Bookmakers in Russia may be safe, but that’s because they are not as numerous. If you have a flair for wagering on the outcome of sports in Russia, you may be limited to just the one bookie. Enter GoldenBet LLC and welcome to “this is how we do business around here”.
The Russia’s Federal Tax Service has decided to whitelist GoldenBet LLC allowing the operator to launch its own operations throughout the country. The bookmaker, as the name suggests, will focus on sports betting. With a rather modest portfolio, GoldenBet is planning future expansion. Presently, the company only owns two properties in Moscow.
Welcome to the Family
The vicissitudes of the gambling industry in Russia are definitely choppy. However, GoldenBet has managed to stay within the good boy’s list of the Bookmakers Self-Regulatory Organization (SRO), which is one of the pairs of organizations that uphold the benchmarks of integrity in Russia.
In all honesty, it’s not always easy to clear these standards, with the SRO looking into any cases of promoting reckless gambling. On this count, GoldenBet stands tall. With the endorsement of the SRO, the company is well-poised to expand well across the company.
Russian World Cup and Betting
The 2018 FIFA World Cup has brought much popularity of sports betting in Rusia. There’s been quite the palpable surge in the number of punts and clandestine activities also took place. According to Russian media outlet, the one-month duration of the 2018 World Cup helped local bookies generate as much as EUR3.3 billion in turned wagers, meaning the total amount staked over that period.
If you consider how much France wagered, the numbers pale in comparison, with gamblers in France staking measly EUR690 million in comparison. The betting activity has skyrocketed by as much as 2.4x. However, as the enthusiasm of the World Cup is unwinding, it’s time to consider what the rate of retention will be. Meanwhile, the United Kingdom has not been so happy with the sports betting ads.
Most of the bookmakers will strive to keep the recreational gamers that showed up just to support the national team. However, some of those may find the activity interesting and easy. Certainly, there will be an effort on the part of everyone involved in the sector to actually push through with the necessary changes need to add higher percentile of gamers who only showed up for the World Cup and are undecided as of the moment.
Russia Moves Into the World of Digital
Russia is moving steadfastly towards a number of local regulations. One possible way to avoid stringent regulatory oversight at home is to expand on the European market, which companies will be doing anyway.
The adoption of the mobile segment is a great way to add new audiences to an already saturated market. Mobile-first solutions are indeed trending across the iGaming and sports betting industries, and Russia only stands to benefit from embracing them as well.