Betting Groups Set to Score Big at FIFA World Cup

January 22 - A debate is currently being waged among gambling operators over whether the FIFA World Cup soccer event will create a short term financial boost for betting companies, or whether the sector will grow as a result of the event.

What is not being debated due to the obvious is the millions of rands that betting groups are expected to generate during the World Cup in South Africa this year.

Victor Chandler, who runs the global betting company in his name said: "Soccer now makes up more than 70% of our global income. The sport has become hugely popular and fashionable with the younger generation, which is not surprising given the extensive TV coverage given to game around the world."

Chandler added that horse racing now belongs to a past generation.

The gambling group was awarded a license by the Western Cape Gambling and Betting Board in 2009, ahead of the World Cup.

The Chief Executive Officer of Victor Chandler, Michael Carlton, described the group's success during the previous World Cup. "During the 2006 World Cup in Germany, we turned over a nine figure sum in pounds sterling and we expect the interest in this World Cup to be even greater," he said.

Another group expecting to make a killing at the soccer extravaganza is South Africa's Phumelela, which generates about R60 million - 10% of its betting revenue - from soccer totes each year.

"Recent research indicates that there are over 20 million people that support soccer in South Africa, whereas there are only 1.5 million supporting and betting on horse racing," said the Chief Executive Officer of Phumelela, David Attenborough. "While horse racing remains the focus of our business and we continue to invest in the industry, soccer betting is where we are seeing significant growth right now."

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