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iGaming Fraud Increased 64% YoY: Sumsub Shares Alarming Data in 2024 iGaming Fraud Report

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Sumsub, a global full-cycle verification platform, released its 2024 iGaming Fraud Report, with updated identity fraud numbers and predictions for the industry. According to findings, the most popular fraud schemes in the iGaming industry are bonus abuse, affiliate fraud, illegitimate chargebacks, money laundering and account takeovers.

Key findings of Sumsub’s 2024 iGaming Fraud Report include:

  • Between 2022 and 2024, fraud in the online gaming sector increased 64% year-over-year on average.
  • By country, Bangladesh leads the fraud charts in Q1 2024 with a whopping 8.5% of all applicants being fraudsters, followed by Indonesia (8%), South Korea (6.6%), Pakistan (6.1%), and Bosnia and Herzegovina (6%).
  • Selfie mismatch is the most frequent type of fraud attack in gaming, representing 73% of all detected fraud in Q1 2024.
  • AI-powered deepfake scams are advancing at unprecedented rates, having grown 10x between 2022 and 2023.
  • Money muling remains the most widespread fraud scheme.

“Due to the growth of sophisticated scams and increase in the overall fraud rates in the iGaming industry, simple KYC checks are no longer a guarantee of players’ genuine personas and platforms’ robust protection. To ensure companies best avoid fraud scenarios and remain safe and compliant, they must deploy user identity verification at the onboarding stage in addition to betting pattern analysis and ongoing transaction monitoring,” Kris Galloway, Head of iGaming Product at Sumsub, said.

According to Statista, in 2024, the revenue of the online gambling market is expected to exceed $100B. By 2029, the number of users is predicted to reach 281.3M globally. Between 2022 and 2023, fraud losses for mobile casinos and betting platforms totaled $1.2B. With regulations becoming stricter, leading to millions in fines paid by iGaming platforms every year and license revocations, it is obvious that businesses that choose to settle for minimal defenses will likely suffer heavy financial and reputational losses.

“A combined approach is the best bet against advanced iGaming fraud. Every step of the user lifecycle must be protected—from initial sign-ups to the withdrawal stage. That involves KYC, behavioral intelligence, device fingerprinting, database checks, and more. Sumsub combines all the necessary checks within its full-cycle verification platform tailored to the needs of gaming platforms and operators, ensuring advanced fraud protection and a smooth player journey,” Andrew Novoselsky, CPO at Sumsub, said.

Industry Awards

PopOK Gaming Won Two Prestigious Nominations at BFTH Arena Awards Ceremony

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PopOK Gaming Won Two Prestigious Nominations at BFTH Arena Awards Ceremony
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PopOK Gaming has achieved remarkable success at the recent BFTH Arena Awards Ceremony, securing two prestigious awards that highlight the company’s commitment to innovation and excellence in the gaming industry.

The company was honored in the following categories:
1. Best FTN Casino Game for its Fast Fruits slot game which is known for its Classic design, bright colors, and seamless gameplay.
2. Best Game Achievement for Fast Master exciting crypto themed game with Avalanche reels, featuring multipliers in Free Spins

Both games have the innovative “FTN Mania” feature which awards Fasttokens for every spin.

“We are delighted to receive the BFTH Arena Awards” said Tsovinar Elchyan, Head of Partnerships at PopOK Gaming. “It was certainly an evening to remember. These achievements are a testament to our team’s hard work, and dedication to delivering outstanding games.”

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Industry Awards

BETBY Wins in Three Categories at the MiGEA 2024 Awards

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BETBY has achieved a remarkable milestone by winning in three prestigious categories at the MiGEA 2024 Awards. The company took home recognitions as “Best Online Sportsbetting Supplier,” “Most Innovative AI-Based Sportsbook Product” and “Best Workplace of the Year”.

“This triple victory is a reflection of our team’s relentless dedication, creativity and passion. We are immensely grateful to our incredible team, supportive partners, and loyal customers who have been with us on this journey. Your trust and belief in us have been instrumental in our success,” the Company said.

“As we celebrate this fantastic achievement, we remain focused on driving further innovation and excellence in the iGaming industry. Here’s to many more wins, groundbreaking advancements, and exciting times ahead!”

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Industry Awards

Singular wins ‘Best Gaming Online Betting Platform of the Year’ at MiGEA 2024

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Singular wins ‘Best Gaming Online Betting Platform of the Year’ at MiGEA 2024
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Singular, an international iGaming software provider and part of Flutter Entertainment, has been awarded ‘Best Gaming Online Betting Platform of the Year’ at the recent Malta’s Gaming Excellence Awards (MiGEA), an annual event that celebrates companies and individuals for their continuous contribution to growth, innovation, and accomplishments within the iGaming industry.

This is the second award that Singular ever received from MiGEA, as the company previously won the ‘Best iGaming Technology & Media Provider of the Year’ award at the 2022 ceremony. In addition to this year’s award, Singular was also nominated in two other categories in 2024, ‘Best Gaming Technology Provider of the Year’ and ‘Best Omni-Channel Provider of the Year’.

“We are honored to be recognized with such a prestigious award at the recent MiGEA ceremony. This achievement is a testament to our team’s hard work, and it serves as great motivation to continue investing in our iGaming platforms and give the brands we support a competitive edge at all times,” comments Phil Garner, Singular’s Managing Director. “We’re all proud of this recognition and are looking forward to even greater success for both Singular and Flutter Entertainment.”

As a Flutter technology provider, Singular is also part of the Flutter Edge, the Group’s distinctive, global competitive advantage across talent, technology, product and capital. This enables a great exchange of knowledge and expertise across teams, brands, and even divisions, and allows Flutter brands to remain at the forefront of the industry with their platform solutions.

 

About Flutter Entertainment plc

Flutter is the world’s leading online sports betting and iGaming operator, with leading positions in markets across the world, including the US. Our ambition is to leverage our significant scale and our challenger mindset to change our industry for the better. By Changing the Game, we believe we can deliver long-term growth while promoting a positive, sustainable future for all our stakeholders. We are well-placed to do so through the distinctive, global competitive advantages of the Flutter Edge, which gives our brands access to group-wide benefits to stay ahead of the competition, as well as our clear vision for sustainability through our Positive Impact Plan.

Flutter operates a diverse portfolio of leading online sports betting and iGaming brands including FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power, Sisal, Tombola, Betfair, MaxBet, Junglee Games and Adjarabet. We are the industry leader with 12.32 million AMPs and £9.51 billion of revenue globally for fiscal 2023, up 25% YoY, and 13.58 million AMPs and £2.67 billion of revenue globally for the quarter ended December 31, 2023.

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