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iGaming Fraud Increased 64% YoY: Sumsub Shares Alarming Data in 2024 iGaming Fraud Report

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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.

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“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.

Balkans

SAVE THE DATE! The Prestigious BEGE AWARDS 2025 are coming on November 26th!

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BALKAN GAMING AND ENTERTAINMENT EXPO (BEGE) is excited to announce the date for this year’s highly anticipated event: the BEGE AWARDS 2025 will take place on November 26th in Sofia, Bulgaria. This premier occasion celebrates excellence, innovation, and achievement within the industry, bringing together nominated companies, exhibitors, sponsors, and partners for an unforgettable evening.

The event promises a glamorous award ceremony recognizing outstanding accomplishments, complemented by a themed party designed to elevate the celebration. Attendees will have the opportunity to support meaningful causes, as participating companies will be announced for their donations during the evening.

Following the awards, guests can look forward to the legendary BEGE PARTY, a high-energy celebration featuring great music, vibrant entertainment, and a lively atmosphere that will truly bring down the roof.

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The night will also include delicious food, refreshing drinks, and numerous opportunities for networking with industry leaders and peers. BEGE aims to create an engaging experience filled with surprises and memorable moments.

Nominations for the awards will open soon, and official invitations with further details will be sent out shortly.

Save the date, and stay tuned for more updates!

The post SAVE THE DATE! The Prestigious BEGE AWARDS 2025 are coming on November 26th! appeared first on European Gaming Industry News.

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eSports

BETER Wins Esports Betting Supplier Award at the EGR B2B Awards 2025

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BETER, the in-demand provider of fast-betting content, data, and odds for esports and sports, has been awarded Esports Betting Supplier at the prestigious EGR B2B Awards 2025.

It is the first time BETER has received this award, marking a significant milestone in the company’s journey and reflecting the growing demand for its fast-paced esports products.

The EGR B2B Awards celebrate the companies powering the global iGaming industry, recognizing excellence and rewarding those leading in innovation, reliability, and client service.

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BETER’s esports offering features the fan-favorite ESportsBattle tournaments, providing non-stop betting action across popular disciplines such as eFootball, eBasketball, and eHockey, with eTennis set to become available to all partners soon. It means bettors can wager on approximately 500,000 matches annually, with up to 50 markets per event, while operators benefit from an average margin of 7.5%.

In addition, BETER provides a comprehensive Esports Odds Feed, delivering market-leading odds for over 40,000 pre-match and live events per year. These odds are calculated using official data and compiled by a team of expert traders.

With a team of over 130 esports traders, BETER ensures that players across all partner operators can place bets on the provider’s events with more than 90% uptime.

All ESportsBattle`s matches come with 24/7 live streaming, real-time data and odds, and are closely monitored by BETER’s in-house Integrity team to ensure strict adherence to fair play standards. As a result, only 0.01% of matches have been flagged as suspicious in the past 12 months.

Gal Ehrlich, CEO of BETER, said: “We are incredibly proud of the entire BETER team for the hard work that led to this achievement.

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“Their tireless efforts to deliver best-in-class esports products for the next generation of bettors have paid off—not just in winning this award, but in delivering a top-tier product and experience to our partners and their players, consistently exceeding expectations.

“This award rounds off an incredible six months for BETER, and we head into the second half of the year with strong momentum behind us.”

Adam Conway, General Manager of Esports Business Division at BETER, added: “Our esports betting products are unmatched—led, of course, by our ESportsBattle tournaments.

“These tournaments truly set the standard for what a fast-betting esports experience should be, and we’re thrilled to see that recognized by the EGR B2B Awards judges.

“Our Esports Odds Feed is equally impressive and has become an essential tool for operators looking to offer the best accurate odds in the industry.

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“I’d like to thank the entire BETER team for their dedication and to EGR for this recognition. We couldn’t be happier to add our first EGR B2B Award to the trophy shelf.”

The post BETER Wins Esports Betting Supplier Award at the EGR B2B Awards 2025 appeared first on European Gaming Industry News.

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Industry Awards

CT Interactive nominated for Ortak x B.F.T.H. Arena Awards 2025

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CT Interactive is thrilled to announce its nomination for the prestigious Ortak x B.F.T.H. Arena Awards 2025, with two standout titles: Macho Wild and Three Crowns Kingdom. This recognition cements CT Interactive’s reputation as a leading provider of premium, innovative content in the competitive iGaming market.

The Ortak x B.F.T.H. Arena Awards are a key industry platform that brings together developers, operators, investors, and technology partners to celebrate cutting-edge innovation, share insights, and forge valuable strategic partnerships.

Monika Zlateva, Chief Commercial Officer at CT Interactive, expressed her excitement: “Being nominated alongside some of the industry’s most forward-thinking studios is a true honor. Macho Wild and Three Crowns Kingdom represent the passion and creativity of our team, and we remain committed to delivering immersive, high-quality gaming experiences that resonate with players worldwide.”

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The winners will be revealed at Harmony Meetup V on July 10th — a premier event focused on networking and driving business growth across the iGaming ecosystem.

The post CT Interactive nominated for Ortak x B.F.T.H. Arena Awards 2025 appeared first on European Gaming Industry News.

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