Russia's budding licensed recreations market that is betting set to significantly more than double over the next five years, based on a report by Bookmaker Ratings.
Growth is expected for Russia's fledgling sports betting market since it seeks brand new methods to block the market that is black.
Development are driven by NEW entrants to the market, as more operators that are international to mate with domestic organizations, and by high-profile sports based in Russia, like the 2018 soccer World Cup.
According to Bookmakers Ratings' estimates, Russia's regulated market handles around 677 billion rubles-worth ($ 10.1 billion) of bets per year, creating gross gaming revenues of 47 billion rubles ($70 million).
Over the next five years, volume is expected to grow to 1.4 trillion rubles ($22.4 billion), suggests the site, more than a 120 percent increase.
Fighting the Black Marketplace
Russia enacted legislation to regulate sports betting in 2014, and thus, as Bookmakers Rating notes, the industry has experienced a time period of transition from the illegal to the licensed arena over days gone by year and a half.
But Bookmakers Ratings believes some 65 percent of on line bettors still use the unlawful market. 'The main obstacles to your transition of players to the Russian legal bookmakers, are the complexity of identity verification and desire of players to avoid playing personal tax,' it states.