In It to Win It: The JustBet Phenomena in Jamaica and Its Economic Impacts

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What is JustBet?

A fixed odds sports betting game, JustBet, allows any sports lover to bet on various international sports, as well as major tournaments and leagues. Jamaicans can use this sports betting platform to bet on anything related to cricket, football, basketball, American football, baseball, and many other sports. You may place a bet on the result of each match or game in a tournament.

JustBet also provides the opportunity to bet on the overall outcome of the entire tournament or match series. Moreover, this kind of betting allows you to lay a wager on a draw, a win, the number of goals, an under, an over, the correct score, tournament or league champion, the right match score, and much more. With JustBet, you can bet for as low as J$20 and as high as J$100,000 on a single ticket. The maximum amount you can win is J$5,000,000.

In It to Win It: The JustBet Phenomena in Jamaica and Its Economic Impacts

JustBet Then and Now in Jamaica

The origin of Supreme Ventures Limited (SVL) dates back to 1995 when it was established in Kingston to function as a gaming entity. Six years after its inception, in 2001, the company entered into the lottery business. The company was licensed to offer the two games of Cash Pot and Lucky 5 that came into existence in early 2003. A few years later, in January 2010, SVL took the initiative of launching a sports betting product. The company branded this product as JustBet and made it available at four point of sales locations through a small network. The initiative was a great hit and the company decided to expand its operations.

Today, in association with Intralot, Supreme Ventures offers JustBet in over 100 points of sales locations all over the island. It has been working tirelessly to add more locations to the network already set up, to give its product a wider reach and in turn a bigger audience. The company has also established its presence in over 50 countries across the world.

Impact of JustBet on Jamaican Economy and Society

Over the years, sports betting has proved to be a successful deal across the world. As a result, regulated sports betting has helped many places around the world bring in more revenue to their home country. The main reason is that to lay a sports bet, a bettor must have more skill than luck. More people are watching sporting events these days. JustBet has created a new revenue source for Jamaica as a result of the sports betting taking place in the country.

In It to Win It: The JustBet Phenomena in Jamaica and Its Economic Impacts

In September 2018, Supreme Ventures Limited sponsored the Red Stripe Premier League Football match using the amount it raised from betting through its JustBet product. The sponsorship amounted to $10 million. Apart from this whopping amount, Supreme Ventures also contributed $1.2 million towards coverage of insurance for the football players. It may be interesting to note that the company has been sponsoring the Premier League for about eight years from as early as 2011 even before using JustBet for the same. However, the insurance coverage for the league’s players began only in 2017. The Jamaican based entertainment and gaming provider firmly believes that they are committed to contributing towards developing the sport of football in the country.

In February 2019, SVL made its entry into the Guyanese market. Guyana was chosen as the first place outside Jamaica towards the company’s expansion because of many factors. The key reason was that the company has a good positive economic trend that can benefit Jamaica. A few months after the successful entry into Guyana, SVL announced that it is all set to go global very soon. This will further help to improve the Jamaican economy, as it will help millions of people watch and place bets on multiple races and games taking place in Jamaica with JustBet. All revenue gained from the bets in the international market will be taken back to the country.

In another recent move, SVL acquired Jamaica’s biggest sports bookmaker Any Bet that resulted in the company gaining control over close to 90 percent of the betting market. This could mean that it would have more funds to allot to JustBet. In turn, the company is likely to gain more proceeds from the betting product which it can use to sponsor various tournaments, thereby helping the Jamaican government and citizens alike. Job creation is also a major advantage of the growth of the betting company.  This is not the first acquisition made by Supreme Ventures. Three years ago, the company acquired Caymanas Track Limited, the island’s only company that promotes horseracing.

JustBet has also been instrumental in the development of the Jamaican society to a great extent. With multiple branches across the country offering the betting product, the company has managed to bring Jamaicans from all over the country together. Sports betting has helped people to identify like-minded people who love betting on the same sport as themselves. This can make the betting process more fun and enjoyable. Bettors are also more likely to be hooked on the games for a longer time than in the past. As a result, JustBet has started making people interact with each other and have a ‘betting understanding’ of the game.

In It to Win It: The JustBet Phenomena in Jamaica and Its Economic Impacts

Conclusion

JustBet is truly a wonderful platform for any Jamaican who loves both sports and betting. With this offering from Supreme Ventures, the options are many with lots of games and betting options to choose from. In addition, the fact that the minimum amount to place a bet on a stake is very low makes the activity affordable to just about anyone with no big financial commitment. Sports betting adds merriment to the betting process as it can turn an otherwise boring game or sport into an exciting one. Moreover, with a wide network across the country, it has become easy for Jamaicans from any part of the country to participate in the betting. With mobile and online platforms support, it goes without saying that JustBet has made it easy for Jamaicans to bet from the comfort of their homes at a time that works best for them. This betting product offers Jamaicans with a chance to make some money while enjoying the game at the same time.

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