The two bodies have signed a “Memorandum of Understanding” which will see the pair coordinate their global activities in existing and emerging markets.

With both working closely, the agreement involves sharing information and intelligence on relevant sports betting markets. The two parties will also launch research in areas of mutual interest and deliver messages and approaches together.

Brigid Simmonds, Chairman of the BGC, said: “We are pleased to announce this new partnership, which will help us champion the betting industry internationally.

"The IBIA is playing a decisive part in ensuring sports betting markets are properly regulated, and sports integrity is at the core of its action. The BGC will wholeheartedly join this effort and bring its experience and expertise in promoting world-class standards in new and emerging sports betting markets.”

Khalid Ali, CEO of IBIA, added: “Both of our associations are active internationally and in many of the same markets, share many of the same members and have many of the same regulatory goals.

"We’ve already been collaborating in markets such as Brazil and it was a natural progression to a more formal and structured relationship. The scope of our combined membership gives us a powerful mandate to speak on behalf of a large part of the regulated sector and policymakers welcome that level of focused industry engagement.”

In a statement, the BGC said the core objective of the collaboration is to ensure betting markets are operated with high standards of consumer, sports and operator protection measures.