In an effort to help tackle financial fraud in sports betting, the International Betting Integrity Association (IBIA) has established the Payment Provider Forum in Brazil.
This initiative aims to safeguard the integrity of the country’s sports betting market, which is rapidly expanding under new regulations.
The forum includes six payment providers — Bazk, Z.ro Bank, OneKey Payments, OKTO, VPag, and Pay4Fun — who have all signed a Declaration of Commitment and Participation.
The Payment Provider Forum is designed to foster collaboration between financial services, regulatory bodies, and betting operators.
Regulatory authorities and other financial institutions will be invited to participate in forum meetings, helping to develop and implement measures to prevent fraudulent activities.
The IBIA, which celebrates its 20th anniversary this year, will contribute its extensive expertise in monitoring betting integrity, utilising its global network of betting operators and regulatory partnerships.
The association has a proven track record of setting industry standards, including the establishment of the Data Standards Kitemark.
This new initiative aligns with IBIA’s broader strategy of cross-sector collaboration to create a secure and well-regulated betting market.
As part of their commitment, forum participants have agreed to several key principles.
These include developing best practices for payment processing and engaging with regulatory bodies to ensure a fair and robust framework.
It also includes promoting responsible gambling, sharing knowledge to improve the payments ecosystem, and upholding high ethical and compliance standards.
The first meeting of the Payment Provider Forum will be held during the SBC Summit in Rio on 25-27 February, providing an opportunity for additional financial institutions and payment providers to join the effort against financial fraud in sports betting.
The IBIA has encouraged further collaboration, emphasising that a secure and trustworthy betting market benefits all stakeholders.
The Brazilian sports betting market is projected to see substantial growth, with forecasts indicating a potential turnover of $34bn by 2028.
Suspicious betting activity increases in 2024
The IBIA, which represents over 70 companies and 140 betting brands globally, plays a crucial role in maintaining the integrity of sports betting.
The association has been instrumental in combating corruption, with its monitoring network detecting suspicious activity and collaborating with sports bodies like FIFA, UEFA, the ITIA, and the IOC.
The IBIA, a non-profit organisation, has taken a step to help combat financial fraud and match-fixing around the world.
According to its latest update for 2024, it identified 33 sporting events that were sanctioned for corruption, with 17 clubs, players, and officials facing reprimands.
Notably, tennis was one of the most affected sports, with 58 suspicious betting alerts recorded, second only to football, which had 75 alerts.
The IBIA has been monitoring betting patterns worldwide since 2005, aiming to detect irregularities and maintain the integrity of sports competitions.
To achieve its goals, the IBIA relies on a network of betting operators who report any unusual betting activities.
When irregularities are detected, the IBIA compares these incidents with data from other bookmakers to determine whether they indicate an isolated event or a broader pattern of suspicious activity.
If a pattern is identified, the IBIA alerts the relevant sports regulatory body, which then decides whether to launch a formal investigation. In 2024, the IBIA issued a total of 219 alerts, marking a 17% increase compared to 2023.
One high-profile case involved darts player Leighton Bennett, who received an eight-year suspension from the Darts Regulation Authority (DRA) after suspicious activity was identified in four of his matches in the Modus Super Series.
The IBIA flagged these irregularities, leading to an investigation and Bennett being fined £8,100.
Czechia leads in questionable bets
Geographically, Czechia recorded the highest number of suspicious events, with 19 reports in 2024, maintaining its position as a high-risk country from the previous year.
Turkey followed with 11 incidents, while the UK had only four cases, covering multiple sports such as greyhound racing, boxing, bowls, and tennis.
Across Europe, 80 of the total 219 alerts originated from the continent, a significant decrease from the 60% share observed in 2023.
Asia accounted for 40 alerts, Africa 28, South America 20, and North America 19. Additionally, 32 alerts were associated with esports, which were not assigned to specific countries due to the challenges of determining their location.