China will issue licenses to the country’s sports lottery operators to offer World Cup betting products online ahead of football’s biggest event.
A Chinese news agency initially claimed no licenses would be forthcoming, but a Ministry of Finance official has since clarified that while no official licenses had been issued to date, the online operations of several companies had been given tacit approval. This was confirmed by the Hong Kong Economic Journal, which reported that formal licenses were on the way, with the first batch to go to companies already offering online sales under an MOF pilot program.
As it will elsewhere, the kick-off of the World Cup in Brazil next month is expected to generate significant betting action in China. Sports lottery sales doubled during the 2010 World Cup. The Euro 2012 tournament boosted sales 150%.
Total sales for the country’s officially sanctioned Sports and Welfare lotteries topped RMB309 billion in 2013 (US$51 billion), an 18.3% gain over 2012, and analysts expect the online sports lottery market will double in value by 2015.
Earlier this year, the State General Administration of Sport expanded the betting options, previously restricted to football and basketball, to include badminton, volleyball, hockey, tennis, table tennis, handball and water polo.
The changes took effect in April, beginning with the Beijing, Guangdong and Tianjin lottery administration centers.
RelatedPosts
