Russia’s budding certified sports betting marketplace is set to significantly 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 as it seeks brand new methods to block the black market.
Development is going to be driven by NEW entrants to your market, as more worldwide operators begin to partner with domestic organizations, and also 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, generating gross gaming revenues 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 wagering in 2014, and thus, as Bookmakers Rating notes, the industry has experienced a time period of change from the illegal towards the licensed arena over the past year and a half.
But Bookmakers Ratings believes some 65 percent of on line bettors still utilize the illegal market. ‘The main obstacles to the transition of players to the Russian legal bookmakers, are the complexity of identity verification and desire of players to avoid playing personal income tax,’ it states.