Aug10
Sports Betting in Iowa Generates $2.2 Million Revenue in July
European Sports Profit €300m From Betting
December 2, 2018 Jim Murphy
US sports wagering is taking the United States by storm. It is just a matter of time when it will be legalized by a majority of states. Some estimates even claim that the revenue could reach $8 billion in the 12 years.
Although sports wagering is a relatively new thing in the US – since PASPA was overturned in May, earlier this year – it has existed in European countries for quite a while and people here consider it a regular thing.
What’s Going On in Europe?
In the old continent, everyone benefits from sports wagering. The major gambling operators here are contributing to more than €300 million to sports! This industry is employing over 30,000 workers around the European Union and that has been…
…backed with a new research conducted by the European Gaming and Betting Association (EGBA)
According to the trade association from Brussels, its operating employed 33,000 workers in 14 European Union countries. These have approximately 12 million active customers together.
Furthermore, the companies injected €325 million last year to sports federations and leagues as a financial …
…but the money is also distributed to the clubs through sponsorship agreements, whereas advertising and media rights also play their roles.
In 2017, the gross profit generated by the was $19.6 billion. That figure is expected to increase to $24.7 billion by 2020!
Up, Up, Up
Maarten Haijer, EGBA secretary general has revealed the changes which are going on within the major gambling groups. He said that the compliance standards will be on a higher level in order to correspond with the income growth.
“Europe’s online gambling sector is a growing and popular form of digital entertainment – but with this growth comes the responsibility to ensure that people are kept safe while playing on online gambling websites,” said Haijer, whose group’s include GVC, Bet365 and Kindred Group.
Speaking in Numbers
He also added that during this period, in order to ensure compliance with local laws and regulations, the organization completed 56 licensing audits…
…but they also invested €22.6 million in KYC checks.
In addition, last year, the customers were provided with 31 different paying methods whereas 354 million online payments were processed.
The average pay-out rate was 93.06% and an average would spend €10 during each bet with payouts not taken into . On average, customers would place a bet on 17 days.
Fun Fact
Some of the brands you must be familiar with and which belong to EGBA are Ladbrokes, Unibet and the aforementioned Bet365. They are all major contributors to the industry and sponsors of sports leagues and teams in Europe.
Modeling after EU Betting Organizations
While the European Union is presented as the land of milk and honey for the gamblers worldwide who prefer sports betting…
…the United States wants to model after it as they attempt to introduce this form of gaming in their entities. They have been inspired by ESSA to form the integrity body of their own. The organization which will monitor sports betting in the US will be called Sports Wagering Integrity Monitoring Association also known as SWIMA.
Since the US sports betting market is larger than European (but it has yet to be utilized), it is just a matter of time when it will exceed it in of numbers.
Source:
“Betting contributes €300m to European sports, EGBA claims”, igamingbusiness.com, November 29, 2018.
Leave a Reply
Related News
One comment on this page:
Latest Casino News
Related News
Football (soccer) is a big thing in Europe and people bet mostly on football games. The good news is that teams and leagues and betting institutions work together – they have to though.