games [Skill Games - Poker / Belote / etc.]
Casino Risks manager mainly uses AGP and BackOffice software, as well as BackOffice software(s) for different providers. Team specialists do the following through BackOffice:
- View and reviews reports
- Sees financial and other data relevant to the customer’s case
- Examines anomalous / irregular winnings and unusual winning variations observed in various games
Payment Risk Department
Department Structure
- Head of Department: Ani Atayan
- Team: 20 Specialists (Transaction Monitoring, Withdrawal Control, Chargeback & Risk Analysts)
Departmental Role: This unit acts as the financial safeguard of the company. The team is responsible for the end-to-end integrity of the payment lifecycle, ensuring that all incoming and outgoing funds are legitimate, compliant, and processed without technical error.
The team is divided into three specialized functions: Transaction Monitoring, Withdrawal Control, and Chargeback & Risk Analysis. Together, they form a unified front to protect the company's financial integrity and ensure a secure environment for legitimate players.
Core Responsibilities
Withdrawal Review & Approval. This function is the final checkpoint before company funds are released. Specialists conduct rigorous pre-approval checks including KYC/AML compliance verification to confirm player identity and source of funds. By utilizing fraud pattern detection, the team blocks suspicious transactions in real-time, ensuring that payout processing remains secure and fully compliant with regulatory standards.
Transaction Monitoring (Deposits & Withdrawals). This responsibility involves the active, real-time oversight of all financial traffic. The team monitors the flow of deposits and withdrawals to identify declined or pending transactions and investigate amount differences. This unit acts as the financial safeguard of the company. The team is responsible for the end-to-end integrity of the payment lifecycle, ensuring that all incoming and outgoing funds are legitimate, compliant, and processed without fraud and abuse.
Chargebacks & Risk Alerts. This section manages the defense against payment disputes and sophisticated fraud. The team handles the entire chargeback lifecycle, from case analysis to evidence preparation and dispute handling with banks and PSPs. Additionally, they monitor high-level risk alerts - such as multi-accounting, IP anomalies, and velocity patterns - to implement prevention strategies that keep the company’s chargeback ratio within safe limits.
Main Department Goals
- Financial Risk Minimization: Protecting the company’s P&L by aggressively reducing fraud losses and maintaining a low chargeback ratio through proactive detection.
- Operational Stability: Maintaining high SLA compliance to ensure accurate transaction processing. The focus is on minimizing manual errors and providing a stable financial environment for the business.
- Process Optimization & Automation: Constant improvement of the monitoring and alert systems. By increasing automation, the department aims to reduce operational risks and manual workload while increasing the speed and accuracy of risk detection.
Software ecosystem
- AGP Back Office
- Umbrella system
- Metabase (analytics & monitoring)
- Payment providers’ back offices
Traffic Risk Team
General job description and responsibilities of the Affiliate Risks Manager:
An affiliate is an organization or an individual (streamer, blogger, etc.) that attracts customers for us and is paid for them in accordance with the conditions previously established in the contract [Commission Plan]. The team is engaged in reducing the risks of transactions related to Affiliate partners.
General job description and responsibilities of Team Lead of Affiliate Risks:
- Develop Risk Management Strategies and implement them for Affiliate partners.
- Monitor the development of Affiliate market practices to ensure compliance with regulatory standards.
- Use advanced mathematical models and data analysis methods to evaluate Affiliate performance, optimize conversion rates and maximize Return of Investment (for both Affiliates and VBET).
- Develop and update Affiliate Risk Management policies and procedures.
- Ensure that all team members adhere to established guidelines and protocols.
- Prepare and submit regular reports on Affiliate Risk Management activities.
- Provide insights and recommendations to senior management.
- Contribute to the creation / improvement of a collaborative and result-oriented team environment.
- Lead, direct and manage the Affiliate Risks Management team.
- Work is being carried out to develop new programs and create new reports.
- The Affiliate Risk Team Lead regularly participates in meetings and discussions.
Affiliate Risks Management working procedure:
Affiliate Risk Manager's work procedure includes:
- Study of Affiliates and the customers attracted / brought by them
- Review of all transactions made by Affiliates and their players to detect and control fraud
- Examination and approval of the payment requests made by Affiliates, and in case of errors, the regulation of the process related to their correction
- Regulation of the process related to reduction or correction to the balances of Affiliates
- Regulation of the process related to the transfer of Affiliates and players
Media Buying Risks Team
The Media Buying Risk Team operates as a sub-division of the Traffic Risk Team (headed by David Gevorgyan). It includes:
- Middle Risk Manager (Narek Arshakyan, who also performs team lead responsibilities and is additionally responsible for Organic Risks), and
- Junior Media Buying Traffic Risk Manager.
Team lead responsibilities are currently handled by Narek Arshakyan.
There are 2 Risk Managers working within the team.
General Description and Responsibilities of Media Buying Risk Manager
Media Buying is a type of traffic acquisition where financial resources are invested to attract players. The team is responsible for evaluating the quality of that traffic, verifying the value of acquisition costs, and identifying any potential fraud or risk patterns.
General Description and Responsibilities of the Media Buying Risk Team Lead
- Develop and implement risk management strategies specifically tailored for Media Buying partners.
- Analyze the quality of traffic acquired through media buying and assess customer behavior.
- Evaluate the cost-effectiveness of traffic acquisition campaigns.
- Issue instructions to relevant departments regarding whether to block or restrict player accounts.
- Provide actionable insights regarding player activity trends for risk assessment.
- Develop and update internal policies and procedures for managing Media Buying-related risks.
- Ensure team compliance with established risk guidelines and protocols.
- Prepare and present regular reports on the team’s activities and risk outcomes.
- Provide insights and recommendations to senior management.
- Work is ongoing to develop new programs and generate new reports.
- The Media Buying Risk Team Lead regularly participates in meetings and cross-departmental discussions.
- Monitor evolving practices in affiliate and media buying markets to ensure compliance with regulatory standards.
Operational Procedure of Media Buying Risks Management
The main duties of Media Buying Risk Managers include:
- Daily monitoring of media buying partners and their referred players to assess behavior and risk levels.
- Identifying fraudulent or suspicious players and compiling lists to be submitted to the Risk Management Verification (RMV) department for further action.
- Creating and submitting tasks in Jira, including player region, BTag (if available), clear task description, objective, and specific instructions for each player group.
- Attaching Excel files to the Jira task specifying:
- Players in List 1 are to be blocked.
- Players in List 2 are to be restricted (withdraw disabled) and required to submit supporting documents (passport, selfie, date-stamped paper, video selfie, etc.).
- Upon receiving the documents, RMV staff verify their validity. If approved, the restriction is lifted (+withdraw).
Organic Traffic Risks Team
The Organic Traffic Risk Team operates under the umbrella of the Traffic Risk Department (lead by David Gevorgyan) and is specifically tasked with analyzing and mitigating risks related to players acquired through unpaid, non-promotional sources.
This sub-team is currently overseen by Narek Arshakyan, who also manages the Media Buying Risk division and performs team lead responsibilities for both streams.
The team includes 1 Organic Traffic Risk Manager, fully dedicated to this segment.
Role Overview and Responsibilities of the Organic Traffic Risk Manager
Organic traffic refers to players who discover and register on the platform independently, without any associated marketing cost. Although seemingly low-risk, this traffic type requires dedicated monitoring due to its potential for bonus abuse, fraudulent activity, or automated behavior (e.g., bots).
Team Lead Responsibilities in Organic Traffic Risk Oversight
- Design and execute risk prevention workflows tailored to organically registered players.
- Monitor organic traffic trends to detect anomalies, exploitative behavior, or high-risk activity clusters.
- Coordinate with relevant departments to initiate preventive actions such as account limitations or full blocks.
- Collaborate with the Risk Management Verification (RMV) team to escalate high-risk cases and ensure proper resolution.
- Utilize company-approved risk monitoring systems to perform continuous behavior tracking.
- Draft, revise, and maintain internal policies and documentation specific to organic player risk management.
- Ensure compliance with internal protocols and industry best practices.
- Generate periodic reports highlighting key risk indicators, alerts, and player behavior insights.
- Regularly participate in internal team syncs, escalation calls, and interdepartmental reviews.
- Stay informed on evolving risk tactics in organically sourced traffic across the iGaming industry.
Operational Flow of Organic Traffic Risk Management
Core operational responsibilities for the Organic Traffic Risk Manager include:
- Conducting daily assessments of organically registered users, focusing on abnormal playing patterns or rapid payout attempts.
- Identifying and grouping suspicious or potentially harmful player accounts. These lists are submitted to the Risk Management Verification (RMV) department for further validation and enforcement.
- Submitting risk cases through Jira, complete with key details such as region, nature of suspicion, and required action per user group.
- Attaching organized Excel files to each Jira ticket, outlining:
- List 1: Players to be blocked from platform access.
- List 2: Players to be temporarily restricted (e.g., -withdraw) pending documentation. Required documents may include ID, selfies, time-stamped notes, or video verification.
- Once documents are uploaded, the RMV team reviews their authenticity. If verified, restrictions may be lifted (+withdraw), allowing the player to resume activity.
