In a groundbreaking effort to strengthen the integrity of Brazil’s newly regulated and rapidly growing sports betting market, the International Betting Integrity Association (IBIA) has introduced a dedicated Payment Provider Forum. This forum aims to safeguard the market against financial fraud related to competition manipulation. The initiative has already seen six leading payment providers sign up to a Declaration of Commitment and Participation: Bazk, Z.ro Bank, OneKey Payments, OKTO, VPag, and Pay4Fun.
With IBIA members expected to generate over 70% of remote gross gambling revenue in Brazil, IBIA will play a crucial role in maintaining the integrity of the sports betting market. Payment providers and other financial services can also play a vital role in ensuring the integrity of sports betting. The IBIA Payment Provider Forum has been established to promote collaborative efforts that contribute to a robust, secure, and responsible gambling market in Brazil.
Regulatory bodies and other institutions involved in financial payments and competition manipulation will be invited to participate in Forum meetings and help develop and implement preventative measures against financial fraud.
The Forum will leverage IBIA’s extensive knowledge of sports betting integrity issues and trends, derived from its global integrity monitoring and data intelligence network. This network includes many of the world’s largest regulated betting operators, active across six continents, and partnerships with leading sports bodies and gambling regulatory authorities. The Forum will also benefit from IBIA’s expertise in establishing industry standards, such as its Data Standards Kitemark.
Khalid Ali, CEO of IBIA, stated: “Cooperation between financial services, regulatory authorities, and betting operators is essential to address the challenges of financial fraud and maximize the sector’s potential in Brazil. IBIA is delighted that these major payment institutions have agreed to explore collaborative activities to protect the market. By working together, we can create a sustainable and thriving sports betting market in Brazil that benefits all stakeholders. Cross-sector partnership is a central pillar of IBIA’s global activity, and the association will assess the potential benefits of replicating this group in a wider international setting.”
To this end, the Declaration’s signatories have committed to:
- Collaborate in the development of standards and best practices for payment processing.
- Engage with regulatory bodies to support a robust, fair, and effective regulatory framework.
- Promote responsible gambling and protect consumers, markets, and sporting events.
- Share knowledge and expertise to innovate and improve the payments ecosystem.
- Maintain the highest standards of ethical conduct and compliance with regulations.
The first meeting of the Forum will take place during SBC Rio.
