The International Betting Integrity Association (IBIA) announced a new agreement with the Brazilian Ministry of Finance to catch suspicious betting patterns.
The IBIA is considered the largest international betting integrity monitor for private operators across the globe. It will now work in tandem with Brazil's governmental body to ensure the country's betting market is legal and safe.
This summer, the IBIA applauded Brazil’s decision to force operators to join an independent integrity body and now the company is forecasted to cover more than 70% of the countries remote gambling market.
“Collaboration and information sharing are key to the success of this ecosystem,” IBIA CEO Khalid Ali said in a release. “Under this agreement IBIA will identify and report suspicious betting on Brazilian sporting events to the Ministry of Finance to support investigatory actions.”
The IBIA is hoping other Latin American countries follow suit so information on certain bettors can be shared more widely. But Brazil’s addition to the IBIA is a big step since the country is projected to have $34 billion in sports betting turnover by 2028.
“We will make the most of the experience that IBIA has in monitoring the betting market to create mechanisms that curb this practice that undermines the credibility of sport and the betting market. It’s a partnership in which everyone wins,” added Frederico Alves Soares Justo, general coordinator of money laundering at the Brazilian Ministry of Finance.
The IBIA continues to grow after signing with Genius Sports earlier this summer. The partnership is centered on sharing information.
In Q3, the IBIA reported a 54% quarterly drop and a 16% yearly decline in suspicious alerts. Tennis and soccer were the two sports that got the most attention.
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