Blask is the leading AI-driven iGaming market analysis ecosystem, which observed a significant downturn in the Bangladeshi iGaming market following the recent political events that led to the resignation of Prime Minister Sheikh Hasina.
Despite the prohibition of gambling and casino operations in Bangladesh, Blask's advanced AI platform utilizes computer vision and natural language processing models to analyze real-time market data during political transitions.
The platform's Blask Index quantifies the size and sentiment of the iGaming market, finding significant declines in key performance indicators for the Bangladeshi iGaming industry following leadership changes.
By adopting metrics such as the Blask Index, relative market share, eFTD (expected first-time depositors), and eGGR (expected gross gaming revenue), we can provide detailed daily analysis of the dynamic changes within the entire Bangladeshi iGaming market.
Blask Index — Fluctuations
The Blask Index measures the overall activity and health of the Bangladeshi iGaming market, showing significant fluctuations during the political events from July 19 to July 22, 2024.
On July 18, the index was at 757k. After the police banned public gatherings on July 19, the index sharply dropped to 70k. This decline coincides with the intensification of the country's protest activities.
As the situation developed, the index rebounded, reaching 262k on July 20. However, due to the government-imposed curfew and military deployment, the index remained at lower levels of 171k and 222k on July 21 and 22, respectively.
The temporary suspension of protest activities on July 22 corresponds with the beginning of the index's recovery. The Blask Index rose to 653k on July 23 and further increased to 843k on July 24, indicating a gradual stabilization of iGaming market activities.
After July 25, as the political situation normalized, the Blask Index returned to its normal range of 850k to 1 million per day, indicating that the market conditions of the Bangladeshi iGaming industry had returned to normal.
Relative Market Share and Daily Brand Position Analysis
July 17 to 18: Market Stability Before the Coup
On July 17, Baji led the market with a 27.57% share, followed closely by BABU88 at 22.89%. The next day, Baji's share increased to 29.26%, while BABU88 slightly dropped to 20.06%. Crickex and 1xBet maintained their positions in the top four.
July 19: Significant Market Changes
On the day of the coup, the government underwent a major reshuffle:
Significant changes occurred, with Baji (35.59%) and Crickex (34.98%) taking the lead. BABU88 (20.25%) remained in the top three, but its share declined.
1xBet significantly dropped to fifth place, holding only 1.66%, while JeetBuzz entered the top five with 3.29%.
July 20 to 22: Increased Market Fluctuations
1xBet's market share significantly increased, reaching a peak of 53.97% on July 21. This indicates that it capitalized on the instability.
BABU88's share significantly dropped, falling to a low of 0.54% on July 21.
July 23 to 24: Signs of Market Stabilization
As the situation stabilized, Baji and Crickex regained some market share, while 1xBet's dominant position declined.
BABU88 slightly recovered, but did not return to its original position.
Brand Exit from Top Positions
BABU88 experienced the largest drop, with its market share falling from the highest position to a much lower level by July 21. This indicates that the company faced challenges in operations or was unable to quickly adapt to the changing market conditions during the turmoil.
It is noteworthy that Blask's PR department did not find any official statements from casino operators regarding service disruptions.
Recovery and Redistribution
After July 22, as the Blask Index began to rise, the market started to redistribute. Major brands like Baji and Crickex regained their positions, while 1xBet maintained a strong position, though its dominance was reduced.
The Impact of Political Situations on the Bangladeshi iGaming Market
The political turmoil in Bangladesh in July 2024 had a significant impact on the iGaming market, as reflected by key performance indicators
Estimated First-Time Depositors (eFTD)
eFTD, an indicator used to estimate the number of new players making their first deposits on iGaming platforms, dropped from 968,000 in June to 868,000 in July. This 10.3% decrease indicates a significant drop in player acquisition during the period of political instability.
Expected Gross Gaming Revenue (eGGR)
eGGR (i.e., total bets minus bonuses) dropped from $78 million in June to $75 million in July, a decrease of 3.8%. This indicates a slight overall market downturn.
Performance of the Top Five Brands
Baji
eFTD: June – 237,000; July – 223,000
eGGR: June – $21 million; July – $21 million
Despite a slight decrease in new depositors, Baji maintained its revenue, indicating a high player retention rate.
BABU88
eFTD: June – 190,000; July – 180,000
eGGR: June – $14 million; July – $14 million
BABU88's number of new depositors significantly dropped, but it still maintained its revenue.
Crickex
eFTD: June – 157,000; July – 149,000
eGGR: June – $13 million; July – $13 million
While maintaining stable revenue, Crickex saw a slight decrease in new depositors.
1xBet
eFTD: June – 116,000; July – 113,000
eGGR: June – $8.6 million; July – $8.8 million
Despite a decrease in new depositors, 1xBet showed resilience with a slight increase in revenue.
Krikya
eFTD: June – 75,000; July – 74,000
eGGR: June – $5.8 million; July – $5.9 million
Krikya maintained stable indicators with a slight increase in revenue.
Correlation with Market Share and Blask Index
The fluctuations in eFTD and eGGR during the period of political turmoil correspond with changes in market share and Blask Index data. The overall decrease in eFTD (10.3%) corresponds with the sharp drop in the Blask Index from July 19 to 22. However, the smaller decrease in eGGR (3.8%) indicates that existing players continued to participate, albeit at a reduced pace.
Despite the decrease in eFTD, top brands like Baji and 1xBet were able to maintain or slightly increase their eGGR, consistent with their strong market share positions during the crisis.
The data suggests that while the political situation had a significant impact on new player acquisition, overall revenue was more stable, possibly due to the continued activity of existing players and the ability of top brands to adapt to harsh market conditions.
Conclusion
Blask's analysis shows that although the market was initially shocked by the coup and subsequent unrest, it demonstrated remarkable recovery and stability within a relatively short period.
Market Fluctuations:
The drastic changes in market share for top operators highlight the iGaming industry's sensitivity to political instability. This volatility underscores the necessity for operators to maintain flexible strategies and robust risk management practices.
Rapid Recovery:
Despite the initial sharp drop in the Blask Index, the market showed signs of recovery within days, indicating a strong potential demand for iGaming services even during crises.
Changing Competitive Landscape:
The emergence of new players in the top rankings and the fluctuating fortunes of well-known brands indicate that periods of turmoil can create opportunities for market disruption and realignment.
Resilience of Leading Brands:
Despite experiencing significant short-term fluctuations, major operators like Baji, BABU88, and Crickex demonstrated their ability to maintain important market positions throughout the crisis.
Data-Driven Insights:
The real-time analysis provided by Blask's AI-driven platform is crucial for understanding market dynamics in rapidly changing environments, especially in markets with complex regulatory environments.
This analysis not only provides a snapshot of the Bangladeshi iGaming market during a critical period but also offers a case study on how political events can impact market dynamics for the broader industry.
Blask CEO and co-founder Max Tesla added, "Our mission is to bring transparency to the global iGaming market, regardless of its regulatory status. By leveraging the power of artificial intelligence and big data, our goal is to enhance transparency and support the industry's development in a responsible manner."
The Blask team continues to monitor the situation in Bangladesh.
