SBC News Voice of the Sports Betting Industry
The International Betting Integrity Association (IBIA) has deepened its commitment to safeguarding Brazil’s sports betting integrity against financial fraud.
Launched at the start of this year, experts expect that the regulated igaming and sports betting market in Brazil will expand its value into the billions only by 2028 due to the country’s significant population and intertwined history with football.
Naturally, a regulated gambling sector is not only facing threats from black market operators praying on the player base. Financial fraud is also lurking in the shadows, with criminals looking to directly impact sports events by manipulating the rules to generate illicit proceeds.
IBIA is clearly aware of this issue, launching its latest anti-fraud initiative as a preventative safety measure in anticipation of the predicted Brazilian market growth. Just IBIA members alone are forecasted to generate more than 70% of the total remote GGR in Brazil.
The IBIA Payment Provider Forum has already attracted six payment providers, with Bazk, Z.ro Bank, OneKey Payments, OKTO, VPag and Pay4Fun all signing IBIA’s Declaration of Commitment and Participation.
By doing so, the companies have committed to the joint development of standards and best practices in the realm of payment processing, frequent collaboration with regulatory bodies in the pursuit of creating a robust regulatory framework, as well as the promotion of responsible gambling and being advocates for a fair sports betting market.
The Forum’s first meeting will take place at SBC Summit Rio, with IBIA extending an open invitation to all other payment service providers whose interests align with a corruption-free and sustainable Brazilian sports market.
Khalid Ali, CEO of IBIA, commented: “Cooperation between financial services, regulatory authorities and betting operators is essential to address the challenges from financial fraud and to maximise the potential of the sector in Brazil.
“IBIA is therefore delighted that these major payment institutions have agreed to explore collaborative activities to protect the market. Working together, we can create a sustainable and thriving sports betting market in Brazil that benefits all stakeholders.
“Cross-sector partnership working is a central pillar of IBIA’s global activity, and the association will be assessing the potential benefits of replicating this group in a wider international setting.”
