Online betting increases with every major sporting event, raising the risk of fraud and problem gambling. Sports bookmakers must be ready to manage the flood of new customers who want to wager on this peculiar World Cup.
With billions of viewers, the World Cup is arguably the most-watched sporting event in history. For betting companies, the tournament in 2022 presents some brand-new, unheard-of problems, including its unusual scheduling during the winter vacation season and heightened competition for cash-strapped customers’ finances.
The effects of a winter World Cup on online sports betting
Every four years, during the off-season between the end of the domestic football season in May and the start of the next season in August, the World Cup is staged. This is advantageous for both betting companies and football fans since it usually gives them more time and money to spend on their preferred games. Indeed, the World Cup tends to fill the void before their national football league resumes.
The World Cup will start this year on November 21 and end on December 18 due to the intense summer heat in the host country Qatar. This gives room for some of the 2022 World Cup betting sites to maximize the opportunity to generate traffic and revenue for the site.
2022 World cup betting would be the major entertaining event offered on the best betting sites in 2022, however, the key to providing new and seasoned bettors with a safe, secure, and frictionless experience is preparation. Gaming operators may do this by utilizing IDV and KYC.
Major sporting events’ effects on online gambling
Despite its unfortunate scheduling, the 2022 World Cup is nevertheless expected to draw sizable crowds and avid interest from sports bettors. The global industry for online sports betting is heavily dominated by football, particularly in European countries like Germany, France, Italy, Spain, and the UK. In the UK, football accounts for up to 90% of all sports wagers. Even the most casual soccer fan in Europe will wager on the World Cup.
Big Bonuses Betting Sites can be one way to attract traffic. They are an extra incentive to give the users an exhilarating experience. Sportradar estimates that roughly €136 billion was wagered on the World Cup in 2018. From the 2014 World Cup to the 2018 World Cup, gambling activity increased by 50% in the UK alone. In fact, there was an average of €2.1 billion in bets placed on each game in 2018.
After the Supreme Court’s 2018 decision to legalize sports betting, this is the first opportunity for American football fans to wager online, therefore that number is likely to be completely shattered this year. Additionally, a record may be set as “soccer” is currently more popular than ever in the United States.
Intake should be modified and improved for Qatar 2022
Gambling platforms must make sure they provide the greatest client experience possible to stand out from the competition in an increasingly crowded market. The value of the global online gambling market is estimated to be $61.5 billion.
However, there is nothing stopping persons from outside Qatar from placing wagers on events that are taking place inside the country. Gambling companies must keep this in mind. Operators should pick an ID verification solution that provides sound, robust, and user-friendly KYC processes to comply with the laws, regulations, and standards of various regions.
Addressing the increased likelihood of fraud
Security is still a top issue for both players and suppliers given the prevalence of online gaming. In fact, compared to the same period in 2021, gaming fraud rates increased by 50.1% in the first quarter of 2022. Online gambling platforms must do everything in their power to confirm the identities of their players to lower the danger of fraud and minors using their services.
By partnering with a company like IDnow, which has expertise in dealing with spikes in fraudulent activity around important sporting events, gambling platforms may reduce fraud. But betting services should offer incentives to potential bettors to register early so they can plan. During the current seasons of the Premier League and Champions League, extensive marketing activities can raise consumer awareness and encourage registration and verification before the first World Cup game on November 21.
Additionally, unique promotions like free bets and bonuses frequently draw bettors’ attention and encourage sign-ups, enabling operators to prepare various promos in advance and space out verification procedures. However, operators must control bonus misuse (the practice of repeatedly signing up for a service to take advantage of marketing offers typically reserved only for new users) to maintain a positive balance in their books.
Large bonuses are now prohibited by regulations in Europe, but if we look across to the United States or Brazil, deposit bonuses are substantial, which is why operators need to be particularly cautious. Therefore, ensuring that clients’ identities are verified by a secure identity verification provider can stop such misuse from happening.