The Growth of the Sports Industry and Sports BettingThe Growth of the Sports Industry and Sports Betting
For decades, sports had been the top source of entertainment for many people. Not just for fun and sportsmanship but also for betting. Even before the internet, sports betting had been part of many cultures. In Asia, various sports activities have become popular and so is sports betting.
Global Sports Industry Revenue Spiked in Asia
Over the next 5-10 years, the global sports industry’s revenue tends to grow strongly in Asia. This could be the result of Asia hosting many world-class sporting events, such as the 2018 World Cup in Russia, the 2020 Olympics in Japan, etc. This attracted investors and other businesses to focus more on sports much like the sports betting industry. In Thailand alone, many entrepreneurs were attracted to the sports betting business that they enlisted to become a direct representative (เว็บตรง) of trusted and well-known sports betting sites like UFABET.
In a 2016 Pricewaterhouse Coopers International Limited (PwCIL) survey of the global sports market, soccer was the most popular sport among people worldwide, with an audience of 3.5 billion and revenues of 19 billion euros, or about 43 percent of the total. world sports market Other hit sports with revenues reaching billions of euros include football, baseball, Formula 1, basketball, hockey, tennis, and golf.
World Gambling Report on Online Gambling
Sporting events especially online gambling In the World Gambling Report published by Global Online Gambling Market, online betting accounted for 36 percent of all bets in 2015. Betting on match outcomes has the highest proportion of online gambling types, 36% of online gambling. While the Asian and Middle East markets account for 70% of online betting.
Interestingly, although in many countries there is an increasing number of legal bets on the outcome of the game, there are still other countries that impose legal restrictions on sports betting. This made the expansion of the legal market very few. such as the US and China markets. It is estimated that The illegal prediction market is several times larger than the legal market. In China, the illegal market is about 10 times bigger than the legal market, or about 4 times bigger in Hong Kong, etc. If the illegal market is included, it makes betting on the outcome of the competition very high.
It is therefore not surprising that the Sportaccord Convention 2014 concluded that the top three risk factors challenging the development of global sports are illegal gambling. Corruption and Transparency (which is related to falling sports change the outcome of the competition) and the financial dominance of the investor group.