IBIA Wants LatAm to Promote Strong Sports Betting Integrity
The International Betting Integrity Association (IBIA), the sports monitoring organization, has announced it believes gambling industry stakeholders in the LatAm region should adopt similar guidelines to the Brazilian gambling regulations.
IBIA proposes stronger integrity measures in the LatAm region
LISTEN TO THIS ARTICLE:Gaming regulators in Brazil have mandated that sports betting operators in the jurisdiction must partner with an integrity organization, that will be responsible for monitoring its sports betting operations.
The IBIA boasts it monitors over $300 billion in bets placed worldwide throughout the year and by using sophisticated algorithms it can identify suspicious bets. It can then contact sports organizations and legislative bodies to highlight potential betting corruption.
As a result, IBIA has become the leading player in the Brazilian gambling market and its monitoring platform accounts for 60% of the integrity services in the jurisdiction. The organization has formed partnerships with many of the leading sports bodies in the industry, including FIFA, UEFA, and the IOC.
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IBIA Wants LatAm to Use Brazil as a Template
The IBIA is pushing to expand across Latin America and feels that the regulators in other countries in the region should use the Brazilian gaming market as a template regarding the requirement to associate with a sports monitoring and integrity organization.
It cites the growing popularity of sports betting operators to enter the Brazilian gambling markets and this is one of the reasons for the significant growth in the gambling sector in the country. It is estimated that the Brazilian gaming market is set to achieve $34 billion in sports betting turnover by 2028.
With legalisation comes renewed responsibility to protect the sports betting market, sports and consumers from match-fixing. Brazil has set a high bar on integrity, but there remains a lot of work to do in the wider LatAm region. Our focus must be on creating a robust sports betting integrity ecosystem across the whole LatAm marketplace. IBIA will therefore be working with its widening LatAm network to ramp-up monitoring and strengthen the collaboration between key stakeholders.
The IBIA looks for betting patterns that may highlight irregular betting patterns and the Integrity Report for 2023 showed a decline in suspicious alerts.
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