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Best's Underwriting Reports and Best s Loss Control Reports provide insights into the risks and lines of coverage for online betting operations.
Cyber hackers are taking advantage of the online betting market becoming more widespread and lucrative. One of the latest examples happened during the summer when a major data breach targeting online betting platforms Betfair and Paddy Power affected up to 800,000 users, according to online tech news website TechRadar.
While no passwords or payment details were accessed, hackers were able to compromise users' IP addresses, email addresses and online activity related to their gambling accounts, increasing the odds that victims could become targets of fraud, according to the report.
It's becoming a liability issue, too. Professional liability has among the highest degrees of exposure among all lines detailed in Best's Underwriting & Loss Control Resources report Online Betting Operations. That's largely because the underwriter must investigate the legitimacy of an online betting operation that is seeking coverage.
The report cites a 2022 study that shows there are numerous indications that a betting website is not legitimate. "A major tipoff, specific to the United States, is that the website is based offshore and advertises, 'All U.S. Players welcome,"...