The global sports betting market has seen explosive growth in recent years, fueled by the rise of online gambling platforms, increased internet access and penetration, and the legalization of betting in numerous countries. As of 2023, research showed that the global sports betting market was valued at around $92.1 billion, with projections suggesting it could exceed $182.1 billion by 2030, growing at a compound annual growth rate (CAGR) of 10.3%.
This market includes various betting activities, from traditional sports like soccer and horse racing to esports and virtual games. However, the rapid expansion of the betting industry has also attracted fraudulent activity. Fraudsters actively seek to exploit weaknesses in the bookmakers’ odds-setting algorithms, using automated bots and leveraging advanced arbitrage techniques like surebetting and value betting to secure guaranteed profits. These activities often fall under the radar but can lead to significant financial losses for betting platforms and honest bettors.y.
Read more…
Source: Group IB
Related:
- UK: Staff details stolen in poultry factory cyber attack
August 28, 2024
Staff at a poultry factory in Norfolk have had their personal details stolen in a cyber attack. Banham Poultry, based in Attleborough, said criminals had remotely accessed its system in the early hours of 18 August. In an email sent to staff, seen by the BBC, the company said information such as National Insurance numbers, copies ...
- Interpol busts Black Axe global crime network, arrest over 300
August 28, 2024
The International Criminal Police Organisation (INTERPOL) Police units had in a coordinated action in 21 countries between April and July 2024 arrested over 300 people with links to Nigerian criminal group Black Axe and other affiliated groups. In a statement, Interpol said operation “Operation Jackal III” led to hundreds of arrests, the seizure of assets worth ...
- Hunters International ransomware gang threatens to leak US Marshals data
August 27, 2024
The Hunters International ransomware group is threatening to leak what it claims to be 386 GB of data from the U.S. Marshals Service (USMS), more than a year after the federal law enforcement agency suffered a major ransomware attack. The gang claims the data, comprising more than 327,000 files, includes “Top Secret” documents, gang files, information ...
- Unveiling Mobile App Vulnerabilities: How Popular Apps Leak Sensitive Data
August 27, 2024
In an increasingly digital world, the importance of mobile security cannot be overstated. With millions of apps available on Google’s Play Store and Apple’s App Store, users trust developers to safeguard their personal information. Unfortunately, this trust is often misplaced. A key step in preventing unauthorized access to user data is encryption, especially when it comes ...
- SMS scammers use toll fees as a lure
August 27, 2024
In April 2024, the FBI warned about a new type of smishing scam. Smishing is the term we use for phishing attacks sent via text message. This particular smishing scam tries to trick users into clicking a link by telling them they owe a “small amount” in toll fees. The scammers send a text claiming that ...
- Cyber attacks on law firms jumped by 77% over the past year
August 27, 2024
The number of successful cyber attacks against UK law firms rose by 77% in the past year to 954, up from 538 the year before, according to a new study of the threat. Chartered accountants Lubbock Fine said that the wave is driven by criminals seeing law firms as prime targets for ransomware attacks or blackmail. This ...