Both the sports and sports betting industries are vast in terms of value but also impact on the worldwide economy as well as society. In 2020 the global sports industry was worth up to $620 billion, while the sports betting industry was worth approximately $200 billion. Time and again we have discussed the impact of the sports industry around the world, whether through creating job opportunities, bringing fans together at sporting events, or motivating athletes break world records. In last week’s article, the impact of the sports betting industry was addressed, evidencing that sports betting is now part of the sports culture in such a way that the two industries have come to complement each other. For example, in England, betting sponsorship of sports amounts to more than £70 million per year, and many clubs in the English football league have been adamant that they could not survive without the income that they gain from sports betting operators.
Money Smart Athlete Blog
Over the past decades, we’ve seen old ideas being replaced by new visions and conventional taboos becoming part of our everyday lives. One such taboo, that’s currently prevalent across our lives is sports betting. Back in the day, sports betting was viewed as a shady act usually performed by people viewed as outcasts of society, regardless of whether people of all income levels actually engaged in it. In today’s society, with some natural exceptions, sports betting is totally acceptable and is certainly something that nobody should be ashamed of.
Money laundering describes the process by which criminals try to conceal the illicit origin of their money by making such proceeds appear to have derived from a legitimate source. A relevant United Nations study shows that about 2% to 5% of the world's GDP is laundered every year, which is around $800 billion to $2 trillion. There are many ways that criminals use to legitimize their income, with sports betting being one of them.
Evidence of sports betting can be found as early as the beginning of competitive sports in Ancient Greece, Egypt and Rome. Today, growing digital infrastructure and an ever-increasing number of sports events have allowed sports betting to expand to a multi-billion industry. Any person, in any corner of the world, with access to a device connected to the internet can bet on the outcome of a variety of events taking place during a sports event.