Qatar based International Centre for Sports Security (ICSS) released a report warning governments on the threats of illegal sports betting. The ICSS, in partnership with Sarbonne University, looked at data on tax havens, legal and illegal gambling, online betting and match fixing. The international sports-betting market is worth an estimated $280 billion to $680 billion. Fully 80 percent of sports-betting is considered illegal gambling. Sports betting is also used by organised crime to launder more than $140 billion annually.
Some other startling facts from the report state:
1. 53% of total global illegal sports betting happens from Asia.
2. Cricket and Football are the most targeted sports when it comes to illegal sports betting.
3. 30% global betting happens online and there are over 1000+ illegal options available to bet.
4. In the past 4 years 67 high profile scandals of illegal sports betting cases have been brought to light across the world with Europe and Asia leading with most number of scandals (Asia – 17, Europe – 37)
What if Sports betting was legal?
Currently in the sports betting market bets of approximate value between Euros 200-500 billion are wagered, out of which 80% are illegal. If sports betting was to be made legal it would result in governments getting richer by approx. Euros 4 billion through taxation. The staggering values also result in betting contributing to 2% of global GDP.
I am currently researching on this topic and have managed to get my hands on some juicy data which I will simplify and share it with you all in the coming weeks.
In the meantime please take time and see my infographic on illegal sports betting and do share your thoughts and suggestions on this topic.