Connect with us
Prague Gaming & TECH Summit 2025 (25-26 March)
728x90 banner available here

Latest News

Impact of COVID-19 on Virtual Gambling Sector: ConnectPay Calls to Fortify Payment Security as Industry Fraud on Rise

Published

on

Impact of COVID-19 on Virtual Gambling Sector: ConnectPay Calls to Fortify Payment Security as Industry Fraud on Rise
Impact of COVID-19 on Virtual Gambling Sector: ConnectPay Calls to Fortify Payment Security as Industry Fraud on RiseReading Time: 2 minutes

 

Online gambling has increased during the pandemic. Evidently, so did the illegal activity related to the industry. Scammers are abusing the vulnerability of the circumstances, which is reflected by the rise in financial fraud and exploitation schemes. ConnectPay, an online banking service provider, encourages businesses, especially the ones considered to be higher-risk, to make the security of payment transactions their top priority in order to build trust with new and existing clients, and protect them from falling victim to fraudulent payments.

Illicit activity concerning monetary transactions has been a long-standing issue for the virtual gaming industry even prior to the pandemic, with financial crime estimated to be at $2.1 trillion per annum. That said, the COVID-19 crisis has brought new challenges as new fraud schemes started to plague various markets. This has influenced some countries, fearing an increase of illicit activity in online gambling, to issue tighter measures for the vendors to protect consumers during the lockdown.

“The increased online gambling sessions correlate with the noticeable jump in payment transactions”, explained Liutauras Varanavičius, Head of Business Development at ConnectPay. “When comparing data from January with the stats from April, we have noticed a 30% increase in gambling-related transactions. Even though it’s hard to predict how prolonged will the aftermath of the pandemic be, the necessity of instating more precautionary measures to support secure payments is too apparent to be left unaddressed.”

The surge of online gambling activity has greatly increased the public’s exposure to digital risks. While others are capitalizing on the crisis, businesses have to face the conundrum on how to disassociate from the perpetrators, remain credible and retain their target audience.

“The spike in fraudulent financial activity could hit the sector even harder than others: it’s already under a magnifying glass due to the nature of acquired revenue, thus any association with financial fraud could be leveraged as a pretext to revoke acquired licenses and restrict business”, said L. Varanavičius.

As the global health crisis continues, the need for reliable security measures and prevention of illicit financial flows will only continue to grow. Implementing timely and adequately prepared safeguards to combat arising threats is paramount, as, until brick-and-mortar casinos are once again operational, gambling industry relies on digital-only vendors.

Preserving secure payment transactions could be the difference between remaining operational or having to close up shop. The pandemic has already hampered AML supervision and presented new threats that could aid criminals in avoiding customer due diligence. However, having acknowledged current obstacles enables businesses to evaluate measures that would help avoid being juxtaposed with illicit activity and choose partnerships accordingly.

To keep the scammers at bay, ConnectPay continuously invests in innovative fraud prevention solutions, latest AML safeguards and other smart tools, helping companies in underserved markets to maintain credibility and keep the associated risks to the bare minimum. Furthermore, the company places high emphasis on a thorough screening process: this prevents taking on clients involved in unethical business practices, limiting the grounds for financial fraud. In 2020, ConnectPay is planning to invest additional 750 thousand euros in Anti Money Laundering and Counter-Financing of Terrorism compliance solutions.


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Impact of COVID-19 on Virtual Gambling Sector: ConnectPay Calls to Fortify Payment Security as Industry Fraud on Rise

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

Latest News

MSSA CONFIRMS ITS ENTRY TO WEC25

Published

on

Reading Time: < 1 minute

Mind Sports South Africa’s President, Colin Webster, today confirmed that MSSA has entered International Esports Federation’s (IESF) 17th World Championships which is to be known as WEC25.MSSA has been a staunch, and loyal member, of IESF since 2009, and has participated in every single IESF World Championship since 2009.

MSSA has always advocated greater inclusion of events for females at such World Championships. With Colin Webster having served on IESF’s Board from 2013 to 2020, the number of events specifically for females has grown in number. It was in 2018 that South Africa fielded the first all female Counter-Strike team at IESF’s 10th World Championships – an act which many see as a forerunner of IESF implementing an all female Counter-Strike event at its 14th World Championships.

It is therefore not surprising that MSSA has thus entered all IESF esports titles on offer at IESF’s 17th World Championships – especially the female events.

The esports titles entered by MSSA are:

  • Counter-Strike 2 (open)
  • Counter-Strike 2 (female)
  • DOTA 2 (open)
  • eFootball (Open)
  • Mobile Legends: Bang Bang (open)
  • Mobile Legends: Bang Bang (female)
  • PUBG mobile (open)0

Colin Webster stated, “This is the largest entry that South Africa has ever made, and MSSA is confident that the 2025 Protea Team will be the strongest team ever to represent South Africa as the Protea Team’.

Colin then added, “The teams that attended both AEC24 and WEC24 have left solid foundations on which to build. MSSA is thus excited to see the performance of the teams that will be selected in March 2025 to represent South Africa”.

The post MSSA CONFIRMS ITS ENTRY TO WEC25 appeared first on European Gaming Industry News.

Continue Reading

Latest News

Groove Prepares to Celebrate a Decade of Innovation at ICE Barcelona 2025

Published

on

Reading Time: 2 minutes

2025 marks a major milestone for Groove as it prepares to celebrate its first decade of shaping platform and aggregation technology in the iGaming industry. With ICE Barcelona 2025 as the official start of this celebratory year, Groove is ready to showcase its journey of success, technological innovation, and unwavering commitment to empowering operators worldwide.

As the team gears up for ICE Barcelona next week, the excitement is palpable and Groove is gearing up for a second decade of success. Celebrate Groove’s decade of excellence at ICE Barcelona 2025 and witness the beginning of a new era in iGaming innovation.

Since its inception, Groove has revolutionised the iGaming space with its powerful aggregation platform, offering an unparalleled selection of over 15,000 titles and cutting-edge tools designed to drive operator success. From pioneering back-office software and service solutions to building partnerships with over 100 top-tier studios, Groove has consistently delivered on its promise to be a pioneering force in iGaming.

As the premier global gaming exhibition, ICE Barcelona serves as the perfect platform for Groove to launch its 10-year celebrations. Groove’s forward-thinking philosophy has been underpinned by a focus on service, adaptability, growth, and collaboration.

By anticipating industry trends and operator needs, Groove has enabled casino managers to stay ahead of the curve in a fiercely competitive market.

Groove’s newest innovations include AI-powered technology and features that enable operators to enter new markets with confidence, backed by Groove’s deep expertise in market-specific solutions.

Yahale Meltzer, COO and co-founder of Groove, shared his excitement: “Reaching our first decade is a significant milestone. It’s a testament to the hard work, dedication, and innovative spirit of the Groove team and our partners. ICE Barcelona 2025 is the perfect stage to reflect on our journey and set the tone for the rest of this seminal year.”

From its modest beginnings to becoming a global player, Groove’s achievements over the past decade include empowering over 100 operators, driving innovation in every area of platform technology and best-in-class B2B service.

The company’s consistent growth is a result of its focus on collaboration, whether through partnerships with emerging studios like Speedy Tomatoes or its engagement with established tier-1 industry leaders like Sisal.

Groove invites partners, operators, and innovators to join in the celebrations and explore the solutions that have defined its success. “Together, we’ve accomplished so much, but the best is yet to come,” added Meltzer.

The post Groove Prepares to Celebrate a Decade of Innovation at ICE Barcelona 2025 appeared first on European Gaming Industry News.

Continue Reading

Latest News

Kambi Group plc repurchase of shares during 15 January – 21 January 2025

Published

on

Reading Time: < 1 minute

The objective of the Programme is to achieve added value for Kambi´s shareholders and to give the Board increased flexibility with Kambi´s capital structure by reducing the capital. The Programme is being carried out in accordance with the Maltese Companies Act, EU Market Abuse Regulation No 596/2014 (“MAR”) and other applicable rules.

During the Buyback Period, Kambi repurchased a total of 50,000 ordinary shares at a volume-weighted average price of 122.84 SEK. From the beginning of the Programme, which started on 6 November 2024, until and including 21 January 2025, Kambi has repurchased a total of 490,500 ordinary shares at a volume-weighted average price of 107.69 SEK per share.

During the Buyback Period, Kambi has repurchased shares as follows:

Date Aggregated daily
volume (number of
ordinary shares)
Weighted average
share price
per day (SEK)
Total daily
transaction
value (SEK)
15 January 2025 10,000 119.93 1,199,336
16 January 2025 10,000 125.09 1,250,913
17 January 2025 10,000 123.69 1,236,866
20 January 2025 10,000 124.41 1,244,055
21 January 2025 10,000 121.11 1,211,051

All acquisitions have been carried out on Nasdaq First North Growth Market in Stockholm by Carnegie Investment Bank AB on behalf of Kambi. Following the acquisitions and as of 21 January 2025, Kambi’s holding of its own shares amounted to 490,500 and the total number of issued shares in Kambi is 29,903,619 ordinary shares. Under the Programme Kambi is authorised to repurchase a maximum of 3,127,830 ordinary shares, up to a maximum amount of €12.0 million.

The post Kambi Group plc repurchase of shares during 15 January – 21 January 2025 appeared first on European Gaming Industry News.

Continue Reading

Trending

EEGaming.org is part of HIPTHER, parent brand of various prominent news outlets and international conferences. These platforms and events span a wide range of industries, including Entertainment, Technology, Gaming and Gambling, Blockchain, Artificial Intelligence, Fintech, Quantum Technology, Legal Cannabis, Health and Lifestyle, VR/AR, eSports, and several others. This indicates that EEGaming.org is part of a larger network that focuses on a diverse array of sectors, particularly those related to cutting-edge technology and modern lifestyle trends.

Contact us: [email protected]

Editorial / PR Submissions: [email protected]

Copyright © 2015 - 2025 HIPTHER. All Rights Reserved. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania

We are constantly showing banners about important news regarding events and product launches. Please turn AdBlock off in order to see these areas.