IBIA Payment Provider Forum to Protect Brazil’s Gaming Market
The International Betting Integrity Association (IBIA), the sports wagering monitoring business, has announced it has collaborated with several financial institutions to launch the Payment Provider Forum in the newly regulated Brazilian gaming market.
LISTEN TO THIS ARTICLE:The six payment providers brought together by the IBIA are Bazk, Z.ro Bank, OneKey Payments, OKTO, VPag, and Pay4Fun who have joined the forum by signing a Declaration of Commitment and Participation.
The objective of the forum is for the financial payment companies to work together to tackle fraudulent activities in the growing Brazilian gambling market. IBIA will use its position as a market leader in integrity within gaming markets worldwide, to help introduce a set of industry standards for financial providers in the Brazilian region.
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The members of the forum will hold its first meeting in Rio hosted by IBIA, and the theme of the meeting will be to protect Brazil’s sports betting market from financial fraud. The IBIA says the conference is open to other financial service providers who operate in Brazil.
The Brazilian gaming market has restructured its online regulations at the start of the year and it is estimated to become one of the largest gambling jurisdictions globally and is forecast to enjoy gaming revenues surpassing $1.5 billion annually.
The IBIA has stated it is keen to help set up robust procedures and integrity legislation in the country. Setting up this forum will help to ensure the financial services providers are compliant to creating a trusted environment for sports betting activities in the Brazilian sports betting market.
The IBIA has shown there were more than 200 alerts globally last year in its recent annual report. The organization is responsible for highlighting over 30 instances of irregular betting patterns that have led to ongoing investigations from sporting bodies.
Cooperation between financial services, regulatory authorities and betting operators is essential to address the challenges from financial fraud and to maximise the potential of the sector in Brazil. IBIA is therefore delighted that these major payment institutions have agreed to explore collaborative activities to protect the market. Working together, we can create a sustainable and thriving sports betting market in Brazil that benefits all stakeholders. Cross-sector partnership working is a central pillar of IBIA’s global activity, and the association will be assessing the potential benefits of replicating this group in a wider international setting.
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