The most popular sport in the world is soccer, so it is no surprise to discover that the game is the global sport betted upon most.
According to betting and sports data analyst Sportradar, around 70% of all worldwide legal and illegal betting comes from wagering on soccer. Within the game of soccer, the tournament that has the biggest betting volume is the FIFA World Cup.
The 2018 World Cup is estimated to be worth US$155 billion worldwide, with an average wager of US$2.4 billion per game, rising to US$8.2 billion in the final between France and Croatia.FIFA
UK bookmaker Paddy Power benefits from a 13% increase in World Cup revenue in the Q2 2018, while UK-wide wagering exceeds $3.2 billion, more than double the 2014 World Cup. Although the Chinese national team did not qualify for the main game, China Sports Lottery sales and sales grew by 57% and 50.3% respectively during the 2018 FIFA World Cup as well.
The above figures are only the income brought by legal betting, and the betting amount under the table must be even more impressive.
The Secret of Betting Odds
No matter what the result of the game is, as long as the betting amount of the two teams falls within a certain range, the bookmaker will basically make no losses. This specific range is the profit range of the bookmaker.
For example, if you open a bookmaker,
- The odds offered are 0.82 for Team A to win (that is, $1.82 for every $1 bet), and 1.1 for Team B to win or tie ($2.1 for every $1 bet);
- The total bet on Team A is $1m, and the total bet on Team B is $900,000. So you received a total of $1.9 million bets before the game;
- If Team A wins, you need to pay $1m × 1.82 = $1.82m, and your gross profit is: $1.9m – 1.82m = $80,000; If Team B wins, you need to pay $900,000 × 2.1 = 1.89m, your gross profit is: $1.9m – $1.89m = $10,000
The secrets of sports betting platforms
However, it’s not just bookmakers who know how to be prudent. Bettors are also paying more attention than ever to betting odds and stake limits, and some even resort to cheating to undermine the fairness of sports betting. Therefore, taking a share of the lucrative online sports betting market is not only risky and regionally restricted, but also has high financial and technical barriers.
If you’re interested to step into sports betting industry, you may wish to consult a reputable and large-scale industry player, such as GamingSoft, which leads the Asian gaming industry. Our huge professional team can tailor your betting platform according to your needs. Through complete technical support and a wide-range of partners, you help to grab the opportunity and stand out globally.