The International Betting Integrity Association, or IBIA, has allowed KTO, a sports betting company under the ownership of the KTO Group, to join its ranks this summer. IBIA’s decision shows that KTO meets the standards necessary to operate in Brazil, which represents an exciting new frontier for sports betting with recent regulation changes. IBIA’s purpose is of course to monitor integrity within sports and related gambling. This means any sportsbooks that join must be up to the task of meeting IBIA’s rigorous standards and ready to transparent about their business dealings.
What does membership in the IBIA entail?
Ongoing efforts by Brazilian lawmakers at the federal level have finally resulted in new regulations around legalized sports betting. Though it was a long road, the upshot is an organized, methodical approach to regulating the system and allowing licenses to sports betting agencies.
One important aspect of this is that agencies based in Brazil receive IBIA approval. This standard is to ensure that all companies working in the lucrative industry will not take advantage by participating in any clandestine activity. This is mandated by Brazil’s Provisional Measure on sports betting.
Another way that the Brazilian federal government has been ensuring this is through its ongoing investigation of sports betting. While its CPI group first organized in response to a swatch of criminal activity connected to fixed matches, their efforts have expanded to include interviewing and investigating various sports betting platforms ahead of their receiving licenses to operate in Brazil.
Currently, the IBIA boasts a list of over 125 sports betting brands and 50 companies which have met the standards needed to become members. The IBIA is considered one of the most important global sports monitoring companies, so membership is no small feat.
KTO’s director, Jeff Tabone, shared the company’s delight to have qualified for membership. Tabone said that this is an important step for the company and that it makes clear their mission to uphold integrity in sports betting. He also spoke of it as a way of committing to transparency and creating a safe, trustworthy atmosphere for clients.
IBIA’s CEO Khalid Ali also made a statement about the partnership, expressing that this is an important move for IBIA as well. With KTO’s membership, IBIA has another partner in the Latin American region, which has a burgeoning online gaming industry. Ali explained that IBIA’s memberships also represent 60% of Brazil’s remote gaming market.
IBIA has already integrated itself into Brazil’s newly regulated market, first by announcing that it would work with Brazilian operators ahead of the regulations being finalized. Once Brazil’s Provisional Measure on the matter was released, it was clear that IBIA membership would be essential for those seeking to offer sports betting in the country.
KTO’s membership followed shortly after Galera.bet announced its agreement with the IBIA. Galera.bet is also a Brazilian bookmaker. The company stated at the time that they were keen to fight corruption via their alliance with the organization. Galera.bet also recently announced a deal to sponsor aspects of Brazil’s world-famous carnival.
Despite this progress, there are still many other Brazilian sports betting agencies which have not yet joined IBIA, like BetGol777, which recently made a splash by sponsoring a Brazilian football favorite, Debinha. It is expected that
many of these companies will follow suit and get on board with the IBIA in the coming months.
To become a member, every company must undergo a strict vetting process as a part of IBIA’s due diligence system. Companies must also commit to IBIA’s code of conduct. From there, the IBIA can use data from its partners to flag suspicious betting activity, which will then be reported to gaming authorities.
Have you enjoyed this article? Then share it with your friends.
Share on Pinterest