2024 Euros betting surge reflects the increasing need for Digital Identities
This month, 5 billion people will be tuning in for the final of the UEFA 2024 Euros, in which 24 of Europe’s top national football teams slug it out to determine who is the new champion. And as the number of people watching major sports tournaments has risen, so too has the demand for online betting services, leading to record demands for a quick, secure method to onboard new users.
More money, more problems
In the 2022 football World Cup, betting increased by 13% compared to the 2018 tournament, with 12 million bets placed on the US team alone.
The competitive fervor shows no signs of slowing down for the 2024 Euros. IDnow reported a 750% increase in demand for verification services within the first two days of the 2024 tournament.
This has brought identity verification to the attention of millions of consumers across Europe, who are looking for a quick, convenient method to securely set up new online betting accounts or deposit funds to place online bets.
But millions of people transferring money around the world at speed can act as a magnet to online fraudsters. According to Onfido’s Identity Fraud Report, the average fraud rate for betting companies rose 80% from 2022 to 2023, with methods including fraudsters creating multiple accounts with fake credentials, exploiting sign-up bonus schemes, or using the platforms for money laundering.
Whether cracking down on dodgy details or facilitating seamless sign-ups, Digital Identity is a key ally in achieving a convenient and secure online experience.
Bet on Digital ID
Verifying someone's identity through a Digital ID allows quick, accurate and remote access to services. Incorporating Digital ID solutions into an online service- such as biometric checks- can ensure that the users are who they say they are, from the moment they open their betting account, through to withdrawing or depositing of money. This boosted KYC (Know Your Customer) capability is key in cracking down on identity related fraud.
Digital ID also prevents betting access to underage users; this is especially important when you consider that 12% of 11–16-year-olds have reported playing an online gambling game. The ability to verify user identity is therefore key to creating a safer and resilient digital economy.
A robust verification system also allows only the relevant information to be passed on to a business like a bookie, instead of in a physical setting in which an ID presented will contain details about your name, address and nationality. So, as well as allowing for a fast, convenient and more personalized user experience for approved users, digital ID can also improve privacy.
Football’s coming home, and so is Digital ID
This Sunday, 22 players will determine who is Europe’s best national team- as billions of fans around the world watch with bated breath. Digital ID can help football fan communities take a punt, without compromising their time and safety. Whilst winning is no guarantee, security, privacy and convenience should be.
As the UK’s largest trade association for technology, techUK includes many Digital ID companies as members, and acts as a leading voice in Identity, financial services and online safety. To find out more about our work, visit our Digital ID hub and sign up for our newsletter here.
Authors
Elis Thomas
Elis joined techUK in December 2023 as a Programme Manager for Tech and Innovation, focusing on AI, Semiconductors and Digital ID.