The value of online wagers is expected to exceed $1 trillion by the end of 2021, according to Juniper Research.
While gambling is risky for gamblers, it's also risky for merchants who have to deal with fraud cases and costly chargebacks.
High levels of fraud can even lead to the termination of merchant accounts.
When the third party discovers the unauthorized transaction, they file for a chargeback.
High-risk merchants are automatically placed at an 'excessive' level, which comes with higher fines and fees.
Gnoming – it's the process of opening multiple user accounts with the same casino.
In other cases, fake accounts are used to influence outcomes.
Unfortunately, to deter fraud, some friction in customer experience is needed.
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Sports betting was legalized in the United States in June 2018 - two years ago.
Sports betting has proven to be a significant source of tax revenue for many states thus far.
Colorado launched sports betting in the state in May 2020.
Massachusetts legalized sports betting in 2022, permitting individuals to legally wager on sports events online and offline.
Montana launched its sports betting product in March 2020 amidst the pandemic.
While PASPA's overturning didn't really affect Nevada or Las Vegas in the slightest, they have made some improvements to their sportsbooks and online offerings in the past two years.New Hampshire
However, attempts to legalize and regulate sports betting through a proposed bill were unsuccessful.
Sports betting was legalized in Tennessee in May 2019, and sports betting is planned to launch in September 2020, with licenses for sportsbooks being issued in July 2020.Virginia
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