U.S. sports betting has a huge market in Asia and is no stranger to Macau NBA star Jeremy Lin probably never imagined that apart from having a big basketball career in North America, he would also play an important role in sports betting in Asia. “When you combine the love of wagering with the additional perspective you get from understanding and seeing the action, you are left with a compelling product that offers countless sports betting variants,” says Benjie Cherniak, president of Don Best Sports, a U.S. company that gives sports betting odds. Mr Cherniak is one of the speakers at this month’s iGaming Asia Congress, where he will examine the growth of U.S. sports in the Asian and European sports betting markets, and the emergence of a round-the-clock sports betting market. He says a sport becomes popular when it becomes a “social currency” – in other words, when it is followed so widely that despite language and cultural barriers people can still communicate about it. This is the case with basketball and baseball. “We have met [sports betting] operators who ‘live’ baseball and basketball and immerse themselves in the culture and statistics of these sports that they can share with millions of others,” Mr Cherniak says. In-play betting – betting while the match is underway – has become popular among punters, especially in Asia and Europe, as they want to be part of the game. This is one of the reasons, Mr Cherniak says, that U.S. sports are “perfectly positioned” to complement football in the Asia-Pacific region. In Macau, punters can place bets on NBA games through Sociedade de Lotarias e Apostas Mútuas de Macau Lda., SLOT for short. The company also accepts bets on football. In Asia, punters enjoy watching “their home-grown stars play at the highest levels in North American leagues,” says Mr Cherniak. The following that NBA stars such as now-retired Yao Ming attract show the cultural resonance that U.S. sports have with their global audience, he says. Career highs “Asian fans really feed off the recognition of seeing what they perceive as ‘their’ players performing well,” Mr Cherniak says. “The more fans, the more betting interest.” It is not just the fans that are responsible for the growing interest in betting. U.S. sports leagues are making a stronger effort to attract an international following. The NBA and Major League Baseball have focused on Asian fans and regularly play exhibition matches in important markets. Some NBA exhibition matches were played in Macau in 2007. Mr Cherniak argues that the football betting market is becoming saturated, so it is more interesting for punters to bet on sports that give them more statistics and other data about the players and teams. “Likewise, operators are keen to create high-value, high-volume opportunities to grow their share of the market,” he says. There is more to sports betting than meets the eye. For example, Asian bookmakers are increasingly using U.S. sports to create new markets. But this does not always work properly because they do not have all the data they need, Mr Cherniak says. “They lack the complete algorithm inputs and other critical messages that, for example, European traders will typically use to price and manage risks.” Get virtual Virtual sports betting is gaining popularity in this part of the world. Virtual sports betting is betting on fantasy teams and leagues, with the winner decided by a random number generator. “Our research in Asia has shown football is the greatest opportunity for us,” says Nick Gardiner, commercial director for virtual sports for Inspired Gaming Group Ltd., a British supplier of sports betting products. Mr Gardiner says his company’s revenue is expected to “track at the same rates as live sports betting”. Inspired Gaming’s virtual football leagues include replicas of the real ones most popular in Asia, such as England’s Premier League, Italy’s Serie A, Spain’s La Liga and Germany’s Bundesliga, says Mr Gardiner, one of the speakers at this month’s iGaming Asia Congress. The aim is “to make the betting experience as reflective of real life as possible”. The introduction of the Asian handicap has increased virtual sports betting revenue by 25 percent, Mr Gardiner says. The Asian handicap reduces the possible outcomes of a football match from a win, a loss or a draw to simply a win or a loss, giving punters a fifty-fifty chance. “This proves that players like different odds,” he says. Another virtual sport that is gaining popularity is virtual tennis. Last year, the mainland’s Ministry of Finance, which regulates lotteries there, approved Inspired Gaming’s “Lucky Racing” car-racing game. The game is supplied by a joint venture between British bookmakers Ladbrokes Plc and AGTech Holdings Ltd. This is reportedly the mainland’s first legitimate high-frequency fixed-odds virtual sports lottery platform and game. The twain shall meet Between 250 and 300 people are expected to take part in this year’s iGaming Asia Congress, the organisers, Beacon Events Ltd., say. The three-day event will be held at the Grand Hyatt at City of Dreams between March 6 and 8. Rosalind Wade, the company’s general manager, says that this year’s big theme is “what both the West and the East can learn from each other and how to identify partners and opportunities”. Each year has seen an increase in the number of participants and Ms Wade says there are more mainstream companies and “big European brands” attending. “We have brought back the jurisdiction round-tables on day one, which allows people to meet in more intimate groups and ask legal and technical questions,” Ms Wade says. This year there will be a focus on social gaming and social media. Other areas of interest are in-play betting on poker games and online mahjong. Ms Wade says people also want to hear about the practicalities of marketing in Asia and how to work with junket operators and agents. By sara farr
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