The increased uptake of sports betting products and services as a result of the Euro 2024 has created a corresponding rise in the number of individuals seeking identity verification. According to IDnow, a verification service provider, the number of requests for verification especially among people who want to take advantage gambling freebies and bonuses such as free bets and various betting offers has increased by more than 750%.

Euro 2024 Push Betting Verification Numbers to a Record High
Euro 2024 Push Betting Verification Numbers to a Record High Pixabay

The service provider statistics peaked during the opening match between Germany and Scotland and are far higher than numbers seen on any of the 2022 FIFA World Cup matches. IDnow projected that the numbers would increase during the opening games of every other country during the tournament.

While these numbers are encouraging, they also point to a disguised problem. The spikes may come with heightened abuse of bonuses and betting offers. It may also bring about multi-accounting and underage gambling, fake documentation, and money laundering.

Effect of Major Events and Tournament-Based Offers

Events such as the Euro 2024 offer huge opportunities for gambling platforms. However, experts say that while making the most of such chances, these platforms must protect their customers. Essentially, this statement infers that the sports betting houses must adopt effective and compliant verification processes to onboard as many people as they can and as safely and efficiently as possible.

Proper verification processes are important in preventing fraud because these processes provide additional layers of scrutiny. The challenges that betting platforms face during popular tournaments and sports events are not necessarily different from the regular compliance hurdles they experience during other days. However, popular meets bring sheer volumes of players from all over the world who come with increased activity. Unprepared bookmakers may find such activity overwhelming.

The headache is further compounded by the many enticing bonuses and free bets on offer. A survey revealed that going into the Euro 2024, most bookmakers offered between 100% and 350% deposit bonuses, a range of free bets, and numerous other betting offers. Such freebies often entice gamers more to join these platforms.

White Hat Sites' Gain is also Black Hats'

Probably the biggest dilemma that mass enrolments into sports betting sites create is heightened increase in bad actors. Studies revealed that the 2022 FIFA World Cup Final created a 13% increase in betting activity.

During the same time, some 250,000 people in the UK alone, opted for the less regulated, black market service providers compared to just 80,000 during the previous event. Available data show that more than 75% of these new players are enticed by the various bonuses, free bets and other gambling offers that sports betting service providers attach to betting during popular tournaments.

In summary, popular sporting events will always draw in increased activity to betting platforms. This flurry of activity is good news for these platforms because it almost always comes with increased revenue and improved performance. However, it also presents the gambling platforms with a challenge; heightened fraud from players who want to abuse bonuses. The good news is that verification services can provide the much-needed layer of protection.