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


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

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AA Gaming Announce the Rajasthan State Esports Championship (RSEC) with Youth Affairs & Sports Department, Govt. Of Rajasthan
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Open Qualifiers
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Inter-College Knockout Rounds
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Semifinals
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Grand Finals – which will be live-streamed and culminate in a prestigious awards ceremony.
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Gaming techniques and strategic play
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Game development fundamentals
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Esports career pathways
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Mental health and well-being for athletes
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Team-building and communication
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Professional conduct in esports
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In-depth game analysis and review
The post AA Gaming Announce the Rajasthan State Esports Championship (RSEC) with Youth Affairs & Sports Department, Govt. Of Rajasthan appeared first on European Gaming Industry News.
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Gaming in Spain Conference announces agenda
The Gaming in Spain Conference, which will take place June 26 at Auditorio ECIJA in Madrid, has announced its initial agenda.
A select number of confirmed conference sessions are listed below. A more comprehensive agenda is available here: https://www.gaminginspain.com/agenda2025
Gaming in Spain Conference – Preliminary agenda
(Please note that all session titles are provisional.)
Algorithms, advertising & deposit limits: Outlines and obligations
Mikel Arana, Director General, DGOJ
Regulatory update
Xavi Muñoz, Partner, ECIJA Law Firm
The Spanish iGaming market in numbers: Increasing black-market popularity?
Josh Hodgson, COO, H2 Gambling Capital
Regulatory burdens and licensed market sustainability
Jorge Hinojosa, Director General, Jdigital; Ester Martin-Ortega, Head of Public Affairs and Sustainability, Flutter Entertainment; Camille Gonzálvez, Gaming Lawyer, ECIJA
The Brazilian market: A regulatory update
Matheus Puppe, Partner, ECIJA Brazil
The state of play in promising LatAm markets (panel)
Eduardo Benavides, Managing Partner, ECIJA Peru; Matheus Puppe, Partner, ECIJA Brazil; Polibio Velenzuela, Partner, ECIJA Dominican Republic
For additional sessions, click here: https://www.gaminginspain.com/agenda2025
Willem van Oort, Founder of Gaming in Spain, commented: “This year, we have decided to look a bit beyond Spain’s borders – at the opportunities offered by Latin America’s booming and increasingly regulated markets. I am, of course, very proud to welcome several local experts to our event who can tell us more about these opportunities. Even so, Spain remains the focal point of our event. The Spanish government’s efforts to turn gambling primarily into a public health issue ensures that there will be plenty to discuss this year.”
Breakout sessions, workshops, networking & more
In addition to our main program, the Gaming in Spain Conference also features several highly practical breakout sessions, as well as three certificate-granting workshops on internal audits and the EU’s AI Act, GDPR website checks, and establishing a learning culture in your organization.
The workshops will take place on June 25 – the day prior to the main event – and are free to attend for paying GiS Conference attendees.
Furthermore, the Gaming in Spain Conference offers plenty of networking opportunities during coffee breaks, lunch, and networking drinks.
Finally, all Gaming in Spain Conference attendees are cordially invited to attend the Jdigital Awards ceremony on June 26. The Jdigital Awards honor outstanding contributions to the improvement of Spain’s regulated online gambling sector.
Further details will be made available after registering for the Conference.
The post Gaming in Spain Conference announces agenda appeared first on European Gaming Industry News.
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BETBY PARTNERS WITH ELANTIL FURTHER EXPANDING REACH OF ITS SPORTSBOOK SOLUTION
BETBY, an industry-leading sports betting supplier, has announced a new long-term partnership with Elantil, an emerging and innovative B2B iGaming platform that acts as a marketplace for casino and sportsbook content providers. This collaboration aligns with BETBY’s strategy to broaden its global distribution network, making its sportsbook solution more accessible to a wider range of operators.
As part of the agreement, BETBY’s award-winning sportsbook solution — including its proprietary esports feed Betby.Games, advanced trading, and risk management services — will be integrated into Elantil’s platform. Operators on Elantil’s marketplace will be able to seamlessly integrate BETBY’s offering, while also benefiting from its AI-powered sportsbook tools developed by BETBY’s AI Labs, enabling a highly flexible, personalised, and data-driven betting experience.
Known for its modular, customisable, and scalable infrastructure, Elantil will now enhance its marketplace portfolio with over 400,000 events, 8,000+ markets, 125+ sports, and 50+ esports titles powered by BETBY, providing operators with a robust, turnkey sports betting solution.
BETBY’s sportsbook content is now live and available to all operators on Elantil’s platform via a streamlined one-click integration. Each operator can contract directly with BETBY to manage commercial terms and gain direct access to its technology, increasing efficiency.
Stefanos Karakidis, Head of Business Development at BETBY, commented: “We are thrilled to join forces with Elantil, a forward-thinking platform that opens new doors for us to reach a broader set of operators. This collaboration ensures that more brands can tap into our powerful sportsbook solution and deliver a best-in-class betting experience to their audiences.”
John Debono, Chief Technical Officer at Elantil, added: “Having BETBY join our marketplace significantly strengthens our sports betting offer. Their depth of content, technological reliability, and focus on innovation perfectly match our vision to build a flexible and high-quality ecosystem for iGaming operators. This collaboration not only enhances our platform’s capabilities but also exemplifies our commitment to integrating top-tier solutions that empower operators to deliver exceptional experiences to their users. By aligning with partners who share our dedication to innovation and excellence, we continue to redefine what’s possible in the iGaming industry.”
The post BETBY PARTNERS WITH ELANTIL FURTHER EXPANDING REACH OF ITS SPORTSBOOK SOLUTION appeared first on European Gaming Industry News.
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