The enthusiasm for sports wagering is increasingly evident: Could sportsbook operators reap substantial profits during the summer of 2024?
In various European nations, including Germany, individuals aiming to join authorized sports betting platforms are required to authenticate their identities. As per IDNow, a notable sports betting provider, the number of identity verification requests between June 14-16, 2024, escalated approximately 750% compared to usual periods. This surge is attributed to the UEFA European Football Championship (EURO 2024), catalyzing new clientele but also intensifying competition among bookmakers.**
The significance of identity checks
Roger Redfearn-Tyrzyk, IDNow's Global Gaming Vice President, underlined the statement in a press release that ensuring reliable player identification entails a significant challenge, particularly during EURO 2024 in Germany.:
The UEFA European Football Championship 2024 presents a notable chance for both emerging and established gaming platforms. Therefore, it is crucial to capitalize on this event. Yet, operators must not disregard safeguarding their platform's reputation and protecting players. Advanced and compliant verification procedures facilitate the effortless and secure onboarding of new players. — Roger Redfearn-Tyrzyk, IDNow's Global Gaming Vice President.
IDNow's research indicates that notable sports events dramatically influence bettor numbers. Many of these newcomers are first-time registrants, necessitating precise data collection.
Germany utilizes the OASIS system, enabling individuals who may be at risk to opt out of betting activities. Similarly, other European countries have protective mechanisms, yet they remain ineffective without accurate player identification and interaction with legal providers.
Unfortunately, as noted by Redfearn-Tyrzyk, unregulated websites witness an uptick in illegal activities, often sans any player verification, providing a conduit for money laundering by criminals.
Competitive demand and intense rivalry for bookmakers
An article in the iGaming Business publication recollects that EURO 2024 is not the sole significant sports event happening this summer. The Copa América, commencing tonight, and the Olympic Games, scheduled for July 26, may also stir curiosity in sports betting [link].
Rachael Kane, a Flutter Entertainment representative, highlighted that the concurrent occurrence of multiple major sports events during summer 2024 poses both opportunities and threats for individual bookmakers.
Not only does the high player demand persist, with numerous novice bettors placing their first wager, but competition is also particularly fierce during this market phase. For instance, many bookmakers vie against each other by offering bonuses and escalated odds to attract new customers who they hope will sustain loyalty after their initial bets.
Potential overexposure to sports betting advertisements during EURO 2024
Despite controversy from various sectors, a sports betting prohibition for EURO 2024 has not been enforced. Instead, Betano, a prominent bookmaker, has served as the tournament's primary sponsor.
Burkhard Blienert, a SPD politician and the Federal Government's drug commissioner, argued that sports betting is perceived as being "far too commonplace" and is advertised excessively.
However, the counterargument contends that by advertising legal offers, the regulated market can potentially transition. Data from the USA also underscores that the sports betting market can maintain growth even with reduced advertising intensity.
Navigating the central challenge: popularizing registered providers
Industry professionals highlight that the widespread fascination with sports betting and other gambling entertainment persists within society. Players will, regardless, seek providers to place a sports bet during the 2024 EM. At this juncture, it becomes essential that they opt for legal providers.
Matthias Dahms, President of the German Sports Betting Association (DSWV), has expressed concerns that up to one-third of sports betting stakes might be wagered with unauthorized providers. It is expected that roughly 1 billion euros might be bet on EURO 2024 matches in Germany alone.
Detailed data on gambling channeling into the legal market remains unavailable at this time. However, the evaluations from IDNow suggest that at least a significant number of players choose a secure verification process.
In light of the UEFA European Football Championship 2024, German online casinos witness an influx of new players, necessitating stringent identity checks to ensure compliance with regulations. To cater to this surge in demand, reputable online casinos in Germany, such as those partnered with IDNow, prioritize secure and efficient identity verification processes.
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