Last Updated on February 7, 2024 by ethinos
Cricket is one of the most popular and lucrative sports in the world, especially in countries like India, Australia, England, and South Africa. The sport attracts millions of fans, viewers, and bettors, who follow the action and outcomes of various tournaments and matches.
One of the emerging trends in cricket sponsorship is the involvement of gambling companies, who offer online platforms for betting on cricket and other sports. Gambling sponsorships have become more visible and prevalent in cricket in recent years, as the International Cricket Council (ICC) lifted the ban on gambling logos on playing attire and equipment in bilateral matches in 2023. This means that cricket teams can now secure shirt sponsorship deals with gambling brands for contests in bilateral series, but not in any competitions organised by the ICC.
New Opportunities And Challenge
The relaxation of the ICC rules has opened up new opportunities and challenges for both cricket teams and gambling companies, as they seek to benefit from the growing market for sports betting. According to a report by PwC, the global sports betting market is expected to grow at a compound annual growth rate (CAGR) of 9.2% and reach $203.9 billion by 2024. India is one of the largest and fastest-growing markets for sports betting, with an estimated 10 crore users and over ₹40,000 crore worth of transactions in 2021.
Factors Contributing To The Growth Of Betting Industry
Some of the factors that have contributed to the growth of the sports betting industry are the advancement of technology, the availability of multiple payment methods, the impact of the COVID-19 pandemic, and the changing consumer preferences and behaviour. Technology has enabled users to access a variety of games and bets through their laptops, desktops, and mobile devices, with features such as live streaming, in-play betting, and cash-out options. Payment methods such as bank cards, direct bank transfers, e-wallets, and even cryptocurrency have facilitated the rapid withdrawal and deposit of funds. The COVID-19 pandemic has increased the demand for online entertainment and gaming, as people stayed at home and looked for alternative sources of income and fun. Consumer preferences and behaviour have also shifted, as more people are interested in sports, especially cricket, and are willing to take risks and try new things.
The rise of the sports betting industry has also led to the emergence of new trends and innovations, such as exchange-traded funds (ETFs), neobanks, and cryptocurrency. ETFs are funds that track the performance of an index, sector, commodity, or asset, and can be traded on the stock exchange like shares. ETFs offer low-cost, diversified, and passive investing options for investors who want to benefit from the market movements without actively managing their portfolio. For example, the Nifty Bank ETF tracks the performance of the Nifty Bank Index, which comprises the most liquid and large capitalised Indian banking stocks. The Nifty Bank Index closed at 45,970.95 points on January 30, 2024, down by 0.47% from the previous day.
Wrapping Up
Gambling sponsorships in cricket are a growing trend that reflects the changing dynamics and opportunities in the sports betting industry. Cricket teams and gambling companies can benefit from the popularity and reach of the sport, and from the trends and innovations in the market. However, they also need to be mindful of the risks and challenges involved, and adhere to the highest standards of integrity and professionalism. Gambling sponsorships in cricket can be a win-win situation for both parties, as long as they are done in a transparent, ethical, and regulated manner.
