In a groundbreaking initiative to bolster the integrity of Brazil's newly regulated and rapidly expanding sports betting market, the International Betting Integrity Association (IBIA) today launched a dedicated Payment Provider Forum.
This forum aims explicitly to protect the market from financial fraud related to competition manipulation. The project has launched with six prominent payment providers who have signed up to a Declaration of Commitment and Participation: Bazk, Z.ro Bank, OneKey Payments, OKTO, VPag, and Pay4Fun.
With IBIA’s members forecasted to generate over 70% of remote gross gambling revenue in Brazil, IBIA will play a key role in safeguarding the integrity of the sports betting market. Payment providers and other related financial services also play a crucial role in ensuring the integrity of sports betting. Therefore, the IBIA Payment Provider Forum has been established to foster collaborative activities that contribute to a robust, secure, and responsible gambling market in Brazil.
Regulatory and other institutions linked to financial payments and competition manipulation will be invited to join Forum meetings and engage in the development and implementation of preventative actions against financial fraud.
The Forum will also benefit from IBIA's extensive knowledge of sports betting integrity issues and trends, obtained from its global integrity monitoring and data intelligence network. That includes many of the world's largest regulated betting operators, active across six continents, and partnerships with leading sports bodies and gambling regulatory authorities. It will also leverage IBIA's expertise in establishing industry standards, such as its Data Standards Kitemark.
Khalid Ali, CEO at IBIA, said: "Cooperation between financial services, regulatory authorities, and betting operators is essential to address the challenges from financial fraud and to maximize 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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