Russia’s budding licensed activities betting marketplace is set to over double over the next five years, in accordance with a report by Bookmaker Ratings.
Growth is expected for Russia’s fledgling sports betting market because it seeks brand new techniques to block the market that is black.
Development will be driven by NEW entrants to your market, as more operators that are international to mate with domestic companies, and also by high-profile sporting events based in Russia, like the 2018 soccer World Cup.
According to Bookmakers Ratings’ quotes, Russia’s regulated market handles around 677 billion rubles-worth ($ 10.1 online casino real money billion) of bets per year, generating 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 modify sports wagering in 2014, and thus, as Bookmakers Rating notes, the industry has experienced a time period of change from the illegal to your licensed arena over days gone by year and a half.
But Bookmakers Ratings believes some 65 percent of on the web bettors still utilize the unlawful 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.