Russian Sports Betting Market Expected to More than Double by 2022

Russian Sports Betting Market Expected to More than Double by 2022

Russia’s budding certified sports wagering market is set to more than double within the next five years, based on a report by Bookmaker Ratings.

Growth is expected for Russia’s fledgling sports betting market since it seeks new methods to block the black market.

Development are going to be driven by NEW entrants towards the market, as more operators that are international to partner with domestic companies, and by high-profile sports based in Russia, like the 2018 soccer World Cup.

According to Bookmakers Ratings’ estimates, Russia’s regulated market handles around 677 billion rubles-worth ($ 10.1 billion) of bets each year, creating gaming that is gross of 47 billion rubles ($70 million).

Over the next five years, volume is expected to grow to 1.4 trillion rubles ($22.4 billion), suggests the site, more than a 120 percent increase.

Fighting the Black Market

Russia enacted legislation to manage sports betting in 2014, and thus, as Bookmakers Rating notes, the industry has experienced a time period of transition from the unlawful towards the arena that is licensed the past year . 5.

But Bookmakers Ratings believes some 65 percent of online bettors still utilize the market that is illegal. ‘The main obstacles to your transition of players to the Russian legal bookmakers, are the complexity of identity verification and desire of players to avoid playing income that is personal,’ it states.

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