Betting volume to grow in Russia

russia

Credits: BetXchange

Russia is expected to increase its regulated sports betting market activity thanks to high profile sports events in the country.

Russia.- A new report has revealed that Russia is set to triple its regulated sports betting industry in the next five years, as the country will host sports events like the upcoming FIFA World Cup in 2018. The report was conducted by the gambling affiliate Bookmakers Ratings.

Approximately 60 percent of Russia’s betting market is consisted of local licensed operators, as CalvinAyre said. Moreover, the turnover of the local market is estimated at US$11.7 billion anually, whilst the annual betting revenue in the Eurasian country climbs to US$816 million.

The new information reveals that the legal betting market could experience a significant push to US$22.5 billion by 2022, specifically driven by the football world cup next year, as well as the Confederations Cup in 2017. Furthermore, the new regulations that allow new sports sponsorships opportunities make the market specifically attractive to new bookmakers in Russia.

President of Liga Stavok, Yuri Krasovsky, commented that approximately 80 percent of local players prefer unauthorised international licensed online operators. Whilst there are currently 29 licensed local bookmakers, 18 of them don’t have the necessary permissions to allow players to place bets online

Back in April, the Federal Service for Supervision in the Sphere of Telecom, Information Technologies and Mass Communications (Roskomnadzor) urged virtual private networks (VPN) services to set stricter conditions of access to international websites, including online gaming platforms. As part of a nationwide plan against gaming industry, the Government of Russia has created a list of prohibited online operators. The iGaming sector currently fears a destabilisation due to a possible blocking of online payment services. The measure was announced earlier this year and it was introduced as a weapon to beat illegal casino operations through internet offerings.