News From The Sports Scene

Football important source of wagering revenues

Football important source of wagering revenues

Price Waterhouse, the international consultancy firm, released a report earlier this week titled "Betting on Africa" which points towards football as an important source of revenue for African countries with an increase of 13.4% compared to 2012. This also represents a positive outlook for tax authorities who are raked in over €140 million in 2012.

According to Price Waterhouse's paper, bingo machines and sports betting are the two highest revenue producing products in the gambling industry. Sports betting also includes horse racing, which is the dominant sporting event being wagered on, but there are many other types of sports which are quickly becoming more and more popular. The reason why sports betting has become so popular is the fact that it is the only form of online gambling which is considered legal in many countries of the African continent.

Sports betting saw a growth of 566% in just four years from 2008 to 2012 which is probably explained by the rise in popularity of sports events due to the Football World Cup and the Rugby World Cup.

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