The Colombian Federation of Entrepreneurs of Games of Luck and Chance (Fecoljuegos) and the International Betting Integrity Association (IBIA) aim to join forces in the fight against sports betting fraud in Colombia by signing a Memorandum of Understanding.
Protecting the Integrity of Sports Betting and Sports Is the Main Goal
As Colombia’s gambling market continues to grow, the Memorandum of Understanding will protect the integrity of sports betting companies and sports in the country. IBIA’s CEO, Khalid Ali, stated that IBIA is delighted to team up with Fecoljuegos and join the fight against match-fixing. Ali also added that the Colombian National Committee, whose goal will be to prevent sports competition manipulation, is the first of its kind in Latin America.
He ended by saying that Fecoljuegos played a huge role in the launch of the Colombian National Committee and that IBIA supports the idea of including integrity provisions in the gambling legislation of the country.
Evert Montero Cárdenas, the president of Fecoljuegos, stated that the creation of the committee and the Memorandum of Understanding is a step in the right direction. Cárdenas also thinks that this is a vital step from protecting both the players and the industry itself from irregular activities, which have been happening throughout the years.
He considers IBIA as something that “guarantees higher standards of integrity” and that is massive progress for the gambling industry in Colombia.
H2 Gambling Capital, a leading market data intelligence company, the total gross win from sports betting in 2021 reached $1.9 billion and Colombia’s gross sports betting win was estimated at $808 million. Projections state that the gross win in Latin America could increase to $3.5 billion in 2026. In Colombia, the gross win by 2026 could increase to $1.1 billion. IBIA is one of the companies that work closely with H2 Gambling Capital.
IBIA Reported over 100 Alerts to Latin American Authorities between 2017 and 2021
IBIA is extremely active when it comes to reporting irregularities on the market. In Latin America specifically, the association reported a total of 121 alerts in Latin America. Nine of those originated from Colombia; 1 alert connected to football and 8 to tennis.
Not only that but as a leading voice in saving the integrity of sports betting companies, IBIA’s data has played a major role in the investigation and prosecution of parties that were involved in match-fixing and many other irregular practices connected to the sports betting industry.
Its account-based monitoring system covers more than $137 billion in transactions each year. Recently, IBIA joined the Canadian Gaming Commission ahead of the full launch of sports betting in the country. The partnership between the commission and IBIA will not include just sports betting. The casino gaming vertical will also be included.