IDnow reveals 750% surge in EURO 2024 betting verifications

credit: Shutterstock
credit: Shutterstock

IDnow has revealed that the first several days of EURO 2024 matches has seen a significant rise in betting verification requests. 

Since kick-off commenced on 14 June, IDnow revealed that the number of players being verified with a European gambling operator soared 750%, with the busiest day being the opening fixture between Germany and Scotland. 

This verification figure is much higher than that of any match during the 2022 FIFA World Cup and IDnow expects this latest spike to remain stable for each country’s first game. 

However, this has led to the identity protection company highlighting that there will also be a negative consequence to the spike, which increases the likelihood of bonus abuse, multi-accounting, underage gambling, money laundering and fake documentation. 

Roger Redfearn-Tyrzyk, Vice President of Global Gaming at IDnow, commented: “The challenges operators face during major sporting tournaments are not necessarily any different to their regular daily compliance hurdles, but the sheer volume of new players from all around the world, coupled with increased activity, is likely to cause issues for unprepared operators.

“EURO 2024 will be a huge opportunity for gambling platforms, new and old, so it’s essential they capitalise on the event while safeguarding their players and their reputation. It’s important they have effective, compliant verification processes in place to onboard vast numbers of players as smoothly and safely as possible. 

“Only when operators are confident they can verify accounts thoroughly, and onboard the right players during such busy periods, will they be effective in fighting fraud.”

Major sporting events like EURO 2024 are always a time where betting operators experience year-high activity as it appeals to both regular and casual players. 

With the online functionality and seamlessness to navigate online betting apps today, players are finding it easier to place bets and therefore is becoming more of a popular event to place a bet on a major tournament match. 

IDnow revealed that betting during the 2022 World Cup increased by 13% from the 2018 World Cup but this surge in gambling has often led to bettors being active on just regulated sites, but with unregulated betting operators too. 

In the UK alone, 250,000 people visited unregulated, black-market sites during the last World Cup, compared to just 80,000 during the same timeframe of the previous year.

Along with the pitfalls that come with grey/black market operators, IDnow also addressed other key security concerns for players, one being the rise in gambling fraud which can be activated through chargebacks, solved through verification solutions and transaction monitoring. 

“Gaming operators in these particular regions must offer secure player onboarding, deposits and withdrawals, and conduct seamless Anti-Money Laundering and age verification checks to help fight the expected proliferation of fraudulent activity in both the build up to EURO 2024 and throughout the tournament,” concluded Redfearn-Tyrzyk.