According to the report, almost three quarters (71%) of online gambling merchants suffered from an increased promotion abuse in 2021, leading to significant dent in revenues. As fraud risks are growing quickly, 62% of all types of online merchants have reported at least one type of fraud, while the number of new types of fraud attacks has also increased in the past 12 months.
When it comes to the online gambling industry, many platforms use incentives like discounts, promotions, sign-up bonuses, free money, or loyalty rewards for bets, to attract new clients and maintain loyal customers. Fraudsters exploit these promotions by setting up multiple accounts across different email addresses, IP addresses, and devices, leading businesses to give away millions of dollars of free money.
However, the same Ravelin survey mentions that the industry is quickly responding, with around 90% of online gambling merchants increasing their budget to combat fraud. At the same time, 85% of the industry’s merchants also hire more people to create better anti-fraud strategies and prevent fraudulent bonuses.
You can read more information about Ravelin’s mission in The Paypers’ company database.
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