Corey Plummer, CEO of OlyBet, delves into the dark side of the gaming industry, shedding light on the alarming rise of illegal gambling and the dire need for regulatory reforms.
Why is it important to talk about the issue of illegal gambling?
The issue of illegal gambling and the policies to prevent it should receive increased attention due to its significant impact on legal gambling operators, customers at all levels, local economies, and even sovereign nations.
How big is the problem within the industry?
Illegal gambling pervades the industry at every level. Numerous industry events are sponsored by companies operating primarily in black and grey markets, utilizing unregulated currencies without responsible gaming programs or adequate AML and KYC practices. Some of these operators have received industry awards as exemplary companies and marketers. Major sports leagues and clubs are sponsored by illegal gambling companies and pirate sports streamers. Additionally, there are hundreds, if not thousands, of affiliate sites promoting illegal gambling operators. The political focus is often diverted from online, unregulated currencies to street markets as politicians prioritize what is visible to potential voters.
What are the latest trends showing – has it gotten better or worse in recent years? Could you explain why?
A concerning trend is the growing lack of awareness and due diligence by sports leagues and clubs regarding this issue. Many football clubs in major markets accept sponsorship fees from illegal gambling operators, pirate streamers, and sanctioned individuals. There is also a rise in online operators focusing on unregulated digital currencies under the pretext of consumer welfare. This prompts the question: Why do consumers need unregulated currencies when the local gaming market is legal and regulated, accepting local and other regulated currencies such as dollars, pounds, pesos, and euros?
- Illegal gambling
- Gaming industry
- Corey Plummer
- Regulatory reforms