The present paper tackles the extended definition of the gamblification of sport by using sponsorship and partnership deals of gambling, forex trading, and fantasy gaming as a proxy for assessing their environmental impact. The study is constructed in the form of a conceptual paper that i explores the legal framework and ii marketing evolution of gambling in English football, iii combining it with new descriptive evidence from sponsorship and partnership deals, to finally iv speculate on the detrimental consequences that such marketing might have, based on the existing literature on betting marketing-related harm.
Gambling operators can legally market online and offline products in the UK provided they are licensed to do so by the Gambling Commission, the regulatory body created after the Gambling Act The gambling industry regards the UK as the most developed gambling regulatory system in Europe Danson However, gambling is still regarded—at least in social and economic terms—as a demerit good, in the same vein as tobacco or alcohol, and therefore subject to above average taxation in an attempt to counterbalance the negative effects of its consumption.
Such mixed understanding of gambling as a legal, tax-collecting, but at the same time demerit activity transpires in the law in the form of regulatory requirements that some scholars have come to label as hypocritical Myllymaa The responsibility of controlling sports betting marketing and advertising in the UK lies on a multi-node network operating under the Gambling Act and the Gambling Licensing and Advertising Act Lopez-Gonzalez and Griffiths a.
The Gambling Commission, as noted above, is the regulatory body responsible for issuing licenses and regulating gambling activity. Moreover, the Office of Communications Ofcom protects British consumers from promotions that could be harmful or offensive. Additionally, the gambling industry complements the existing legal framework with self-regulatory codes.
The Gambling Commission stipulates that free bet promotions must include in the advert itself any condition or factor that might affect the bets, such as withdrawal requirements. This follows up on the ASA guidance, in response to an increasing number of complaints by bettors concerning the misleading terms of many gambling products advertised as risk-free or simply free Committee of Advertising Practice and Broadcast Committee of Advertising Practice Given the rise of foreign gambling operators following sport sponsorship marketing strategies in British football, the Gambling Commission released a one-page advice note in November to clarify its position on it.
Sport and gambling organisations materialise their shared interests by signing partnership and sponsorship deals, either at competition level i. In French sport, where this rule has been enforced, sports organisers with fixtures covered by bookmakers received 1. However, beyond the legal standpoint, sport competitions have arguably few incentives to pursue legal action and be at odds with gambling industry, considering the lucrative sponsorship and partnership deals that a profitable relationship with betting firms has brought to them.
Trading and fantasy gaming partnerships with sports industry have not attracted similar public scrutiny and there is no provision that specifically addresses their use in the context of sports betting marketing and advertising. Marketing and advertising expenditure growth in the UK mirrors that of several European and overseas countries that—since the legalisation of online gambling in early s—have witnessed a surge of gambling inducements European Commission In , sports betting adverts accounted for approximately 0.
Children aged 10—15 years who are supposedly protected by not seeing gambling adverts on television before 9 p. Although the causal link between advertising expenditure and gambling engagement is not easy to establish, industry data provided by the Gambling Commission suggests a parallel evolution Gambling Commission For example, when considering the non-remote betting gross yield i. This evolution represents a relatively modest In European sporting leagues as a whole, shirt sponsorships in the top five football markets i.
According to latest free-access data from the European Sponsorship Association reported by Foley-Train, gambling operators ranked seventh of all business sectors for worldwide sport sponsorship deals in 74 deals , tripling the deals made in 21 deals. Shirt sponsorship is probably a good proxy to calibrate the volume of gambling marketing in English football. First team shirt sponsorship with gambling companies evolved from four deals in , six deals in , to ten deals in , accounting for half of the 20 English Premier League teams.
Clearly, the number of shirt logos owned by gambling brands has evolved rapidly over a relatively short period of time. However, some industry voices have been anticipating a decline in the numbers of shirts being sponsored by gambling firms due to their incapacity to compete with other business sectors Gillooly , although such a decline has yet to materialise. In the same vein, it has been noted that most of the football teams with shirts sponsored by gambling companies are among the less powerful in the league, both in terms of economic profitability and sporting success.
Indeed, analysing the data from end-of-season table positions demonstrates a bias of gambling companies sponsoring teams towards the lower end of the table. In —, the six teams sponsored by gambling companies finished 10th, 11th, 13th, 16th, 18th, and 20th. This could be interpreted as a nuanced strategy. More specifically, gambling operators might believe they have enough global exposure that the league as whole offers, without needing to pay premium sponsorship deals to attach their brand to the most supported and successful teams because all the lower ranked teams have to play all the upper ranked teams and therefore get equal advertising exposure during televised games.
Table 2 shows the breadth of the gamblification process by focusing on sponsorship deals during the — season in the English Premier League. As can be observed, all 20 teams have secured at least one official betting partner, with some of them having multiple partners due to regional deals in strategic markets to provide the so-called geo-targeted betting experiences Garlitos Altogether, the 20 English Premier League teams totalled 20 different betting brands, with 12 brands sponsoring only one team, five brands sponsoring two teams, and three brands sponsoring three different teams.
Despite how fragmented the betting market might look, these brands represent only a small fraction of the actual number operating in association with the English football. In fact, betting brands are generally considered to offer poorly differentiated products in highly competitive markets Nettleton Consequently, marketing plays a significant part in artificially creating singular attributes that facilitate the acquisition and maintenance of customers.
Sponsorship deals with trading companies are not as prevalent as betting sponsorships. Only one trader EZTrader sponsors two different teams, while the rest are unique sponsors. The same betting market attributes of low product differentiation and competitive environment might also be applicable to trading firms. Fantasy gaming is rapidly becoming a large component of sports appreciation, especially in the USA where fantasy sports appears to have partially absorbed the consumer base for online sports betting, an illegal activity in most states Bowman et al.
The concentration of brands here is slightly higher than in the case of betting and trading sponsorships, but six different brands still populate the growing fantasy gaming market in the English Premier League. The detrimental effect on public health of an increase in the sports betting marketing volume is difficult to demonstrate. British data collected by the Gambling Commission is inconclusive due to the lack of definition of what constitutes gambling on sports.
In general, research has found it difficult to substantiate the causal association between gambling advertising exposure and behaviour, particularly when the effects of such exposure might take place weeks or months later, as proposed, for instance, by the Cultivation Theory Gerbner Despite the difficulties of finding empirical evidence of the real impact of marketing on betting behaviour, many authors have acknowledged that the association between marketing and problem gambling is plausible, at least theoretically.
However, considering the increasing amount of money allocated to gambling advertising, it appears conceivable that British operators find an attractive return of investment to their advertising expenditure. The sports betting marketing and advertising growth prompted by the gamblification of sport could be theorised as having two effects. First, an increase in gambling advertising exposure might be associated with a higher prevalence rate of problem gambling.
A study indicated that problem gamblers are usually more exposed to advertising e. However, a study conducted among Norwegian gamblers found that problem gamblers had a greater involvement with gambling advertising even when they were similarly exposed than regular non-problem gamblers Hanss et al. It is worth noting that available data from the UK shows no indication that gambling advertising has led to more gambling harm.
For the period of greatest gambling advertising growth — , the problem gambling prevalence rate in Scotland stayed relatively stable, moving from 0. The latest data from England dates back to ; therefore, the impact if any on public health of online betting adoption due to the rise in gambling advertising is as yet unknown. Second, an overall rise in the consumption of gambling products following more aggressive marketing strategies, even while maintaining a stable percentage of people experiencing gambling-related harm, would lead to a rise in absolute numbers of people developing gambling problems Hansen and Rossow Simply put, keeping problem gambling rate constant, the more people that bet on sports, the more problem gamblers.
This is known as the total consumption model. Some scholars have criticised this model by arguing that sports betting marketing does not necessarily create new consumers, and that it only affects market share, transferring existing bettors from one bookmaker to another Hing Other scholars support social adaptation models e. Shaffer et al. Some of the most notable aspects of gambling marketing are its ubiquity and penetration. Gamblers have repeatedly described commercial stimuli to bet as being everywhere Pitt et al.
In this regard, the specific messages or narratives that are conveyed by such stimuli do not appear to be as crucial as the accumulative presence of the stimuli. Sproston et al. Some authors have examined the outreach of specific brands, describing how they structure traditional and social media channels to position their products in every market Sproston et al.
Other studies have examined the combined gambling impact an individual views during in an individual sport event. In the Australian National Rugby League NRL in , a spectator watching a game was targeted an average of times with gambling stimuli Lindsay et al.
The aggregation of marketing strategies over long periods of time has raised concerns regarding the naturalisation or normalisation of gambling on sports over the long term Deans et al. The naturalisation effect is especially concerning in the case of children and adolescents, but also in the case of young adults, with insufficient historical perspective to compare the current betting context against previous periods where the union of sport and gambling was not so pervasively emphasised by betting marketers.
In that regard, experiments with children aged 5 to 12 years have demonstrated how prevalent their recognition of betting sponsors in association with sport teams is, to the point of recalling sponsorships that never took place Bestman et al. Other forms of gambling have prompted children to think in the past that gambling can be a tool for self-expression and rebelliousness Korn et al. If the association between gambling and sport becomes fully naturalised, gambling is likely to integrate among its core components the perceived positive attributes of contemporary sport.
Here, the present authors provide a tentative list of some of these components:. The role of those practicing sport is active, their actions being the ones determining the outcome of any game. Sport is based on talent. The role of chance is inversely proportional to the amount of skill teams or individuals can achieve. Sport is based on preparation and work.
It is a practice that can be mastered with sufficient training, self-commitment, and discipline Milner et al. Being merit-based, those who have not succeeded have only themselves to blame, considering the equal opportunities the system allows. Sport stars represent the story of successful risk-takers that bet against the odds, given the unlikelihood of becoming a professional player, but prevailed in the end.
Sport is a manifestation of masculinity and control Anderson ; Whannel Sport is safe, harmless, and promotes healthy behaviours McMullan and Miller The following section explores the potential dangers of the transference of meaning from each sport characteristic listed above into the remit of gambling, trading, and fantasy gaming.
In stark contrast, contemporary betting marketing highlights the active role of bettors and the way mobile technologies can be used to enhance the control over the betting experience, and implicitly, over the bet outcome itself Lopez-Gonzalez et al. The development of betting interfaces towards more involved experiences featuring more options for bettors to interact with the ongoing bets e.
This development might punctuate a transition towards a more comprehensive convergence of betting and gaming businesses. Furthermore, it also brings to life the idea that in sports betting, training, knowledge, experience, and skills separate those who win from those who lose.
Betting marketing emphasises the idea that all the relevant data to inform bets is accessible for bettors, either in the form of data, statistics, or media reports. It follows that betting is a rational activity that comprises the analysis of available information that, if done diligently, yields profits. Fantasy gaming is a good example of this.
Fantasy sports are legal in the USA, despite the prohibition of online gambling in the country, because companies have been successful to date in arguing at court cases that their products are based on acts of skill, not chance Rose Similarly, trading is also based on the assumption that the chance component can be mastered with enough training and experience. Marketing campaigns overestimate the role of skill while underestimating the importance of luck , encouraging gamblers to persevere in their skill acquisition.
This is relevant in the case of children, because their cognitive skills are still developing, and problem gamblers, who often have distortions and biases in their cognitive processing Ciccarelli et al. Being a trader is perceived to be a job, and it is defined in the Cambridge Dictionary as a person who buys or sells company shares or money, whereas in the same dictionary, a gambler is defined as a person who risks money.
The juxtaposition of gambling and trading, by means of sport, is likely to transfer some of the connotations of professional, business-oriented task of trading to the gambling realm. This juxtaposition is furthered by sport stars, who also add the business component to something that was primarily meant to be an entertainment.
Trading borrows from sport the attributes of speed, immediacy, precision, and technological innovation, which is why Formula 1 car racing has been an ideal target competition for forex companies Pearson The preponderance of those same attributes of speed and precision could also help to explain the selection of Usain Bolt, the eight-time Olympic gold medallist sprinter, as a brand ambassador for the XM Forex company in Dudley The symbolic association of gambling and trading via sports makes gambling depart even further from being considered a game of chance, focusing on the components of skill, knowledge, and analysis.
Trading is likely to be an environment of extreme competition, which translates into greater risk of losing the invested money. However, in contrast to such negative characterisation, trading marketing via sports, frames competition as positive, involving a symbolic understanding of trading that entails elements such as the survival of the fittest, the thrill of taking risks, while curtailing any moral obligations caused by irresponsible trading.
In close relation to this, the building up of masculinity has therefore been proposed as a mechanism used by gambling advertising to induce riskier betting behaviour Thomas et al. Arguably, trading also builds on recklessness positively framed as controlled risk-taking to construct traders and gamblers to the image of sports stars, borrowing characteristics from them such as instinctive behaviour, decisiveness, and on-the-go decision-making. Recent research in the UK has shown that bookmakers manage greater profit margins when presenting bettors with multiple outcome bets whose risk and winning probability is hard to calculate accurately Newall , In addition, elite football evokes a life of affluence.
Sport stars often represent stories of working class people who become millionaires almost overnight, typically in their early 20s Smart In that sense, sport enacts narratives of easy money and strikes of luck, and an association in the mind of quick money. The contention here is that the extended gambling definition proposed in this paper does not happen in isolation, and that the convergence of gambling, gaming, and trading businesses is more likely to evolve in an atmosphere saturated by other inducements to play with money.
However, unlike other forms of gambling, sport confers betting the attributes of healthiness, safety, and harmlessness McMullan and Miller This association is reinforced inasmuch as sports betting becomes more gamified, symbolically departing from more obscure gambling connotations into areas of social perception characterised by playfulness and entertainment.
Playing is by definition non-serious and entails a world of reparable consequences, as the betting marketing of free bets and guaranteed money-back offers appear to imply. The gamification of gambling Owens adds to the active role of bettors, enhancing their perception of control over the outcome of their bets, with fantasy gaming being a by-product of such evolution.
An interpretation of the marketing rationale for the alliance of forex trading companies with sport organisations is the strategy of transferring ludic components from sports domains to re-frame trading as a harmless and entertaining activity. Take as an illustrative example the following inducement made by FX Primus , trading partner of English Premier League football club Manchester City until , as advertised in their website:.
This short inducement summarises many of the points made already in the present paper and exemplifies what irresponsible marketing of trading might look like. Second, it presents trading as an activity that has no negative consequences, in which people engage just for the sake of fun. Third, it draws on the emotional relationship of fans with their sports and teams to evoke a similar feeling in trading. The present paper has argued for an extended definition of sport gamblification, exploring the relatively new phenomena of forex trading and fantasy gaming as an expansion of the remit of sports gambling.
Using the English Football Premier League as a case study, the paper examined the potential harm involved in the association of sport with gambling and its adjacent industries i. There is a wide consensus that sports betting marketing and advertising must be regulated, and is the case in most jurisdictions including the UK. However, there is no specific protection concerning the marketing of trading and fantasy gaming as a specific product category associated with sports.
Here, it has been contended that such association is not trivial, and that the symbolic linkage of sport and these newer gambling forms can become an issue of public health, especially affecting vulnerable groups such as minors and problem gamblers. The present paper explored shirt sponsorship and official partnerships as a proxy for assessing the volume and penetration of sports gamblification.
Although there is no scientific evidence that these marketing agreements are actually having a detrimental effect on the aforementioned vulnerable groups, it has been argued that it makes theoretical sense to think that they might potentially cause harm among some individuals. Consequently, the current online gambling restrictions should expand, in the same vein as the definition of gambling, to protect consumers from irresponsible marketing in general and the inadequate association of sport and gambling in particular.
Advertising Standards Authority. London: Advertising Standards Authority. Google Scholar. Anderson, E. The maintenance of masculinity among the stakeholders of sport. Sport Management Review, 12 1 , 3— Article Google Scholar. Asser Institute. Luxembourg: Publications Office of the European Union. Report of the French online gaming regulatory authority on the betting right.
Bestman, A. BMC Public Health, 15 , Binde, P. Gambling advertising: a critical research review. London: Responsible Gambling Trust. Bowman, N. Fantasy sports and the changing sports media industry: media, players, and society. Lanham, Maryland: Lexington Books. Cambridge Dictionary Cassidy, R. Partial convergence: social gaming and real-money gambling.
Cassidy, A. Loussouarn Eds. New York: Routledge. Chapter Google Scholar. Ciccarelli, M. Decision making, cognitive distortions and emotional distress: a comparison between pathological gamblers and healthy controls. Journal of Behavior Therapy and Experimental Psychiatry, 54 , — Article PubMed Google Scholar.
Guidance on the rules for gambling advertisements. Danson, A. Sponsorship by gambling companies in the UK and Europe: the opportunities and challenges. Journal of Sponsorship, 3 2 , — Davies, R. Betting firms spent half a billion pounds on TV adverts since Deans, E.
Creating symbolic cultures of consumption: an analysis of the content of sports wagering advertisements in Australia. BMC Public Health, 16 1 , The role of peer influences on the normalisation of sports wagering: a qualitative study of Australian men. The influence of marketing on the sports betting attitudes and consumption behaviours of young men: implications for harm reduction and prevention strategies. Harm Reduction Journal, 14 1 , 5. Gasto promocional de juego online.
Madrid: DGOJ. Dudley, G. Dyall, L. Cultural icons and marketing of gambling. International Journal of Mental Health and Addiction, 7 , 84— The economic synergy between sports and sports betting. EGBA News, 19 , 1—4. European Commission. Towards a comprehensive European framework for online gambling.
Brussels: European Commission. Foley-Train, J. Sports betting: commercial and integrity issues. Etterbeek: European Gaming and Betting Association. Forrest, D. Sport and gambling. Oxford Review of Economic Policy, 19 4 , — Gainsbury, S.
Betting patterns for sports and races: a longitudinal analysis of online wagering in Australia. Journal of Gambling Studies, 31 1 , 17— A digital revolution: comparison of demographic profiles, attitudes and gambling behavior of Internet and non-Internet gamblers. Computers in Human Behavior, 28 , — A taxonomy of gambling and casino games via social media and online technologies.
International Gambling Studies, 14 2 , — How the Internet is changing gambling: findings from an Australian prevalence survey. Journal of Gambling Studies, 31 1 , 1— Gambling Commission. Sponsorship of British sporting clubs by gambling operators. London: Gambling Commission.
Participation in gambling and rates of problem gambling—Scotland Industry statistics May Garlitos, K. Betfair inks sponsorship deal with Liverpool. Gassmann, F. Who bets on sports? Some further empirical evidence using German data. International Review for the Sociology of Sport. Gerbner, G. AV Communication Review, 17 2 , — Gillooly, L. Why gambling sponsors could be relegated from the Premier League. Gordon, R. Dealers have moved trading offshore or stuck with platforms run by major banks.
They say there is resistance to using the SEFs because it is unclear whether certain trades are regulated, along with the ability of SEFs to handle complicated types of transactions. The CFTC did not respond to multiple emails and telephone messages for comment. FX options are often used by multinational corporations to hedge cash flows in a specific currency or by portfolio managers to protect exposure in foreign assets.
Under the new rules, FX options trades have to be reported to a swap data repository, or SDR, and cleared and settled through a derivatives clearing organization, or DCO. As these issues have not been resolved, some investors are still sourcing liquidity directly from prime brokers or banks. They continue to trade off the regulated venues.
Liquidity in FX options has stayed with single-dealer platforms run by the big banks, or gone offshore as foreign entities shun the U. SurfacExchange halted FX options trading in July, frustrated by the regulatory uncertainty, particularly with regard to clearing and settlement. Without the clearing, the impetus to use the SEFs remains low. In the meantime, these designated platforms, especially those specializing in FX options, continue to accumulate the costs of running a SEF without the volume.
One source of confusion is how transactions between a non-U. And what is the rule if a European bank trades with the European entity of a U. Is that trade under SEF?
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Joseph Randle. Oklahoma St. Cooper Taylor. Stansly Maponga. Chris Thompson. Jeff Locke. Tanner Hawkinson. Quinton Dial. Luke Willson. Micah Hyde. Zac Stacy. Tavarres King. Brandon Jenkins. After that, the instrument may resume growing to test 1. After that, the instrument may resume falling to break 1. Later, the market may fall to break 1. If later the price breaks the range to the downside, the market may resume moving within the downtrend with the short-term target at 1.
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Later, the market may resume growing to reach 1. Later, the market may resume falling to break 1. Ichimoku Cloud Analysis The instrument is currently moving inside Ichimoku Cloud, thus indicating a sideways tendency. Early in May, there was a similar test of the cloud, which resulted in a further downtrend Later, the m Today, the pair may correct with the target at 1.
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Currency trading through online retail brokers fell by roughly 10 percent to $ billion a day in the fourth quarter of last year. Daily U.S. activity in FX options amounts to $52 billion, including $23 billion through electronic systems. By comparison, FX options turnover. The Swiss National Bank said its foreign currency trades never exceeded percent of the total daily volume in a single currency, avoiding market.