The True Story of Sports Betting Industry (Insights & Details)Posted By: Sourav Das | August 23, 2017
The global gambling industry, estimated at more than $400 billion, mainly includes lotteries, bingo, casinos, etc.; about 13% of this market is occupied by sports betting. The activity of placing a wager on the predicted result of a sporting event or game, or the performance of individual players in the game, is called sports betting. Here we are up with the insights about the Sports Betting Industry.
Sports betting is mostly popular among the football fanatics as this game attracts millions of viewers worldwide. Betting in EPL and Spanish Leagues is the recent hot cake of the market but Premier League Betting is becoming even more popular in Australia. Due to the large number of football fans, Aussies market is one of lucrative field of the betting genre.
The True Story of Sports Betting Industry
Even though this might seem like an innocent activity, it is considered illegal in most countries. Simple wagers, like betting a friend a small amount of money that his favourite cricketer will not score more than 20 is one thing. But, the sports betting industry is a whole other game. A bookmaker, or bookie, is involved in this, and he serves as a marketplace, collecting the wagers from gamblers betting for and against a particular outcome. His profit lies in the advantage he holds over his customers, usually 11-10 in case of big wagers, and as much as 6-5 in case of small wagers. He maintains a spread or vigorish, and this ensures him profit, regardless of the outcome.
The real story of Sports Betting
There are many risks involved for gamblers, due to high stakes and lack of regulation. Especially when inexperienced gamblers fall prey to the false promises of huge rewards, presented by unregistered bookies, chances are, the gambler will undergo huge losses. Sports betting not only harms the gamblers, but the sport itself. Many betting scandals have come up in the history of sports., because, at some point in the long run, there is always the risk of match fixing. As a result, sports betting is illegal, though the laws are often different for various forms of betting. For instance, even though the act of sports betting is illegal in the United States of America, online sports betting is not technically illegal. In fact, online gambling has become one of the fastest growing segments of the sports betting industry. In some places, however, every form of gambling is illegal.
One of the biggest concerns about the sports betting industry is that the large betting syndicates indulge in match-fixing to manipulate the result of a sporting event according to their want. They reach out to individual players, officials, and entire teams, sometimes, offering enormous sums of money in return for playing the game in such a way that they reach the predetermined result. Thus, the odds can be influenced by the bookmakers who know the result of the match from beforehand!
Due to inconsistency in regulation in different parts of the world, it is hard to determine the value of the global sports betting industry. However, since it occupies the largest part of the gambling industry, along with casino, the value can be estimated as $700-1000 billion. Illegal sports betting alone is supposed to be worth $500 billion. It is believed that Asia is the biggest market for sports betting in the world. The transactions go unaccounted for, and the government has to bear hundreds of millions in lost tax revenue.
Yet, the vice continues to attract people. The allure of getting huge rewards is too strong for many to avoid. The fact that someone else’s win or loss lead to a good profit, without actually having to do anything also attracts the gamblers. Some simply like the idea of bending the rules. What they do not understand is that as they get sucked into the vortex, they run greater chances of losing a lot, not only because the result might not be what they predicted, but also because the bookie might turn out to be a cheat. Yet, they go ahead, and not only put themselves at risk, but enable the destruction of the spirit of sports.
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