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.
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Vixio, a leading provider of regulatory intelligence solutions, unveiled its 2024 Global Regulatory Awards (GRAs) winners last night during an event in London.
More than 300 industry leaders, regulatory experts, and esteemed professionals of the global gambling industry attended the prestigious event. The independently judged GRAs recognise and celebrate the achievements of individuals, teams, and organisations in the gambling industry who have excelled in compliance, corporate social responsibility, and safer gambling.
The eighth annual awards ceremony recognised winners across 20 categories. Notable winners on the evening included Betsson Group, Mindway AI, and Paysafe, each winning two awards. Vixio also recognised outstanding individuals, such as Jessica Feil of OpenBet, named Compliance Professional of the Year, and Laura McAllister Cox of Rush Street Interactive, awarded Chief Compliance Officer of the Year. “A big thank you to everyone who attended last night’s Global Regulatory Awards event in London. Vixio has been proud to host independently judged awards for the last eight years. Our selection process ensures that each winner is the best in class and has displayed clear dedication to trustworthy gambling and regulatory compliance, so huge congratulations to all the winners.” stated Mike Woolfrey, CEO of Vixio.
Docaposte, Draft Kings, eCOGRA, Gaming Associates, Scientific Games, and charity partner Ygam were among the sponsors for this year’s Global Regulatory Awards. The 2025 Global Regulatory Awards presentation will take place on November 19th, returning to the De Vere Grand Connaught Rooms in London.
The official 2024 winners are as follows:
AML or MLR Professional of the Year – Brian Doran, Metropolitan Gaming
Award for Commitment to Compliance by an Operator – Betsson Group
Chief Compliance Officer of the Year – Laura McAllister Cox, Rush Street Interactive
Compliance Innovator of the Year – Mindway AI
Compliance Professional of the Year – Jessica Feil, OpenBet
Compliance Lifetime Achievement Special Award – David Rebuck
Compliance Rising Star Special Award – Jamie Delaney, Apricot
Compliance Team of the Year – Betsson Group
Head of Regulatory Affairs or Government Relations of the Year – Martin Lycka, Entain
Legal Team of the Year – Paysafe
Outstanding Contribution to Safer Gambling – Flutter Entertainment
Outstanding Contribution to Sports Betting Integrity – Entain
Outstanding Individual Contribution to Safer Gambling – Paul Buck, EPIC Global Solutions
Payment Service or Solution Provider of the Year – Paysafe
RegTech Provider of the Year – Mindway AI
Regulatory Initiative of the Year – National Voluntary Self-Exclusion Program, idPair
Regulatory Law Firm of the Year – Bird & Bird
Regulatory Lawyer or In-House Counsel of the Year – Sue Dawson, Light & Wonder
Responsible Gambling Service or Solution Provider of the Year – BetBuddy by Playtech
Testing Service or Solution Provider of the Year – BMM Testlabs
The post Vixio Announces Winners for the 2024 Global Regulatory Awards appeared first on European Gaming Industry News.
EGT Digital celebrates being named the “Online Provider of the Year” at the 15th edition of the prestigious BEGE Awards competition. The official ceremony was held on November 27 and accolades in 32 categories were presented to individuals and companies for their exceptional achievements in the gaming and entertainment industry.
EGT Digital took the award in recognition of the wide variety of iGaming products and services it offers. The company’s ever-growing portfolio of casino games enjoys great popularity in a number of markets around the world. Players appreciate their perfect combination of eye-catching genuine design, high winning chances, and many captivating bonus features. The in-house developed “all-in-one” betting platform X-Nave is a versatile solution, providing the advanced technology and tools operators need to ensure the success of their online business.
Vladimir Dokov, CEO of EGT Digital, said: “Thanks to its forward-thinking developments, EGT Digital has quickly established itself as a preferred iGaming provider both locally and globally. This award is a very valuable distinction for us and reaffirms our commitment to creating innovative products and promoting responsible gaming.”
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BEGE Awards 2024 brought well-deserved recognition for EGT, providing the company with 4 prizes. At an official ceremony, held on 27 November, the company received accolades in the categories “Slot Machine of the Year”, “Jackpot System of the Year,” and “Corporate Social Responsibility of the Year”.
The fourth and special award “CEO of the Year” was presented to EGT’s CEO Vladimir Dokov. This distinction highlights his strategic vision, which has positioned the company as one of the leading manufacturers and suppliers of gaming equipment on a global level.
“It is a great honor for me to receive this award for the second year in a row,” said Mr. Dokov. “This is eloquent testimony that with motivation, devotion and the support of a team of talented and ambitious professionals any challenge is surmountable and any goal is achievable.”
The “Slot Machine of the Year” award was presented to EGT in recognition of its slot cabinets from General Series, which had many installations in 2024, demonstrating excellent performance in a number of gaming establishments around the world.
The absolute bestseller Bell Link has earned the company the “Jackpot System of the Year” prize. Featuring 4 exciting jackpot levels and numerous attractive bonuses, this product has quickly become players’ favorite wherever it has been installed.
EGT was also honored with the “Corporate Social Responsibility of the Year” acknowledgment for its dedication to supporting various charity and sports initiatives, as well as its consistent policy for environmental protection implemented in its production processes and overall activities.
“The BEGE Awards serves as a benchmark for industry achievements, and we are proud that EGT took all these prestigious prizes. They inspire us to continue pursuing gaming excellence,” concluded Mr. Dokov.
The post EGT secures four prestigious accolades at BEGE Awards 2024 appeared first on European Gaming Industry News.
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