Over 95% of Indians and Indonesians hold digital IDs linked to government databases, making document-free onboarding a promising reality for businesses
Sumsub, an all-in-one verification platform, published its guide, Streamlining identity verification in emerging markets. This new resource will help businesses in the fintech, crypto, gambling and trading industries onboard more users from developing countries, specifically Argentina, Brazil, India, Indonesia and Nigeria.
Here are the top 5 highlights from the guide:
According to the Sumsub Identity Fraud Study 2022, Nigeria has some of the highest rates of ID forgery in the world. In 2022, Nigeria accounted for 5.4% of fraud detected worldwide, underscoring the challenges for companies onboarding Nigerian users. However, 90 million Nigerians have already registered for a National Identity Number (NIN), which allows companies to verify people without dealing with potentially forged documents;
The biggest KYC challenges in Argentina are poor quality cameras and photos, which lead to verification failure;
Online identity fraud is seriously impacting markets in Brazil, including crescent online retail, telecom, finance and banking. More than half of the documents forged in Brazil do not contain MRZs (machine-readable zones), which makes them especially easy to fabricate;
About 96% of India’s 1.4 billion population are already registered in the country’s biometric ID system, Aadhar; and
More than 95% of the population of Indonesia has e-KTP cards linked to a government database of citizen identities and biometrics. The country also has the largest and fastest-growing digital economy in Southeast Asia, expected to reach $130 billion by 2025, primarily led by the e-commerce industry.
These countries are embracing key digitalization trends. This is particularly the case for identity verification, where large-scale digital ID initiatives have been replacing paper documents. This means that local users are getting accustomed to database verification, rather than physically scanning and uploading their IDs. Therefore, government databases may well replace document-based verification in the near future, allowing businesses to drastically simplify user onboarding in these regions.
In the guide, Sumsub’s experts cover how document-free verification can streamline user onboarding in developing countries, enabling companies to onboard 2B+ people without asking them to upload their IDs. This method—which Sumsub calls 1click verification—uses government databases to speed up onboarding from 50 seconds to just 4.5 seconds on average, helping improve pass rates by 35% on average. All this can be done without compromising data quality, security and user experience.
“Businesses in the fintech, crypto, gambling and trading sectors can use our guide to learn more about document-free verification, as well as the specifics of national documents, local user habits, fraud trends and AML regulations in developing countries, and more. All this will help navigate the verification landscape in Argentina, Brazil, India, Indonesia and Nigeria, with the right insights to seize market opportunity and deal with local KYC and AML challenges,” said Andrew Sever, co-founder and CEO of Sumsub.
Sportradar Wins Major Bid for ATP Rights
Sportradar has been selected as the successful bidder for the global ATP data and betting streaming rights starting 2024. It follows an extensive RFP process led by Tennis Data Innovations (TDI).
Sportradar is a world leading sports technology company, providing immersive experiences for sports fans and bettors worldwide. The company has been a supplier of official ATP Tour and Challenger Tour secondary data feeds since the start of 2022 and boasts a roster of partnerships spanning professional sports.
The RFP process was initiated by TDI in January 2023 and saw five bidders submit detailed proposals across multiple rounds, for a six-year rights cycle beginning in 2024. The process took to market rights that have grown significantly in value over more than a decade. The process followed the setup in 2020 of TDI as a specialist joint venture vehicle of ATP and ATP Media to oversee innovation, development and commercial management of all data and betting streaming products for the ATP Tour and ATP Challenger Tour.
Sportradar’s commitment to product innovation for the downstream market and unrivalled development in advanced technologies such as computer vision and AI, in addition to its industry leading integrity services, were key considerations in the selection process.
David Lampitt, CEO of TDI, said: “We are grateful to all the bidders who showed such commitment to our content throughout the selection process. Sportradar has been chosen as the best partner to deliver against our growth ambitions due to their combination of product capabilities, global reach and an innovative commercial model that preserved our ability to share in the continued growth of this market.
“Since the establishment of TDI, our mission has been clear – to create the most engaging data & streaming products and services for existing tennis fans and bring new fans to the game. If we get this right, we will deliver great returns for the sport. The competitive nature of this process, as well as the compelling successful bid from Sportradar, reflects the incredible value of ATP content. We look forward to forging a successful partnership together.”
Carsten Koerl, CEO of Sportradar, said: “We are delighted that TDI has selected Sportradar as the successful bidder to support the enormous growth of the sport of tennis. The capabilities and global scale of our offerings will provide betting operators innovative, best-in-class products and tech savvy tennis fans a richer, more immersive experience that only Sportradar can deliver. Our expertise in developing advanced technologies, including computer vision and AI which create advanced analytics and data visualization, will drive new, compelling ways for fans to engage with tennis, while also safeguarding and upholding its integrity.”
TDI and Sportradar will now work to agree and finalise contractual terms in preparation for the new rights cycle, starting from January 1, 2024.
Sports Betting Global Market Report 2023: Rapid Growth of the eSports Sector Presents Opportunities
The “Sports Betting Market Size, Share & Trends Analysis Report By Platform, By Betting Type (Fixed Odds Wagering, Exchange Betting, Live/In-Play Betting, eSports Betting), By Sports Type, By Region, And Segment Forecasts, 2023 – 2030” report has been added to ResearchAndMarkets’s offering.
The global sports betting market size is estimated to reach USD 182.12 billion by 2030, registering a CAGR of 10.3% from 2023 to 2030.
This growth of the market is driven by the proliferation of internet infrastructure and evolving regulatory landscape of the entire gambling industry across the world.
In addition, the increase in the number of sports events and leagues worldwide such as the NFL, FIFA World Cup, Carabao Cup, and UEFA Europa League has positively influenced the growth of the market.
Furthermore, an increase in disposable income and the rising usage of AI and blockchain technologies to improve the prediction algorithms in betting software are likely to boost the growth of the market during the forecast period.
Esports, which is an organized, multiplayer video game competition, played by professional players, individuals, or teams, has gained massive popularity during the COVID-19 pandemic and witnessed a surge in the number of events worldwide. Market players are utilizing the increased number of esports events to offer an opportunity for their customers to bet on such esports competitions and earn extra income.
The surge in online sports events backed up by a rise in the number of esports tournaments offers stable growth opportunities for the betting industry. For instance, according to the report by the U.K. Gambling Commission, there was a huge 2922% year-on-year rise in esports betting revenue from March 2019 to March 2020.
Major players in the global betting industry now operate via official websites and online platforms to cater to the increased demand for sports betting. Additionally, the market players are expanding their presence across countries with supportive regulatory compliance. For instance, in December 2021, Unikrn Inc., a global esports betting & entertainment media company introduced its betting platform in Canada and Brazil. In addition to this launch, the company has further announced to increase its presence across a greater number of regulated markets in 2023.
The lives of multiple households around the globe have been affected during the COVID-19 pandemic. In addition, this situation led to the cancellation of worldwide sports matches and the closure of land-based casinos and betting shops. However, the pandemic expanded the online sports betting industry due to the rise of esports and virtual sporting events. The popularity of online sports betting increased during the pandemic with an upsurge in the number of betting participants. For instance, according to a study conducted by Public Health England, online casino gambling had seen growth by nearly 9.0% during the pandemic. Furthermore, as per the GB Gambling Commission survey, betting habits among people have changed due to Covid-19, with mobile devices continuing to be the most popular medium for gambling. The survey also found a massive inclination towards esports betting across the globe.
Sports Betting Market Report Highlights
- North America is expected to witness a CAGR of around 11% during the forecast period. The U.S. has legalized sports betting in 36 states as of January 2023, which is a promoting factor for the regional market growth
- The online platform segment dominated the market in 2022 and is expected to showcase the highest CAGR during the forecast period
- The fixed-odds wagering segment accounted for a significant market share in 2022. However, the eSports betting segment is likely to witness growth at the fastest CAGR during the forecast period owing to the surge in demand for interactive games
- Football, also known as soccer, registered the highest market share in 2022. Horseracing, followed by football, is extremely popular and accounted for the second-highest market share
|No. of Pages||131|
|Forecast Period||2022 – 2030|
|Estimated Market Value (USD) in 2022||$83.65 Billion|
|Forecasted Market Value (USD) by 2030||$182.12 Billion|
|Compound Annual Growth Rate||10.3%|
Key Topics Covered:
Chapter 1 Methodology And Scope
Chapter 2 Executive Summary
Chapter 3 Market Variables, Trends & Scope
Chapter 4 Sports Betting Market: Platform Estimates & Trend Analysis
4.1 Market Size Estimates & Forecasts And Trend Analysis, 2018 – 2030 (USD Billion)
4.2 Platform Movement Analysis & Market Share, 2022 & 2030
Chapter 5 Sports Betting Market: Betting Type Estimates & Trend Analysis
5.1 Market Size Estimates & Forecasts And Trend Analysis, 2018 – 2030 (USD Billion)
5.2 Betting Type Movement Analysis & Market Share, 2022 & 2030
5.3 Fixed Odds Wagering
5.4 Exchange Betting
5.5 Live/In-Play Betting
5.6 Esports Betting
Chapter 6 Sports Type Estimates And Trend Analysis
6.1 Market Size Estimates & Forecasts And Trend Analysis, 2018 – 2030 (USD Billion)
6.2 Sports Type Movement Analysis & Market Share, 2022 & 2030
6.6 Horse Racing
Chapter 7 Regional Estimates & Trend Analysis
Chapter 8 Competitive Analysis
Chapter 9 Competitive Landscape
- 888 Holdings Plc
- Betsson AB
- Churchill Downs Incorporated
- Entain plc
- Flutter Entertainment Plc
- Kindred Group Plc
- Sportech Plc
- William Hill Plc
CT Interactive Representatives to Visit Enada Gaming Exhibition
Global gaming provider CT Interactive’s representatives will visit the gaming exhibition Enada in Italy. The trade show will be held from 14-16 March in Rimini Expo Centre.
Heading to Rimini to meet with partners and new clients are Milena Tsankarska, Head of Business Development EMEA at CT Interactive, and Antonio Donov, Business Development Manager EMEA at CT Interactive. They will demonstrate during their meetings at the trade show the company’s vision and offerings over the coming months.
“Enada is a significant event for our company because the Italian market is of key importance to CT Interactive. Our games and jackpot were certified for the local market in 2021, and since then, we are successfully penetrating the jurisdiction with several content distribution deals. Our main goal is to help operators expand their game offering portfolio and attract new clients,” Milena Tsankarska, Head of Business Development EMEA at CT Interactive, said.
Interested companies and potential clients have already booked meetings with the team to learn more about the company’s products.
“We are pleased that various operators are showing great interest in our portfolio. Our team is confident that through this exhibition, we will meet many new clients and strengthen our presence in Italy,” Antonio Donov, Business Development Manager EMEA at CT Interactive, said.
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