Post by Blitz on Oct 26, 2024 13:35:09 GMT -5
China and India to drive rising interest in sports betting: Study
Nelson Moura - October 25, 2024
agbrief.com/intel/deep-dive/25/10/2024/china-and-india-to-drive-rising-interest-in-sports-betting-study/
The sports betting market in Asia is witnessing significant growth, especially in basketball and football betting, according to a recent report by the International Betting Integrity Association (IBIA).
The report was prepared by H2 Gambling Capital (H2) for the International Betting Integrity Association (IBIA) and its partners, the Instituto Brasileiro de Jogo Responsável (IBJR), Canadian Gaming Association (CGA), Netherlands Online Gambling Association (NOGA) and Responsible Wagering Australia (RWA).
The report forecasts that regulated global sports betting will be worth approximately $94 billion in gross gaming revenue (GGR) in 2024, with a substantial 65 percent, or $61 billion, generated through online bets.
This figure is expected to grow to around $132 billion by 2028, with over 70 percent, or about $93 billion, coming from online platforms.
Countries like China and India are seeing increased interest in both traditional and online betting, driven by the rising popularity of sports such as football and cricket.
The global sports betting landscape is set for significant growth, particularly in football, which is projected to generate an impressive $53 billion in gross gaming revenue (GGR) from an estimated turnover of $570 billion in 2024.
As the dominant sports betting product, football accounts for over 56 percent of the regulated betting market’s gross win worldwide.
Online betting continues to thrive, with nearly 65 percent of all football GGR coming from digital platforms. The forecast indicates that Europe and Asia will together contribute to a staggering 85 percent of all football betting GGR, both online and land-based, in 2024.
In addition to football, basketball is also experiencing robust growth. North America is expected to reach around $5.4 billion in basketball GGR by 2028, driving the majority of global basketball betting growth.
The sector is forecasted to increase from $7.9 billion in GGR in 2024 to $11 billion by 2028, with Europe and Asia also contributing significantly—with projected increases of over 20 percent and 30 percent, respectively, to $2.3 billion and $3.2 billion.
Onshore vs. Offshore betting
India, Online Gaming, Igaming, Sports betting
According to H2 Gambling Capital’s analysis, 83 percent of all sports betting will be placed with licensed onshore operators in 2024, a notable increase from 63 percent in 2018.
However, approximately 17 percent of bets will still be placed with licensed offshore operators. This estimate does not include the substantial black market activity prevalent in regions like Asia, which poses challenges in accurately measuring the extent of unregulated betting.
“Maximizing onshore channelization is key to addressing integrity issues and ensuring that Asia’s growing sports betting market remains sustainable.”
The report highlights that prohibiting or restricting in-play betting does little to combat corruption, especially given the significant offshore unregulated markets available, particularly in Asia.
The lack of in-play betting options in regulated markets can lead to unmet consumer demand, pushing bettors towards offshore alternatives and resulting in lower onshore spending.
The demand for diverse betting products is growing, with in-play betting becoming particularly popular among consumers. This trend is expected to continue, as more jurisdictions in Asia consider regulatory changes to accommodate online sports betting, thereby enhancing consumer engagement.
While the rise of sports betting presents economic opportunities, concerns about integrity and match-fixing continue to loom large, with the report emphasizing the need for robust regulatory frameworks to ensure fair play and protect consumers, urging countries in Asia to adopt international standards for monitoring betting activities.
Although primarily focused on Brazil, the report draws parallels with Asian markets where regulatory frameworks are still maturing, stating that Brazil’s anticipated liberalization of its sports betting market offers insights into how Asian countries might structure their own regulatory environments to combat offshore betting and enhance onshore revenues.
The IBIA predicts that as more Asian countries legalize and regulate sports betting, the region could see a significant increase in gross gaming revenue (GGR). This is not only beneficial for the economy but also for consumer protection through regulated markets that can offer safer betting environments.
Stakeholders in Asia were also encouraged to consider comprehensive regulatory frameworks that promote integrity and consumer safety while capitalizing on the growing demand for sports betting products.
Nelson Moura - October 25, 2024
agbrief.com/intel/deep-dive/25/10/2024/china-and-india-to-drive-rising-interest-in-sports-betting-study/
The sports betting market in Asia is witnessing significant growth, especially in basketball and football betting, according to a recent report by the International Betting Integrity Association (IBIA).
The report was prepared by H2 Gambling Capital (H2) for the International Betting Integrity Association (IBIA) and its partners, the Instituto Brasileiro de Jogo Responsável (IBJR), Canadian Gaming Association (CGA), Netherlands Online Gambling Association (NOGA) and Responsible Wagering Australia (RWA).
The report forecasts that regulated global sports betting will be worth approximately $94 billion in gross gaming revenue (GGR) in 2024, with a substantial 65 percent, or $61 billion, generated through online bets.
This figure is expected to grow to around $132 billion by 2028, with over 70 percent, or about $93 billion, coming from online platforms.
Countries like China and India are seeing increased interest in both traditional and online betting, driven by the rising popularity of sports such as football and cricket.
The global sports betting landscape is set for significant growth, particularly in football, which is projected to generate an impressive $53 billion in gross gaming revenue (GGR) from an estimated turnover of $570 billion in 2024.
As the dominant sports betting product, football accounts for over 56 percent of the regulated betting market’s gross win worldwide.
Online betting continues to thrive, with nearly 65 percent of all football GGR coming from digital platforms. The forecast indicates that Europe and Asia will together contribute to a staggering 85 percent of all football betting GGR, both online and land-based, in 2024.
In addition to football, basketball is also experiencing robust growth. North America is expected to reach around $5.4 billion in basketball GGR by 2028, driving the majority of global basketball betting growth.
The sector is forecasted to increase from $7.9 billion in GGR in 2024 to $11 billion by 2028, with Europe and Asia also contributing significantly—with projected increases of over 20 percent and 30 percent, respectively, to $2.3 billion and $3.2 billion.
Onshore vs. Offshore betting
India, Online Gaming, Igaming, Sports betting
According to H2 Gambling Capital’s analysis, 83 percent of all sports betting will be placed with licensed onshore operators in 2024, a notable increase from 63 percent in 2018.
However, approximately 17 percent of bets will still be placed with licensed offshore operators. This estimate does not include the substantial black market activity prevalent in regions like Asia, which poses challenges in accurately measuring the extent of unregulated betting.
“Maximizing onshore channelization is key to addressing integrity issues and ensuring that Asia’s growing sports betting market remains sustainable.”
The report highlights that prohibiting or restricting in-play betting does little to combat corruption, especially given the significant offshore unregulated markets available, particularly in Asia.
The lack of in-play betting options in regulated markets can lead to unmet consumer demand, pushing bettors towards offshore alternatives and resulting in lower onshore spending.
The demand for diverse betting products is growing, with in-play betting becoming particularly popular among consumers. This trend is expected to continue, as more jurisdictions in Asia consider regulatory changes to accommodate online sports betting, thereby enhancing consumer engagement.
While the rise of sports betting presents economic opportunities, concerns about integrity and match-fixing continue to loom large, with the report emphasizing the need for robust regulatory frameworks to ensure fair play and protect consumers, urging countries in Asia to adopt international standards for monitoring betting activities.
Although primarily focused on Brazil, the report draws parallels with Asian markets where regulatory frameworks are still maturing, stating that Brazil’s anticipated liberalization of its sports betting market offers insights into how Asian countries might structure their own regulatory environments to combat offshore betting and enhance onshore revenues.
The IBIA predicts that as more Asian countries legalize and regulate sports betting, the region could see a significant increase in gross gaming revenue (GGR). This is not only beneficial for the economy but also for consumer protection through regulated markets that can offer safer betting environments.
Stakeholders in Asia were also encouraged to consider comprehensive regulatory frameworks that promote integrity and consumer safety while capitalizing on the growing demand for sports betting products.