IDnow, a leading identity verification provider in Europe, has reported a substantial increase in the number of gambling customers requesting identity verifications. This rise is particularly pronounced ahead of the busy summer betting period, coinciding with the commencement of Euro 2024.
Unprecedented Spike in Verification Requests
Between June 14th and June 16th, 2024, the period marking the opening match of Euro 2024, IDnow experienced a staggering 750% increase in verification requests compared to usual levels. This surge in activity not only highlights the growing popularity and engagement with major sporting events but also surpasses the number of requests seen during the 2022 World Cup.
IDnow anticipates that this elevated level of verification requests will persist throughout each country’s first game in the tournament, underscoring the need for robust identity verification processes during such high-demand periods.
Challenges and Opportunities for Gambling Operators
Roger Redfearn-Tyrzyk, Vice President of Global Gaming at IDnow, emphasized that the challenges faced by operators during major sporting tournaments are not fundamentally different from their regular compliance hurdles. However, the sheer volume of new players and increased activity can pose significant issues for operators who are not adequately prepared.
“The challenges operators face during major sporting tournaments are not necessarily any different to their regular daily compliance hurdles,” said Redfearn-Tyrzyk. “But the sheer volume of new players from all around the world, coupled with increased activity, is likely to cause issues for unprepared operators.”
Capitalizing on Euro 2024
Euro 2024 presents a massive opportunity for both new and established gambling platforms. To capitalize on this event, it is essential for operators to ensure the safety and security of their players while maintaining their reputation.
“Euro 2024 will be a huge opportunity for gambling platforms, new and old, so it’s essential they capitalize on the event while safeguarding their players and their reputation,” added Redfearn-Tyrzyk.
Effective player verification is crucial in combating fraud. Operators need to be confident in their ability to verify accounts thoroughly and onboard the right players during such busy periods. This confidence is key to fighting fraud effectively.
“Only when operators are confident they can verify accounts thoroughly and onboard the right players during such a busy period will they be effective in fighting fraud,” noted Redfearn-Tyrzyk.
The Growing Popularity of Online Betting
Global sporting events like Euro 2024 attract a mix of casual and regular bettors, contributing to the ever-increasing popularity of online betting. However, this surge in activity also brings with it heightened security concerns.
During the last World Cup, 250,000 people in the UK visited unregulated, black-market sites, a significant increase from the 80,000 who did so the previous year. This trend underscores the need for stringent security measures and regulatory compliance to protect players and maintain the integrity of the betting industry.
Security Concerns and Regulatory Compliance
European nations are expected to see the most significant increase in online betting activity during the Euro 2024 period. This rise in activity necessitates that gaming operators in these regions implement secure player onboarding processes, facilitate safe deposits and withdrawals, and conduct seamless Anti-Money-Laundering (AML) and age verification checks.
Redfearn-Tyrzyk highlighted the importance of these measures in combating the anticipated increase in fraudulent activity both in the lead-up to and throughout the Euro 2024 tournament.
“Gaming operators in these particular regions must offer secure player onboarding, deposits and withdrawals, and conduct seamless Anti-Money-Laundering and age verification checks to help fight the expected proliferation of fraudulent activity in both the build-up to Euro 2024 and throughout the tournament,” he concluded.
The significant increase in identity verification requests ahead of Euro 2024 underscores the critical need for robust security and compliance measures in the gambling industry. As major sporting events continue to attract a diverse range of bettors, operators must be prepared to handle the surge in activity while ensuring the safety and integrity of their platforms.
Effective identity verification, secure onboarding processes, and rigorous regulatory compliance are essential to combating fraud and maintaining player trust. By addressing these challenges head-on, gambling operators can capitalize on the opportunities presented by Euro 2024 and other major sporting events, fostering a safe and engaging betting environment for all players.