First-Party Fraud Cost Online Gaming Operators $2.8 Billion in 2024, New Report Finds
Blog post from Socure
A December 2024 survey of 2,000 U.S. consumers cited in Socure’s report identifies the Super Bowl as a major period for first-party fraud in online gaming, with risky transactions reportedly rising more than 206% over typical NFL playoff volumes. First-party fraud, in which individuals misuse their own identities or accounts for financial gain, includes disputing losing bets as unauthorized, coordinating payout manipulation, and using secondary accounts or software to evade restrictions. The report estimates that 1 in 10 Americans have disputed a losing sports wager, potentially representing $2.8 billion in annual industry losses based on an average disputed bet of $109, while online gaming accounted for 55% of first-party fraud incidents despite making up 15% of online transactions in 2024. Although many disputed bets are relatively small, frequent claims can accumulate into significant losses, with mobile casino and betting-platform fraud totaling $1.2 billion between 2022 and 2023, while also eroding trust and prompting stricter policies that may affect legitimate users.
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