Illegal Global Sports Betting Could Amount to $3 Trillion
The question over how much the global illegal sports betting market is worth depends on who you ask. The amounts mentioned are staggering and include estimates that range from hundreds of billions to trillions of dollars. A United Nations conference in Doha heard that this illegal market could be worth as much as $3 trillion.
The biggest market for illegal sports betting is Asia which makes up about 65% of the global market with football taking in the most revenues. This was followed by cricket and tennis with 12 percent respectively. These claims were made by a British based betting expert Patrick Jay at the conference. Jay jokingly addressed this astronomical amount and said that he generally says the illegal sports betting market is only worth $1 trillion as even with this amount he is almost laughed off the stage.
He was quoted as saying,” I’ll let you into a secret. I say the trillion figure because I can just about get away with it without being laughed off stage. The fact of the matter is, the vast majority of people think it is less than that, the only three or four people in the world that I actually respect on this thinks it is two or three times that. And it is growing.” China is the center of the problem with up to a billion euros gambles on a single football game according to Jay.