Verifications are important for player protection
Roger Redfearn-Tyrzyk, Vice President of Global Gaming at IDnow, said in one Press release from his company explains that functioning customer verification is a major challenge, especially before the European Football Championships currently taking place in United Kingdom:
The 2024 European Football Championship represents a great opportunity for new and old gambling platforms. That's why it's essential to use this event to your advantage. At the same time, operators also have to protect the reputation of their platform and the players themselves. Therefore, efficient, compliant verification processes are necessary to bring this flood of players smoothly and safely onto the respective platform. – Roger Redfearn-Tyrzyk, Vice President of Global Gaming at IDnow, Source: IDNow
According to studies by IDNow, major sporting events always have a strong influence on the number of players betting. Many of them are registering with a provider for the first time, which makes collecting the correct data all the more important.
In United Kingdom , the OASIS system allows players who are potentially at risk of addiction to exclude themselves from participating in games of chance. Such protective mechanisms also exist in other European countries. However, these can only work if the players are correctly identified and play with legal providers.
Unfortunately, according to Redfearn-Tyrzyk, the trend is that more and more activities are taking place on unregulated websites. Players are often not required to be verified, which gives criminals the opportunity to launder money.
High demand, but lots of competition for bookmakers
An article in the trade magazine iGaming Business also reminds us that the 2024 European Championship is not the only top sporting event coming up this summer. Also the Copa América starting tonight and the Olympic Games starting on July 26th could further fuel interest in sports betting [Article on English].
Rachael Kane, spokeswoman for the listed gaming group Flutter Entertainment, pointed out that the high density of top sporting events in the summer of 2024 not only presents opportunities but also risks for individual bookmakers.
It's not just the interest of the players, a large proportion of whom are placing a bet for the first time, that is great. Competition is also particularly tough in the current market phase. For example, many bookmakers would outbid each other with bonuses and boosted betting odds in order to attract new customers who would remain loyal to the new sports betting provider even after their first bets.
Is there too much sports betting advertising as part of the Euro 2024?
Despite criticism from various quarters, a sports betting ban has not been enforced as part of the 2024 European Championship. Instead, Betano, one of the main sponsors of the tournament, is a bookmaker.
In the opinion of SPD politician Burkhard Blienert, who acts as the federal government's addiction commissioner, sports betting is seen as “far too obvious” and is advertised too much.
On the other hand, there is the argument that channeling into the regulated market can only be achieved through advertising for legal offers. Figures from the USA also show that the growth of the sports betting market can continue to progress despite lower advertising intensity.
Channelization remains a key challenge
Industry experts point out that interest in sports betting and other gambling offerings is deeply rooted in society. In any case, players would look for providers, for example to place a sports bet on the 2024 European Championship. Then it is important that you choose a legal provider.
Matthias Dahms, President of the German Sports Betting Association (DSVW), expressed his concern that Up to a third of sports betting stakes could be placed with illegal providers. Overall, it is expected that around 1 billion euros could be bet on European Championship games in United Kingdom alone.
It will probably be some time before concrete figures on how gambling can be channeled into the legal market are available. But IDNow's evaluations show that at least a large number of players choose the route of secure verification.
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