FIFA World Cup Kicks-Off the Betting Season
The FIFA World Cup has taken the betting world by storm. With over 20 million Americans poised to wager $1.8 billion in the tournament, the football world cup is shaping up to be the landmark betting event of the year.
The biggest international football tournament is on, and the world seems ready to welcome this season of the FIFA World Cup rooting on for their favourite teams in their quest to take on the football giants of the world.
The stakes have never been higher. The American Gaming Association’s inaugural survey reveals that over 20.5 million American adults plan to legally bet $1.8 billion during the course of the tournament.
This gives online bookkeepers reasons to celebrate too. The association has also revealed that about 9.8 million of the surveyed individuals have planned on wagering a bet on online betting platforms, while another 4.7 million plan to place their bets traditionally by heading over to a casino or their local sportsbook.
The vast majority of American adults also seem to take legality seriously to safeguard their financial assets. About 78% of the respondents to the survey stated that placing bets legally is a priority.
The legal landscape of betting in the United States has been in constant flux since the landmark ruling of the American Supreme Court in 2018 marked the end of the federal ban on sports betting. Since the ruling Maine, Maryland, Nebraska, Ohio and Massachusetts have been added to the growing list of states to have legalized betting.
Considering that over 132 million Americans live in the states with no legal restrictions on betting, it is reasonable to assume most sports betting in America during the world cup will be legal, allowing protection and legal remedy for consumers who partake in the activity.
European gambling watchdogs have also attested to the popularity of the world’s largest tournaments and anticipated a rise in betting activity in this period.
The Gambling Commission overseeing gambling regulations in France, Germany, Great Britain, Portugal and Spain have taken to adopting a proactive approach in protecting consumers through the tournament by extending cross-border cooperation with the hosts in Qatar through exchanging information, expertise and measures to implement the best practices in gambling and betting. The commission will also be increasing its activity on social media to promote responsible and safe gambling practices.
Just like in America, the status of regulation of gambling activity has undergone a steady development in Europe, allowing many private and publicly-owned firms to obtain licenses to offer online gambling. The practice of allowing multi-licenses has encouraged many online bookkeepers to participate in the emergent betting economy.
With multi-licensing being adopted in 25 of the 29 European states, the prospects for online bookkeepers have never been more promising.
“It’s encouraging that the majority of European countries have now moved towards multi-licensing regulation for all online gambling products in recognition that it is by far the most effective model for regulating online gambling”, commented the Secretary General of the European Gaming and Betting Association, Maarten Haijer.
“Unlike monopolies, the benefits of full multi-licensing are very clear: better protection for consumers, more tax revenues for the state, and better control for regulators over their online gambling markets. The majority of European countries have already realized this.”
The worldwide appeal of the FIFA World Cup is likely to make it the biggest betting event of the year, and bookmakers from America to Europe are all geared up.
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