IBIA launches Payment Provider Forum to strengthen Brazil’s betting integrity

The International Betting Integrity Association (IBIA) has launched a Payment Provider Forum to strengthen the integrity of Brazil’s expanding sports betting market. The initiative aims to protect the industry from financial fraud related to competition manipulation. Six payment providers—Bazk, Z.ro Bank, OneKey Payments, OKTO, VPag, and Pay4Fun—have signed a Declaration of Commitment and Participation.

With IBIA’s members expected to generate over 70% of Brazil’s remote gambling revenue, the association will play a significant role in ensuring market integrity. Payment providers and financial services are seen as key players in maintaining a secure and responsible betting environment. The new forum will encourage collaboration to create robust industry safeguards.

Regulatory bodies and financial institutions involved in payment systems and competition oversight will be invited to join the forum. Their participation will help in developing and implementing measures to prevent financial fraud. The initiative will also benefit from IBIA’s global expertise in monitoring sports betting integrity and detecting fraudulent activity.

IBIA’s network includes many of the world’s largest regulated betting operators across six continents. The association works closely with sports organizations and regulatory authorities to uphold industry standards. Its expertise in setting industry benchmarks, such as the Data Standards Kitemark, will further support the forum’s objectives.

Khalid Ali, CEO of IBIA, emphasized the importance of cooperation between financial services, regulators, and betting operators. He highlighted that collaborative efforts are essential for tackling financial fraud and ensuring a sustainable betting market in Brazil. IBIA plans to explore the potential of expanding this model internationally.

The signatories of the Declaration have committed to developing best practices for payment processing and engaging with regulators to establish a fair and effective framework. They will also work on promoting responsible gambling, protecting consumers and sporting events, and improving the payments ecosystem.

Maintaining high ethical standards and compliance with regulations is a core principle of the forum. Members will share knowledge and expertise to drive innovation in the payment sector and enhance security measures against fraudulent activities.

The first meeting of the Payment Provider Forum is scheduled to take place during SBC Rio. IBIA has invited other payment providers and financial institutions to join the initiative and contribute to safeguarding the industry.

Interested organizations can reach out to IBIA via email at [email protected] to explore opportunities for collaboration in protecting Brazil’s sports betting market from financial fraud.