Tripp Cautions on Overreaction to Sports Betting Growth
Chief executive of Australian gambling company Crownbet, Matt Tripp, has cautioned groups and the government against an overreaction to the results of a report that indicated that sports betting has increased 30 percent in the last financial year.
The report was released by the Australian Gambling Statistics for 2014-15 and has caused waved in the industry and within the government. There have particularly been calls for tighter regulations on sports betting advertising. However, Tripp suggests that the results are deceptive.
According to Tripp, sports betting is coming from a much lower base being a newer sector of the industry and that if you combine overall wagering, including racing and sports betting, the increase was only 6 percent. In addition, sports betting makes up only 3.58 percent of the 2.27 billion in overall gambling spending by Australians in 2014-15.
“I think when you look at the 30 percent increase, I think you have to look at the wagering market as a whole, not just the 30 percent increase in the sport align in isolation,” stated Tripp.
“And the wagering market as a whole, is growing broadly in line with the economy; low single digit by comparison to some areas of gambling.”
“When looking at the wagering and isolation, which is the space we are playing, it is growing at a very small rate as a whole and there’s a misconception out there in the market that there’s a boom of wagering going to the roof.”
At the same time, Tripp did say he supported the Victorian government’s move to ban betting advertising on public transport and around schools and called on corporate bookmakers to be responsible in their advertising. He did caution on taking these moves too far thereby encouraging punters to move to offshore operators.
March 23, 2017