The SBC Summit Lisbon 2024 emerged as a key gathering for the gambling and sports betting industry, showcasing emerging trends, regulatory developments and innovative solutions to the most pressing challenges operators face today. The three-day summit attracted a diverse mix of industry leaders, innovators and operators, converging to explore solutions to combat fraud, streamline identity verification and navigate today’s evolving regulatory landscapes.
Here are the top themes and takeaways from the event:
1. The Proliferation of Identity Verification Vendors
One consistent theme throughout the conference was the increasing number of vendors promising solutions to identity verification (IDV) challenges. Many operators openly shared concerns about new entrants’ overpromising, which has led to disappointment and, in turn, eroded trust within the industry. Attendees underscored the need for more transparent vendor claims and substantial proof points to restore their confidence in this arena.
2. Balancing Fraud Prevention with Responsible Gaming Regulations
Modern operators face the challenge of balancing fraud protection with the need to comply with constantly changing regulatory requirements. This year’s conference highlighted the importance of responsible gaming and age verification, as operators must ensure that only eligible users can access their platforms. The difficulty lies in preserving user trust and platform security without creating too much friction, especially in unregulated or emerging markets.
3. Regulatory Shifts: Centralization and Evolving Standards
One of the most critical discussions at SBC Lisbon centered on the changing regulatory environment. Many previously unregulated markets are moving toward centralized regulatory frameworks, which has implications for licensing, KYC (Know Your Customer) providers and operators. As these markets adopt more stringent regulations, operators must adjust how they verify user locations, identities and documentation, making it clear that adaptability will be critical to staying compliant and competitive.
4. Challenges in Developing Markets: Bonus Abuse and Multi-Accounting
Bonus abuse and multi-accounting remain top concerns for gambling and sports betting operators. During booth conversations, several operators pointed out that traditional KYC measures introduce too much friction, especially in regions where regulation is minimal or non-existent. As a result, operators in these markets often rely on phone numbers for registrations, which creates vulnerabilities due to the ease with which users can generate new “virtual identities” by purchasing additional SIM cards. This allows for repeat abuse, and leading operators must develop more robust strategies to identify and prevent fraud in these markets.
5. AI for Fraud Detection and Player Protection
With AI’s rapid expansion, many operators are leveraging this technology to monitor customer behavior, identify unusual patterns and flag potential fraud cases. However, one key takeaway from the panel was the emphasis on data quality – without high-quality data, even the most advanced AI systems will fail to deliver meaningful results. Operators must ensure that their data streams are both accurate and robust to maximize the impact of AI-driven fraud detection solutions.
Conversations to Shape the Future
This year’s summit reminded us of the intersection between sports, technology and industry evolution, all factors driving the future of gambling and sports betting. The event underscored the importance of innovation and resilience in this quickly changing sector, featuring insights from diverse thought leaders like Tony Hawk, Sir Tim Berners-Lee, Peter Schmeichel and Luís Figo.
As the industry expands, stakeholders face the ongoing challenge of balancing fraud prevention, user experience and regulatory compliance. Success will hinge on embracing cutting-edge technologies, prioritizing data quality and cultivating robust partnerships. To continue the conversation from SBC Global, please reach out and see why the largest names in iGaming turn to SEON: https://seon.io/industries/igaming/
