France Prohibits Single-stake Wagers
Expanding Gambling Services: Risks and Rewards
The casino giant has its sights set on two new offerings: extended betting and personalized bets.
Let's dive into these services and dissect the potential implications they could have.
First up, extended betting - think of it as stretching out the betting time frame, even during the actual event itself. In a football match, for example, bets could stop being accepted as early as the first half's sixth minute. At first, this might seem like a straightforward expansion of traditional betting, but concerns have been raised about its impact on problematic gambling. Emotions running high during the game could lead to increased betting, potentially compromising the safety of gambling operations and fostering an environment ripe for fraud cases.
Now, let's talk about personalized bets. This service offers an abundance of betting options beyond the basics. You're not just betting on the team to win; you could be wagering on the exact score, the names of footballers who'll score goals, or the number of yellow cards. Each bet comes with its own unique coefficient. However, some versions of these bets could be based not on sports knowledge but subjective judgments.
Intriguingly, France has already imposed a ban on bets unrelated to sports knowledge - like betting on the color of the referee's socks or even/odd goal counts.
Here's something else to ponder: the burgeoning illegal gambling market. French operators are sounding the alarm bell, as this growing phenomenon poses a significant threat to their businesses. By broadening their services, they hope to secure their positions in the competitive landscape.
Curious about the illegal market? Its rapid expansion is negatively impacting legal operators through unfair competition and market saturation. In the United States alone, illegal operators captured an astounding 74% of the online gambling market in 2024, a staggering $67.1B revenue, growing at an impressive 64% annual rate—nearly double that of legal markets. They offer better odds, larger bonuses, and a wider product range, including novelty bets unavailable at regulated sportsbooks, all while evading taxes and compliance costs.
But don't worry, efforts are underway to combat this issue. State-level crackdowns target sweeps casinos and offshore operators, but enforcement remains fragmented. Federal intervention is being called for to address this, with advocacy groups demanding cross-border enforcement against rogue licensing jurisdictions and tougher penalties for illegal operators. Consumer awareness is another key area - highlighting the risks of unregulated platforms to steer users towards licensed operators is essential.
However, challenges remain. The entrenched position of the illegal market, fueled by aggressive digital marketing and regulatory loopholes, threatens to overshadow the growth of legal markets unless coordinated federal-state actions prioritize closing jurisdictional gaps and penalizing payment processors facilitating illicit transactions.
- The casino giant's extension of betting services, including personalized bets, introduces unique betting options beyond traditional methods, such as wagering on the exact score or specific football players.
- This service can lead to subjective bets, as some versions could be based on personal judgments rather than sports knowledge, a practice already prohibited in France.
- French operators see the potential in extending their services to secure their positions in the competitive gambling market, as illegal gambling markets pose a significant threat through unfair competition and market saturation.
- Despite efforts to combat the illegal gambling market, challenges remain due to its aggressive digital marketing, regulatory loopholes, and the need for coordinated federal-state actions to penalize payment processors and close jurisdictional gaps.
