05 Sep
As the ICC Men’s Cricket World Cup 2023 approaches, cricket enthusiasts worldwide are gearing up to support their favorite teams in this highly anticipated event scheduled for October 2023. Amidst the excitement surrounding the tournament, the global cricket market has been experiencing substantial growth. In 2022, the market reached a valuation of USD 340 million, and it is projected to continue its upward trajectory, with expectations of reaching USD 385.8 million by 2029. This growth is characterized by a steady compound annual growth rate (CAGR) of 1.8% during the forecast period from 2023 to 2029.
India stands as the dominant market player, commanding a significant share of approximately 60%, followed closely by the UK and Australia, with each contributing around 30% to the market. In this dynamic landscape, a cricket team’s success extends beyond their on-field performance, with their financial structure, revenue model, adoption of emerging trends and strategies, and cricket boards playing a pivotal role.
Emerging trends in the cricket industry, including advanced technology integration, franchise-based leagues, expansion into non-traditional markets and the increasing influence of digital media are reshaping the sport’s economic dynamics. This article delves into the evolving revenue model, the impressive ascent of the Bangladesh Cricket Board (BCB), and the challenges facing Bangladesh’s cricket scene, all of which contribute to these transformative developments.
Emerging Trends in the Industry
Technology Integration in Bangladesh Cricket team
GPS technology has been helping cricket players worldwide to improve their performance and fitness & now Bangladeshi fast bowlers like Hasan Mahmud and Taskin Ahmed have also started using GPS kits during practice sessions. These kits provide essential data on workload and fitness, allowing coaches and physios to make informed decisions about player availability and performance optimization. This technology is helping athletes fine-tune their skills and reach their full potential while advancing sports science and player management in Bangladesh cricket.
ICC’s New Revenue ModelÂ
ICC’s new revenue model for 2024-2027 is currently allocating 4.46% of its $600 million annual earnings to the Bangladesh Cricket Board (BCB), breaking away from the ‘Big Three’ dominance. India receives the most significant share of $231 million, with England and Australia getting $41.33 million and $37.53 million, respectively. Pakistan is set to earn over $30 million. The distribution criteria include cricket history, ICC event performance, commercial revenue contributions, and Full Member status.
India Launches Cricket Analytics Course
IIT Madras Pravartak Technologies Foundation, in collaboration with GITAA, introduces ‘Howzzat – Cricstats,’ an eight-week online cricket analytics course. Designed by data science academicians at IIT Madras, the course empowers aspiring sports data analysts and students with skills to analyze extensive cricket-related data. It enables participants to gain insights, make informed decisions, and enhance team and player performance through data-driven approaches. Industry experts share their perspectives on the impact of analytics in sports, making this a comprehensive learning experience.
Cricket Betting: A Global Phenomenon
The global sports betting market surged to $76.75 billion in 2021 and is projected to reach $84.6 billion by 2022. Cricket contributes around 10% of this revenue, equating to approximately $8.46 billion worldwide. The growth, especially in cricket, is driven by the proliferation of tournaments worldwide, including T20, T10, The Hundred, and 6ixty formats.It is estimated that legal cricket betting amounts to a staggering $3 billion annually, underscoring the immense global popularity of cricket betting.
Cricket Betting in India: A Thriving Industry
Cricket betting in India thrives due to two main factors: the sport’s immense popularity among the country’s vast population and the expanding presence of the betting industry. While some sportsbooks have been available to Indian players for a while, many more have entered the scene recently. Current data indicates that cricket betting in India generates around $150 million annually, with confirmed 2020 revenue at $131 million. The catalyst for this surge is primarily the Indian Premier League (IPL), which started in 2008 and sparked the practice of cricket betting in India.
Betting situation in Bangladesh: Gambling and online betting are illegal in Bangladesh, with strict rules against them enforced by the BCB and the ICC. There is a history of betting becoming a prominent issue in Bangladesh’s cricket scene. During the 2012 Asia Cup, authorities apprehended two bookies at the venue during a match. Furthermore, the Bangladesh Premier League (BPL) has experienced its share of controversies related to betting. In 2013, a spot-fixing scandal rocked the league, implicating several cricketers and officials.
Virtual Cricket Betting : Virtual cricket betting has made a significant contribution to expanding the cricket betting market, attracting both newcomers and experienced bettors through its engaging and easily accessible platform. During major cricket tournaments and events, such as the Indian Premier League, the number of active sports bettors in India regularly exceeds 370 million. As estimated in 2021, the local sports betting market was valued at over $1.2 billion, with the majority of revenue from these betting sites coming from cricket enthusiasts
Predictive analytics : Data analytics extend it’s influence beyond the game itself, as seen in Fantasy cricket platforms like Dream11 within the IPL ecosystem, boasting around 60 million participants. In Fantasy cricket, participants create virtual teams of real cricket players, earning points based on their actual performances in matches. Success in Fantasy cricket relies entirely on data, including batting and bowling orders, crucial elements of cricket strategy. A common pitfall for fantasy cricket players is selecting teams based on personal biases and favoritism. Studies highlight that by eliminating biases, focusing on player statistics, and delving into player data, the chances of winning in Fantasy Matches significantly improve. In essence, Fantasy Cricket is an arena where predictive analytics and data-driven decisions can be pivotal game-changers.
To wrap up, the evolving technological landscape is redefining cricket in multifaceted ways. These advancements propel the sport’s growth, fan engagement, and data-driven decision-making. While challenges remain, cricket is on an exciting trajectory, promising a more immersive experience for fans and financial stability for cricket boards. These trends are reshaping the sport’s proposition, enhancing its growth potential, and strengthening its connection with a global audience.
