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Japan plans to create sports betting market

Japan plans to create sports betting market
Projecting an average of $ 65 billion, Japan plans to create a sports betting market.
by Academia   |   comments 0

Known as the country of technology, Japan plans to create a sports betting market, projecting an annual revenue of $ 65 billion. The legalization of betting on football and baseball has been debated by the Japanese government recently. The argument used to debate the process was described in the Financial Times. The debate over the situation could mean that bets placed on baseball in the Nippon Professional League could lead to deregulation in 2024. Through the Financial Times, it was reported that Japan is already prepared to enhance the legalization of betting on baseball and football. However, the matter is being treated in an ultra-secret manner, causing a great repercussion in the sports betting industry.


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It is worth mentioning that Japan has long suffered from many people who are opposed to the creation of the betting industry in the country, but as in Brazil, things may be heading in a different direction. According to the revelations of the Financial Times, Japan is forecasting a sports betting market that could reach $ 65 billion annually, and could be created in the coming years. It has been reported that by 2024, sports betting on baseball in the Nippon Professional League may be deregulated if everything goes according to the Japanese government's plans. As for the J-League, the government also expects a deregulation of the sector, since the modality is carried out in a lottery format.

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Although the process of legalizing sports betting in Japan is going in a positive direction, it is known that there is a strong challenge from the sector in the country. However, over the years, the idea of ​​creating a sports betting market has been debated more frequently and has been accepted little by little. With the year 2020 having been complicated for the entire world sports betting sector, Japan found itself losing $ 2.5 billion in its revenue last year due to the shutdown of several sporting events. The 2020 situation made the country open its eyes and consider the legalization of sports betting.
 
The strategy of focusing on betting in football and baseball may have been because of the lack of sport events last year. However, there are other markets that can also be considered, such as horse racing, speedboats, motorbikes and cycling. These market modalities have not yet been recognized in Japan.
 
If everything goes according to plan, Japan will have a great opportunity in hand, as operators and sports betting affiliates could enter the Japanese market. If that were to happen, Japan would have a new source of large-scale profitability, since any operator may be interested in investing in the country.

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