Industry News
Impact of COVID-19 on Virtual Gambling Sector: ConnectPay Calls to Fortify Payment Security as Industry Fraud on Rise
Online gambling has increased during the pandemic. Evidently, so did the illegal activity related to the industry. Scammers are abusing the vulnerability of the circumstances, which is reflected by the rise in financial fraud and exploitation schemes. ConnectPay, an online banking service provider, encourages businesses, especially the ones considered to be higher-risk, to make the security of payment transactions their top priority in order to build trust with new and existing clients, and protect them from falling victim to fraudulent payments.
Illicit activity concerning monetary transactions has been a long-standing issue for the virtual gaming industry even prior to the pandemic, with financial crime estimated to be at $2.1 trillion per annum. That said, the COVID-19 crisis has brought new challenges as new fraud schemes started to plague various markets. This has influenced some countries, fearing an increase of illicit activity in online gambling, to issue tighter measures for the vendors to protect consumers during the lockdown.
“The increased online gambling sessions correlate with the noticeable jump in payment transactions”, explained Liutauras Varanavičius, Head of Business Development at ConnectPay. “When comparing data from January with the stats from April, we have noticed a 30% increase in gambling-related transactions. Even though it’s hard to predict how prolonged will the aftermath of the pandemic be, the necessity of instating more precautionary measures to support secure payments is too apparent to be left unaddressed.”
The surge of online gambling activity has greatly increased the public’s exposure to digital risks. While others are capitalizing on the crisis, businesses have to face the conundrum on how to disassociate from the perpetrators, remain credible and retain their target audience.
“The spike in fraudulent financial activity could hit the sector even harder than others: it’s already under a magnifying glass due to the nature of acquired revenue, thus any association with financial fraud could be leveraged as a pretext to revoke acquired licenses and restrict business”, said L. Varanavičius.
As the global health crisis continues, the need for reliable security measures and prevention of illicit financial flows will only continue to grow. Implementing timely and adequately prepared safeguards to combat arising threats is paramount, as, until brick-and-mortar casinos are once again operational, gambling industry relies on digital-only vendors.
Preserving secure payment transactions could be the difference between remaining operational or having to close up shop. The pandemic has already hampered AML supervision and presented new threats that could aid criminals in avoiding customer due diligence. However, having acknowledged current obstacles enables businesses to evaluate measures that would help avoid being juxtaposed with illicit activity and choose partnerships accordingly.
To keep the scammers at bay, ConnectPay continuously invests in innovative fraud prevention solutions, latest AML safeguards and other smart tools, helping companies in underserved markets to maintain credibility and keep the associated risks to the bare minimum. Furthermore, the company places high emphasis on a thorough screening process: this prevents taking on clients involved in unethical business practices, limiting the grounds for financial fraud. In 2020, ConnectPay is planning to invest additional 750 thousand euros in Anti Money Laundering and Counter-Financing of Terrorism compliance solutions.
Mohegan Tribal Gaming Authority, known globally for its renowned integrated entertainment resorts, has appointed Joseph J. Hasson as interim Chief Operating Officer. Jody Madigan, the current COO, has resigned effective August 1, 2024, and will be taking a leave of absence pending his departure.
Joseph J. Hasson will serve as interim COO and retain his current role as General Manager of Mohegan Casino at Virgin Hotels Las Vegas, subject to necessary regulatory filings or approvals. Mr. Hasson was an obvious choice for the Management Board, given his prior experience as the former Chief Operating Officer of Station Casinos LLC and Red Rock Resorts Inc. Joe brings considerable expertise to the executive team with a consistent track record of operating excellence and success over more than 40 years’ experience in the gaming and hospitality industry. Mr. Hasson will report to Ray Pineault, President and Chief Executive Officer of Mohegan.
“Joseph J. Hasson’s deep understanding of the gaming and hospitality industry makes him exceptionally qualified to maintain our high service and operational excellence standards. We are confident that Joe’s extensive experience and proven leadership will ensure continuity in our operations and guest experience,” Ray Pineault, President and CEO of Mohegan, said.
Jennifer Shatley, a recognized expert in the field and a highly sought speaker and advisor, has joined the Responsible Online Gaming Association (ROGA) as Executive Director.
Shatley has had 25+ years worth of experience, working closely with the treatment community, academics, researchers, government bodies, state councils, and gaming industry representatives to promote responsible gaming.
“Many of America’s largest legal mobile gaming operators will be establishing a framework that helps to aid in responsible gaming education and awareness. By coming together with a clear set of objectives, ROGA and our members will work to enhance consumer protections and help provide easier and more efficient access to responsible gaming tools for consumers to enjoy the entertainment of online gaming,” Shatley said.
Industry News
Europe Sports Betting Market Size, Share & Trends Analysis Report 2024-2030 Featuring Bet365, William Hill, Betfair, Paddy Power, 888sport, Bwin, Unibet, Ladbrokes, MGM, and Betsson
The “Europe Sports Betting Market Size, Share & Trends Analysis Report by Type, Platform, Sports Type (Football, Basketball, Baseball, Horse Racing, Cricket, Hockey, Others), Country, and Segment Forecasts, 2024-2030” report has been added to ResearchAndMarkets.com’s offering.
The Europe sports betting market size is anticipated to reach USD 65.54 billion by 2030 and is expected to expand at a CAGR of 9.9% from 2024 to 2030
The globalization of sports and the integration of international leagues and tournaments into European betting markets have fueled the growth of sports betting. Major sporting events such as the FIFA World Cup, UEFA European Championship, Wimbledon, and the Olympics attract widespread attention and betting interest from European consumers, driving significant betting volumes and revenues for sports betting operators, thus driving the growth of the sports betting market in Europe.
The COVID-19 pandemic had a negative impact on the European sports betting market. The cancellation or postponement of sports events during the pandemic restrained the market growth. With major tournaments, leagues, and competitions either suspended or canceled outright, the absence of live sports events severely diminished consumer betting opportunities. It led to a significant decline in betting volumes and revenues for sports betting operators.
The presence of favorable betting policies in the region is driving the growth of the sports betting market in the region. Many European countries, such as the UK, Ireland, Denmark, and France, have progressive policies promoting a competitive and well-regulated betting market. It facilitates the entry of new operators into the market and encourages competition, leading to innovation, improved services, and better value for consumers.
Moreover, established responsible gambling initiatives and regulatory bodies in Europe, such as the European Gaming & Betting Association, help build trust and confidence among consumers by promoting responsible gambling practices, ensuring fairness and transparency in betting operations, and providing avenues for dispute resolution, to protect consumers and maintain the integrity of the betting market, thus driving the growth of sports betting market in the region.
Europe Sports Betting Market Report Highlights
- Based on the type of betting, the fixed odd wagering segment accounted for the highest revenue share of 27.7% in 2023 due to the stability and predictability of the payouts
- Based on platform, the online segment dominated the market in 2023 and is expected to grow at a significant CAGR from 2024 to 2030. It can be attributed to the collaborations between sports teams, leagues, and betting companies, thus increasing the visibility of sports betting and attracting a larger customer base.
- In terms of sports type, the football segment accounted for the largest revenue share in 2023. It can be attributed to the popularity of football in Europe due to popular football clubs like Real Madrid, Liverpool FC, FC Barcelona, and Manchester United.
- The UK held a significant share of 34.6% in 2023 and is expected to grow at a significant CAGR during the forecast period. Favorable gambling policies in the country drive the market’s growth.
Company Profiles
- Bet365
- Ali William Hill
- Betfair
- Paddy Power
- 888sport
- Bwin
- Unibet
- Ladbrokes
- MGM Resorts International
- Betsson
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 80 |
| Forecast Period | 2023 – 2030 |
| Estimated Market Value (USD) in 2023 | $33.75 Billion |
| Forecasted Market Value (USD) by 2030 | $65.54 Billion |
| Compound Annual Growth Rate | 9.9% |
| Regions Covered | Europe |
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.3. Competitive Insights
Chapter 3. Europe Sports Betting Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.1.1. Parent market outlook
3.1.2. Related/ancillary market outlook
3.2. Market Dynamics
3.2.1. Market driver analysis
3.2.1.1. Increasing number of sport events
3.2.1.2. Growing number of sporting events and leagues in Europe
3.2.2. Market restraint analysis
3.2.2.1. Lack of unified regulations
3.2.3. Market opportunity analysis
3.2.3.1. Growth in E-sports audience
3.3. Europe Sports Betting Market Analysis Tools
3.3.1. Industry Analysis – Porter’s
3.3.2. PESTEL Analysis
Chapter 4. Europe Sports Betting Market: Platform Estimates & Trend Analysis
4.1. Platform Market Share, 2023 & 2030
4.2. Segment Dashboard
4.3. Europe Sports Betting Market by Platform Outlook
4.4. Market Size & Forecasts and Trend Analyses, 2018 to 2030
4.4.1. Offline
4.4.2. Online
Chapter 5. Europe Sports Betting Market: Type Estimates & Trend Analysis
5.1. Type Market Share, 2023 & 2030
5.2. Segment Dashboard
5.3. Europe Sports Betting Market by Type Outlook
5.4. Market Size & Forecasts and Trend Analyses, 2018 to 2030
5.4.1. Fixed odds wagering
5.4.2. Exchange Betting
5.4.3. Live/In Play Betting
5.4.4. eSports Betting
5.4.5. Others
Chapter 6. Europe Sports Betting Market: Sports Type Estimates & Trend Analysis
6.1. Sports Type Market Share, 2023 & 2030
6.2. Segment Dashboard
6.3. Europe Sports Betting Market by Sports Type Outlook
6.4. Market Size & Forecasts and Trend Analyses, 2018 to 2030
6.4.1. Football
6.4.2. Basketball
6.4.3. Baseball
6.4.4. Horse Racing
6.4.5. Cricket
6.4.6. Hockey
6.4.7. Others
Chapter 7. Europe Sports Betting Market: Regional Estimates & Trend Analysis
7.1. Regional Market Share Analysis, 2023 & 2030
7.2. Regional Market Dashboard
7.3. Regional Market Snapshot
7.4. Market Size, & Forecasts Trend Analysis, 2018 to 2030
7.4.1. UK
7.4.2. Germany
7.4.3. France
7.4.4. Italy
Chapter 8. Competitive Landscape
8.1. Recent Developments & Impact Analysis, By Key Market Participants
8.2. Company/Competition Categorization
8.3. Vendor Landscape
8.3.1. List of key distributors and channel partners
8.3.2. Key customers
8.4. Company Profiles
For more information about this report visit researchandmarkets.com
The post Europe Sports Betting Market Size, Share & Trends Analysis Report 2024-2030 Featuring Bet365, William Hill, Betfair, Paddy Power, 888sport, Bwin, Unibet, Ladbrokes, MGM, and Betsson appeared first on European Gaming Industry News.
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