- The new football season could lead to gambling fraud.
- Companies are rushing to create an online sports betting experience.
- TransUnion and iovation say they have the solutions to solve these potential issues.
TALLAHASSEE, Fla. – With the new football season incoming, tech companies warn about the potential increase of gambling fraud.
Ever since the repeal of PASPA in mid-2018, there has been a huge influx of sportsbooks in the United States. New sportsbooks are rushing to open up and provide sports betting to potential customers. But the rush could lead to potential fraud.
iovation is a software company that has experience in the sports betting sector. This company has worked in the European sports betting market assisting them in fraud prevention. They are partnering with TransUnion to come up with fraud prevention solutions.
There are a number of different issues that can happen with online sports betting. One of them is not verifying the gambler's age. With online sports betting, these two companies expect underage people will try to bet on sports. This goes hand in hand with credit card fraud. iovation says that credit card fraud increases with online gambling.
The companies also say that bonus abuse can occur as well. When bonuses are offered, some people will go to extensive lengths to get more out of the bonuses. This could end up leading to huge losses for sportsbook operators. But it is not just fraud that iovation wants to prevent.
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"With states legalizing online gambling and the American fantasy football season kicking off, operators are sprinting to launch apps and websites. They are putting most of their efforts into getting users with less emphasis on preventing gambling issues," said Greg Pierson, co-founder of iovation.
That is why iovation and TransUnion want to create an all-encompassing package. The package will help prevent a number of different frauds from occurring to online sportsbook providers. It will also help make sure those who have self-excluded themselves will not come back to the site.
SBTech is one of the sportsbook technology providers that has used the proposed package. The company says that the package has helped “reduce levels of potential fraud.” With football season in full swing, more people are going to bet on sports than ever at online sportsbooks in the US. More sports betting companies might look at the package to help prevent fraud.
Daniel has been a big sports fan ever since he was a kid. He decided to use his writing skills to become more deeply involved in the world of sports and sports betting. When he is not writing, you can catch him cheering on the Miami Heat.