Betting enthusiasts experienced a significant surge in interest during the early stages of Euro 2024, with bet placements climbing by an impressive 8.5 times the usual volume.
Gambling Activity on the Rise Ahead of Euro 2024
Prepare for a major jump in gambling activities amidst the Euro 2024 tournament, as reported by Gambling Insider. This surge seems to overshadow the gambling activity during the 2022 World Cup, likely due to escalated interest in both sports events and betting itself. Given this influx of users, companies could potentially encounter obstacles, especially if they're not up to the challenge.
Eyeing this opportunity, gaming platforms must maximize Euro 2024 while shielding their players and maintaining a stellar reputation. According to Roger Redfern-Tyrisk, vice president of the gaming department at IDnow, it's key for operators to confidently verify accounts and facilitate legitimate players.
Amidst the anticipated surge, fraud attempts are expected to be rampant. Take the 2022 World Cup, for instance, where around 250,000 British fans opted for illicit bookmakers, three times the number from the previous year.
Set to run until July 14, Euro 2024 boasts 24 competing teams. The final will take place in Berlin's 75,000-seater stadium. On a related note, Ukraine's national team, despite bookmakers' predictions, were surprisingly defeated by Romania in their opening match.
However, the tricky part lies in navigating regulatory landscapes across different territories. For instance, Germany's revised Interstate Treaty on Gambling in 2021 and Ireland's Gambling Regulation Act in 2024 impose stricter advertising restrictions and tougher licensing criteria. Operators must grapple with varying national laws, like Germany's distinction between online casino games and virtual slots, while meeting real-time monitoring obligations.
Fraud prevention is paramount, with platforms bracing for account takeovers, payment fraud, and bonus abuse during peak traffic. Tighter EU-wide advertising bans, such as Italy’s promo ban in 2018 and Belgium’s jersey sponsorship rules, might complicate customer acquisition, pushing operators towards creative alternative marketing strategies.
To counter these challenges, strategies like enhanced identity verification, real-time behavioral analytics, collaboration with regulators, and advanced payment monitoring are essential. Employing AI-driven KYC checks, biometric authentication, and machine learning models trained on tournament data can aid in weeding out fake accounts and underage gambling. Real-time behavioral analytics can help identify irregular betting patterns during high-stakes matches as well. Cross-border cooperation and the adoption of standardized tools to combat problem gambling are also crucial.
Given the anticipated 11.65% CAGR growth of Europe's online sports betting market (2025–2030), platforms that strike a balance between compliance (e.g., adhering to Germany’s €3.3B market regulations) and fraud resilience are likely to carve out a sustainable growth niche in this booming market.
- As Euro 2024 approaches, there's a predicted increase in casino-and-gambling activities, similarly observed during the 2022 World Cup, with sports-betting being a key area of interest.
- Amidst this surge, fraud attempts are expected to be prevalent, as seen in the 2022 World Cup where a significant number of British fans resorted to illicit bookmakers.
- To ensure safeguarding of players and maintain a favorable reputation, gaming platforms are advised to verify accounts and facilitate legitimate players, adhering to regulations such as Germany's revised Interstate Treaty on Gambling and Ireland's Gambling Regulation Act.
- In light of the anticipated growth in Europe's online sports betting market, employing strategies like enhanced identity verification, real-time behavioral analytics, collaboration with regulators, and advanced payment monitoring can help platforms strike a balance between compliance and fraud resilience.
