The Online Sports Betting Market in ChinaPublished December 5, 2013 by OCR Editor
Companies are trying to get a piece of the ever-growing sports betting market in China.
Even though gambling is officially illegal in China, that hasn't stopped it from becoming one of China's favorite pastimes. As such, online gaming companies around the world have begun to target the Chinese gaming market so that they can share in a piece of the pie, or in this case, wonton.
UK-based Ladbrokes, AGTech Holdings Ltd. and USA-based Cantor Gaming are two such companies. Cantor Gaming has already opened a club in the northern city of Tianjin in cooperation with Beijing-based Global Entertainment Investment & Management Co. Ltd. The club has a wide array of lottery games, as well as Mah Jong.
The Chinese lottery market is specifically one area of gambling which has skyrocketed over the last few years. In the first quarter of 2013 alone, Chinese lottery products earned a revenue of $41.3 billion; sports lottery sales increased by 20% over the last year. The incredible revenue from lotteries is attributed to their availability on the internet as well as the constant creation of new games.
Chinese Sports Betting
One of the newest ventures in the sports lottery industry is Virtual Football. Virtual Football is a new product released by Asia Gaming Technologies, China's largest provider of sports lotteries. It went live in the Jiangsu province in collaboration with the Jiangsu Sports Lottery Administration Center. The companies are confident that their new product will be a hit with the Chinese masses, and the hope is that the joint effort will be a step forward in helping China relax its gambling laws.