Preparing Measures To Manage The Sports Betting Market
As Corona 19 (novel coronavirus infection) spreads around the world, interest in untact sports betting is growing. In addition, concerns about illegal gambling through untact methods are growing, and countries around the world are preparing measures to manage the sports betting market.
According to industry sources on the 5th, the sports industry around the world has been hit hard by COVID-19. While implementing policies to restrict spectator admission and restrict the movement of players and goods, some countries are using the untact platform to the fullest extent or introducing new ones to maintain the sports industry. The United States quickly prepared for the untact era.
Preparing Measures To Manage The Sports Betting Market
When blockchain technology and 5G technology are commercialized, it is expected that sports betting through online and mobile will become mainstream, and the sports industry will also expand. According to global consulting firm PwC in 2019, the US sports industry is expected to grow from $71.1 billion in 2018 to $83.1 billion in 2023.
Horse racing has already absorbed the illegal horse racing market through online betting since the mid-2000s. Some places have allowed untact betting in a hurry due to the COVID-19 pandemic. Unlike other states such as Mumbai and Delhi, India’s Karnataka state government did not allow online betting, but it has approved online betting from July of this year.
The situation in Europe is similar. Germany, which was conservative in its betting policy unlike the UK, temporarily allowed online sports betting in 2011, the illegal gambling market decreased from $450 million to $200 million, and the legal industry increased 4.2 times from $13 million to $55 million.
Institutionalizing Sports Betting
From July next year, when the allowable period expires, online sports betting will be institutionalized and implemented continuously. In France, after legalizing online sports betting in 2010, the legal industry began to absorb the illegal gambling market, reducing the size of the illegal gambling market to less than half. There is also a growing concern that the untact method will intensify speculative behavior in sports betting.
Since 2016, Singapore has introduced online sales only for bookmakers, and is coping with side effects by adhering to the on-site registration method for thorough self-verification and operating self-control functions. In addition, it manages the betting market by reducing the illegal gambling market through the operation of a cutting-edge illegal gambling site blocking system and attracting some demand to the legal industry.
Sports Betting In Korea | 먹튀폴리스
On the other hand, in Korea, the illegal gambling market continues to spread even during the period when legal industries such as horse racing, bicycle racing, and other ball games such as football, volleyball, and basketball were suspended due to COVID-19.
From February to August, the number of gambling consultations at the Korea Gambling Management Center increased by 13.5% from 8228 to 9468 from the same period last year. According to reports, the online illegal gambling market for overseas races has grown during the period when the legal industry stopped.
The amount of illegal gambling announced by the Gambling Industry Integration Supervision Committee in April was 81.5 trillion won, nearly four times that of the legal industry, of which 67% or 54.5 trillion won was found to be illegal online gambling.
An industry official emphasized, “The untact era of sports betting has arrived.” “If the demand for betting cannot be eliminated, it is reasonable to manage the demand in a controllable way.” He added, “If there is no legal betting method, the illegal market will eventually expand, resulting in tax evasion and the expansion of the underground economy, as well as the users who suffer great damage.”
