The casino and sportsbook platform provider has an Ontario-based Tooniebet.com brand that will now feed into the world-leading sports betting integrity monitoring platform.
Soft2Bet’s contribution to the International Betting Integrity Association (IBIA) follows its recent entry into the Ontario sports betting market, receiving a certificate of registration from the Alcohol and Gaming Commission (AGCO) at the end of March.
Khalid Ali, CEO of IBIA, commented:
“The association is delighted to be able to integrate Tooniebet within our integrity monitoring system and looks forward to working closely with Soft2Bet to maintain the high integrity of its sportsbook.”
The IBIA will incorporate Soft2Bet’s data in a worldwide implementation in the coming months, according to a press release.
“Ontario is a world-class iGaming jurisdiction; it will be the first market where we will implement our IBIA membership and we look forward to deploying the monitoring infrastructure worldwide in all the other markets in which we operate,” said David Yatom Hay, General Counsel at Soft2Bet.
Integral Focus On Integrity
Earlier this year, the IBIA released a report that highlighted Ontario as a leading regulated gambling jurisdiction, citing the effects of its prolific market of 30 legal Ontario sports betting sites keeping bettors away from offshore options. The province takes responsible gaming and the integrity of sports very seriously, mandating that all online sports betting operators licensed in Ontario be a part of a betting integrity monitoring body.
Currently, over 60% of the private sports betting operators licensed in the province are represented in the IBIA portfolio. Globally, IBIA members account for approximately 50% of the global commercial regulated land-based and online sports betting sector, and in excess of 50% for online alone.
Soft2Bet’s membership comes shortly after the IBIA’s Q1 2024 report flagged a 65% increase in suspicious betting alerts, amidst a tumultuous time in the legal sports betting industry that’s unfortunately been chock-full of high-profile scandals.
The IBIA’s monitoring network can detect and report suspicious activity in regulated betting markets and even track transactional activities linked to individual customer accounts. There’s increasing evidence that having regulatory measures in place to enable licensed operators to offer a wide range of betting products in a secure, traceable, and transparent ecosystem - like the one deployed in Ontario sports betting and throughout the 38 legal sports betting states in the US - maximizes consumer protection while driving considerable returns for the respective governments overseeing the industry.
More voices are being raised in nearby provinces, most notably in Quebec through the Quebec Online Gaming Coalition, for the Ontario sports betting market to be a model for how the rest of Canada can safely, responsibly, and profitably operate legal sports betting.
Soft2Bet’s announcement today is just another step in the right direction for maintaining a prosperous legal sports betting industry.
“Soft2Bet is delighted to be joining the IBIA as we strengthen our own betting integrity monitoring processes and play our part in furthering the IBIA’s long-standing work on this key issue.,” Hay concluded.
It takes a village…
