The last decade has seen rapid growth of the sports betting industry in Bangladesh, mainly facilitated by technology and a new enthused interest in international tournaments. Betting in Bangladesh, however, is strictly regulated with provisions set out in the ‘Public Gambling Act of 1867.’ Nonetheless, this law from the colonial period does not reflect the realities of online gambling with platforms like Bet365 sports operating through off-shore licenses.
This massive growth has largely been attributed to the access to the internet becoming widely available. Currently, the internet users number over 125 million, while the smartphones have become highly common among the general populace. Sports betting in Bangladesh is largely drawn with the love for Cricket. Popular tournaments, like the Bangladesh Premier League, the Indian Premier League, and the ICC World Cup, attract millions of viewers; whereas football tournaments such as the EPL and the FIFA World Cup are also highly popular.
What Are the Factors That Are Driving This Growth?
Several reasons have contributed towards the rise of sports betting in Bangladesh, such as:
Technological Advancements
Online betting platforms have become accessible with affordable smartphones, improved 4G network availability, and digital literacy rates that are uniformly high across urban and rural areas.
Global Betting Platforms Gaining Popularity
Platforms like Parimatch and Megapari with competitive odds in a variety of sports and a user-friendly layout have garnered immense popularity, and have eventually become favorites for many Bangladeshi bettors.
Cultural Fondness for Sports
Bangladesh has always been a huge fan of cricket, football, and tennis, providing endless opportunities for betting as high-profile tournaments and matches take place.
Influence of Word of Mouth
Social media and online forums amplify the awareness of betting platforms, bringing in more users through their personal networks and recommendations.
Challenges and Risks
Even though it is developing at a fast pace, the sports betting industry in Bangladesh still has certain challenges:
- Ambiguity: The lack of clear legal guidelines for online betting renders it a kind of regulatory vacuum, exposing the users to various risks like fraud and financial loss.
- Addiction and Social Impact: Gambling addiction is a growing concern, which could result in a financial crisis for the families of gamblers. Moreover, the societal taboo further acts as a hindrance for domestic opportunities.
- Economic: Unregulated betting denies the government the possibility to tax activities which can lead to money laundering and other illegal transactions, therefore widening the option for illegalities and depriving the government of tax revenues.
Authorities have taken sporadic measures to address these issues, such as cutting cable access during major tournaments to curb betting activities. However, these actions are largely reactive and fail to address the root causes of unregulated betting.
Economic Potential of Regulation
The absence of regulation in betting denies Bangladesh’s economy a significant tax revenue. Experts forecast that with regulations and taxation, a legitimate sports betting industry could generate enough revenue which, in turn, could fund development initiatives for public welfare or infrastructure.
Countries like the UK, which regulate and tax betting activities, provide a model for how Bangladesh could manage this industry. Regulation would also ensure consumer protection, secure transactions, and a framework to combat addiction and fraud.
Moreover, a regulated industry could establish ethical boundaries, such as restricting promotions by public figures and banning misleading advertisements. Such measures would address both economic and social concerns, ensuring a balanced approach to the growth of sports betting.
Future Prospects for Sports Betting
The future of sports betting in Bangladesh depends on addressing the complicacy of its legal and ethical sections. The rise in sports betting indicates a global trend driven by digitalization, urbanization, and increasing sports fandom.
Cricket will likely remain the cornerstone of this growth, given its deep cultural significance. However, the increasing popularity of football and other sports is expected to diversify betting opportunities further.
Bangladesh could become a lucrative and responsible industry of sports betting by creating an all-in-all regulatory framework. A systematic approach could assess and reduce the risks while enhancing the economic and social gain that might turn this up-and-coming industry into a consistent sector.
Photo by Amit Lahav on Unsplash (Free for commercialm use)
Image published on December 18, 2022
