Gamblers from countries like Thailand and Malaysia, where football is massive, are expected to see substantial increase in betting on the upcoming matches. However, sports betting is illegal in both countries as well as in a number of other across Asia and the Asia-Pacific region.
The cryptocurrency craze and the rise of the technology supporting digital currencies are expected to further facilitate the anonymous (and illegal) placing of bets on World Cup matches, Reuters points out. Various messaging apps such as WeChat have, too, become widely popular among illegal betting operators over the years and will certainly be used as a means to target gamblers as World Cup matches are played.
Unlike Thailand and Malaysia, Hong Kong, a special administrative region in Southeast China, and South Korea offer legal sports betting services. However, local regulators have said that illegal gambling operators have long been stealing patrons away from the regulated businesses to create behemoth betting markets, much larger in size than the regulated ones.
How Much Will Be Bet Illegally on FIFA World Cup Matches across Asia?
Pre-World Cup statistics from the Asia-Pacific region showed that South Korea’s illegal betting turnover could reach $79 billion this year, while Singapore’s could stand at somewhere around $6.5 billion.
The closer time zones between World Cup host Russia and other Asian countries is expected to further ramp up illegal betting activity. According to recent information from Transparency International and the Asia Racing Federation, Asia is home to the world’s largest black betting market, accounting for around 80% of the global illegal betting market, which stands at around $500 billion in terms of bets placed annually.
Macau, the world’s biggest casino gambling hub, is likely to see its June revenue suffer as Chinese gamblers, its core market, are expected to wager more on World Cup matches than at physical casinos, analysts believe.
Chinese police have been cracking down on illegal online gambling operations over the past several months and are expected to ramp up their raids during the World Cup. Police in other Asia-Pacific countries have, too, said that they would enhance their efforts to detect illicit gambling activities, although new technology would make their work even more challenging.
The post Cryptocurrency Craze and Messaging Apps Boost Illegal World Cup Betting across Asia appeared first on Casino News Daily.
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