Industry Awards
iGaming Fraud Increased 64% YoY: Sumsub Shares Alarming Data in 2024 iGaming Fraud Report
Sumsub, a global full-cycle verification platform, released its 2024 iGaming Fraud Report, with updated identity fraud numbers and predictions for the industry. According to findings, the most popular fraud schemes in the iGaming industry are bonus abuse, affiliate fraud, illegitimate chargebacks, money laundering and account takeovers.
Key findings of Sumsub’s 2024 iGaming Fraud Report include:
- Between 2022 and 2024, fraud in the online gaming sector increased 64% year-over-year on average.
- By country, Bangladesh leads the fraud charts in Q1 2024 with a whopping 8.5% of all applicants being fraudsters, followed by Indonesia (8%), South Korea (6.6%), Pakistan (6.1%), and Bosnia and Herzegovina (6%).
- Selfie mismatch is the most frequent type of fraud attack in gaming, representing 73% of all detected fraud in Q1 2024.
- AI-powered deepfake scams are advancing at unprecedented rates, having grown 10x between 2022 and 2023.
- Money muling remains the most widespread fraud scheme.
“Due to the growth of sophisticated scams and increase in the overall fraud rates in the iGaming industry, simple KYC checks are no longer a guarantee of players’ genuine personas and platforms’ robust protection. To ensure companies best avoid fraud scenarios and remain safe and compliant, they must deploy user identity verification at the onboarding stage in addition to betting pattern analysis and ongoing transaction monitoring,” Kris Galloway, Head of iGaming Product at Sumsub, said.
According to Statista, in 2024, the revenue of the online gambling market is expected to exceed $100B. By 2029, the number of users is predicted to reach 281.3M globally. Between 2022 and 2023, fraud losses for mobile casinos and betting platforms totaled $1.2B. With regulations becoming stricter, leading to millions in fines paid by iGaming platforms every year and license revocations, it is obvious that businesses that choose to settle for minimal defenses will likely suffer heavy financial and reputational losses.
“A combined approach is the best bet against advanced iGaming fraud. Every step of the user lifecycle must be protected—from initial sign-ups to the withdrawal stage. That involves KYC, behavioral intelligence, device fingerprinting, database checks, and more. Sumsub combines all the necessary checks within its full-cycle verification platform tailored to the needs of gaming platforms and operators, ensuring advanced fraud protection and a smooth player journey,” Andrew Novoselsky, CPO at Sumsub, said.
The post iGaming Fraud Increased 64% YoY: Sumsub Shares Alarming Data in 2024 iGaming Fraud Report appeared first on European Gaming Industry News.
The studio is shortlisted for the “Brand of the Year – B2B” category
ELA Games, an innovative game development studio, has been shortlisted for the “Brand of the Year – B2B” category at the upcoming EGR Marketing & Innovation Awards 2025.
The EGR Marketing & Innovation Awards is an event that celebrates key figures and innovative brands within the iGaming industry. The ceremony recognises companies that demonstrate commercial success through game-changing creativity and contributions to the improvement of the industry. It gathers the brightest and most influential minds to reward those who have helped the online gaming sector grow.
ELA Games’ nomination for the “Brand of the Year – B2B” category highlights the company’s efforts in creating a portfolio that balances operator-centric growth with player-friendly gaming experiences. The studio has demonstrated a commitment to helping operators improve player acquisition and retention metrics through data-backed performance, making it a beneficial partner.
Marharyta Yerina, ELA Games’ Managing Director, commented on the nomination, “The ELA Games team is proud to receive a nomination for a significant category at a prestigious event. We’ve made considerable strides in 2025 to develop our portfolio and create games that both help operators grow and provide fun for players. We look forward to networking with all our peers at the ceremony, and congratulations to all nominees!”
The EGR Marketing & Innovation Awards 2025 will take place on June 19, 2025, at The Mermaid, London. The ELA Games team will attend the ceremony for a night of excitement, networking, and celebration.
The post ELA Games Receives Key Nomination at EGR Marketing & Innovation Awards appeared first on European Gaming Industry News.
BETER is proud to announce that we have been shortlisted in nine categories at the Baltic and Scandinavian Gaming (BSG) Awards 2025, organized by HIPTHER. This recognition highlights our continued commitment to delivering top-tier esports, sports betting content and solutions across key European markets.
Our nominations reflect excellence in both Baltic and Nordic categories:
Baltic Categories:
- Best Esports Service Provider in the Baltics
- Rising Star in Baltic Sports Betting Technology
- Best Virtual Sports Provider in the Baltics
- Rising Star in Baltic Virtual Sports
Nordic Categories:
- Best Esports Service Provider in the Nordics
- Best Sports Betting Provider in the Nordics
- Rising Star in Nordic Sports Betting Technology
- Best Virtual Sports Provider in the Nordics
- Rising Star in Nordic Virtual Sports
We would like to extend a heartfelt thank you to everyone who supported us during the voting process. Your trust and recognition inspire us to keep innovating and delivering outstanding content and solutions tailored to the needs of operators and players in these dynamic regions.
The winners will be revealed on 27 May 2025 during the MARE BALTICUM Gaming & TECH Summit in Vilnius — stay tuned!
The post BETER Shortlisted in Nine Categories at the Baltic and Scandinavian Gaming Awards 2025 appeared first on European Gaming Industry News.
ELA Games, a dynamic game development studio in the iGaming industry, has been shortlisted for the “Innovator” category at the upcoming 2025 Women in Gaming Diversity Awards.
The studio’s founding philosophy of “For Players, By Players” has directed its production approach, creating titles that balance player experiences and casino-centric performance. By understanding the core needs of modern gamers, ELA Games has curated a portfolio of visually appealing, innovative games that assist with operator growth.
The WiG Diversity Awards are a prestigious event that recognises employers for their contributions to the industry and efforts in well-being and diversity. The “Innovator” category ELA Games prides itself on its contributions to the industry, championing a diverse workforce while creating memorable games that have a lasting impact.
Marharyta Yerina, ELA Games’ Managing Director,commented on the shortlisting, “Since our inception in 2021, we’ve made a concerted effort to create an inclusive and aspirational work environment, allowing us to produce trademark games. Being shortlisted for the ‘Innovator’ category at the 2025 WiG Diversity Awards reflects our commitment to diversity, excellence, and well-being, and we pledge to continue investing in our workplace culture to foster innovation at every level of the company.”
Final voting for the winner of the “Innovator” category, among others, will commence on the 5th of June, 2025, at the Savoy Hotel in London.
The post Celebrating Innovation: ELA Games Finalists at 2025 WiG Diversity Awards appeared first on European Gaming Industry News.
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