France Prohibits "Individual Wagers"
Here's the rewritten version:
Bringing a Twist to Gambling: New Services on the Horizon
The gambling world is about to get a shakeup with the company's plans to introduce two fresh services - extended betting and individual bets.
Let's dive into what these services entail and why they might be causing a stir.
First off, extended betting involves stretching the betting period, even during the event itself. Take, for example, football matches where bets could previously only be placed up until the sixth minute of the second half. This new approach, while seemingly straightforward, could potentially fuel problematic gambling behavior. Emotions during the match could lead to increased betting, potentially jeopardizing the safety of gambling operations and fostering an uptick in fraud cases.
The second service, individual bets, offers a smorgasbord of options for bettors. From predicting the exact score to wagers on individual players and the number of yellow cards, the possibilities are virtually endless. However, some experts argue that these bets might not be based on "sports knowledge" but rather on "subjective judgments".
Intriguingly, France has already imposed a ban on bets that are not based on sports knowledge, such as betting on the color of the referee's socks or the even or odd number of goals in a game.
The alarm bell is ringing loud and clear in the French gambling sector about the rise of the illegal market. With this new move, the company aims to keep its business afloat.
Alice in Wonderland scenario, ain't it? But here are some insights on the current state of the illegal gambling market.
Illegal betting markets worldwide have risen to become a significant concern. The reasons are manifold. Regulatory gaps, consumer demand, and sophisticated marketing strategies are some of the contributing factors.
In terms of the economic impact, the U.S. is projected to see $67.1 billion in illegal gambling revenue by 2024, capturing 74% of the total market. The lost tax revenue in the UK could amount to £355 million over five years due to illegal betting.
Consumer risks are another concern, with fraud, lack of player protections, rising addiction rates, and access to unregulated markets being the main worries.
Illegal operators often offer a broader range of markets and better odds, undercutting their legal counterparts, which is a significant point of concern for regulated platforms.
Regulatory responses vary across countries. In the U.S., advocacy groups call for nationwide enforcement against illegal platforms, while states like Louisiana and New York crack down on unlicensed sweepstakes casinos. In the UK, the Betting and Gaming Council has voiced concerns over potential losses of up to £10 million in illegally wagered betting on events like the Grand National.
The rapid growth of the illegal market (+64% YoY in the U.S.) compared to the slower expansion of the legal sector (+36%) highlights the urgent need for coordinated global action against this escalating issue.
- The extended betting service, introduced by the company, allows for betting periods to be elongated, even during events, disrupting traditional gambling practices.
- One of the concerns surrounding individual bets is that bettors might not make decisions based on sports knowledge but rather on subjective judgments.
- In an effort to combat the increase in the illegal market, the company is introducing two new services - extended betting and individual bets, potentially impacting both the sports-betting and finance sectors.
- Regulatory gaps, consumer demand, and sophisticated marketing strategies have contributed to the expansion of the illegal betting market, posing significant challenges for businesses in the sports-betting industry.
- France has already imposed a ban on bets not based on sports knowledge, recognizing the potential threats posed by the illegal market to businesses and consumers alike in the sports-betting and finance sectors.
