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Betting on cricket has always been popular but, now that the game is growing globally, how does the market size look in the present climate?
It can be hard to separate individual sports from the overall figures relating to betting revenue. What we do know is that the global sports betting market was valued at $76.75 billion USD in 2021 and that this is set to rise to $84.6 Billion by the end of 2022.
There are various forecasts in place and they differ to an extent in terms of their exact figures. However, they are all predicting some significant growth in the years to come. One study suggests that, over the next ten years, the global betting market will hit around $288.2 billion.
How much does the cricket betting industry contribute to those figures? It’s hard to pin down numbers for each sport, but we do know that football and horse racing are the two most popular sports among the betting community.
Cricket does have its followers and, if we said that the sport is accountable for 10% of that revenue, then it’s currently worth $8.46 billion worldwide.
Reasons for growth, particularly in cricket markets, relate to the rise in the number of tournaments around the world. Every country now has at least one T20 competition and the introduction of T10 and other formats such as The Hundred and the 6ixty will also have an impact.
The United States of America is another big growth area. Sports betting started to open up here in 2018 and the rise in gambling across the country is one of the main reasons why the sector is expected to build towards global revenue of $300 billion.
India provides two key areas in regards to cricket betting. Firstly, there is the appeal of the game to a vast population. Secondly, the betting industry is starting to get more of a foothold here. A number of sportsbooks have been open to Indian players for some time now, but many more have been getting involved recently.
The most recent set of available figures suggest that cricket betting in India generates around $150 million (USD) every year. The confirmed statistics in 2020 showed that income was $131 million and it’s certain that interest in the sport and in betting on cricket in India has grown since that time.
The biggest driver for income is the Indian Premier League. Betting on cricket has existed in India for years, but the practice exploded from the inception of the IPL in 2008.
From 2022 onwards, there is a greater likelihood of increased income because of the simple fact that there are more games. The IPL expanded to include two additional franchises from the 15th edition onwards and the biggest T20 domestic competition has got even bigger.
Predictions are always tough but few would be surprised if cricket betting revenue from India alone were to hit $200 million by the end of the 2020s.
Virtual Cricket Betting
The inclusion of virtual cricket betting has significantly contributed to the expansion of the overall cricket betting market size, with its engaging and accessible platform drawing in new and seasoned bettors alike. This innovative form of betting, operating round-the-clock and independent of real-world conditions, has carved a substantial and rapidly growing niche in the global cricket betting industry, signalling a promising future for the market as a whole.
Cricket’s betting market size can surely only grow from this point. The key area has to be North America where the game is becoming more widespread. In 2023, we will see the start of Major League Cricket where big franchises will be competing on an annual basis.
At the same time, the United States has been slowly opening up to the gambling industry following an important change in legislation in 2018. All of this adds up to a kind of perfect storm which I think will give a significant boost to the cricket betting sector.
Together with the continued growth of the game in key areas such as India, I expect a significant increase in these figures in the years that follow.