There aren’t many sports with as many regulations as cricket. Cricket is a lovely sport to bet on at any top cricket betting sites, but only once you learn the rules and see them put into practice.
The excitement of watching a cricket match is amplified when you place a wager on the outcome, but before you begin picking winners, you need to learn about the global phenomenon that is cricket betting and get a sense of how big it has grown over the years.
The Global Market of Cricket Betting
It might be difficult to disentangle betting revenue for particular sports from the broader picture. We do know that in 2021 the worldwide sports betting market was worth $76.75 billion USD and that by 2022 it will be worth $84.6 billion.
Different projections have been made, and they vary somewhat in terms of precision. They are, however, unanimous in their expectation of substantial expansion in the years ahead. Over the next decade, the worldwide betting market is projected to reach $288.2 billion, according to one estimate.
How much do wagers on cricket play into those numbers? Football and horse racing are the two most prevalent sports among bettors, however exact figures are difficult to ascertain.
The Rise of Cricket Tournaments
If we assume that cricket is responsible for just 10% of the money, then the value of cricket at the global level is $8.46 billion.
The increasing number of cricket competitions around the world is a major factor in the expansion of cricket markets worldwide. With the advent of T10 and other forms like The Hundred and the Sixty, the Twenty20 tournament has spread over the world.
There is also a substantial expansion in the USA. With the introduction of legal sports betting in 2018, it is anticipated that the industry as a whole will grow to a global turnover of $300 billion.
The Cricket Betting Landscape in India
Betting on cricket is possible in two major regions of India. There’s the fact that a lot of people enjoy playing the game as a starting point. Second, the gambling business is establishing itself more firmly in this region. For some time now, Indian gamers have had access to a few different sportsbooks, but recently, that number has exploded.
Recent estimates place the annual revenue generated by cricket betting in India at roughly $150 million (USD). It is safe to assume that demand in the sport and in gambling on cricket in India has surged since 2020 when verifiable numbers put income at $131 million.
The Indian Premier League is the primary source of funding. Cricket betting has been popular in India for quite some time, but it really took off when the IPL began play in 2008. And the rise of top cricket betting sites in India helps increase the trajectory of the demand even further.
Because there will be more games available, it’s more likely that revenue will rise after 2022. With the addition of two new teams for the 15th season forward, the Indian Premier League became the largest Twenty20 domestic league in the world.
The Introduction of Virtual Betting for Cricket
With its exciting and user-friendly interface, virtual cricket betting has attracted both new and seasoned bettors, contributing considerably to the growth of the cricket betting business.
This novel type of wagering has carved out a sizable and quickly expanding niche in the worldwide cricket betting industry, and its continued success bodes well for the future of the sector as a whole.
The size of the betting market for cricket can only increase from here. The most important region is undoubtedly North America, where the game is rapidly expanding in popularity. In 2023, the first season of Major League Cricket will begin, including an annual competition between major franchises.
Meanwhile, a significant shift in legislation in 2018 has been gradually opening up the United States to the gaming sector. This confluence of factors seems like a perfect storm for the cricket betting industry.
We can anticipate these numbers to climb dramatically over the next few years, thanks in large part to the game’s sustained expansion in crucial regions like India. If anything, now is the perfect opportunity to join the top cricket betting sites and become part of the growing global market.