The Caribbean Premier League (CPL) 2024 has once again proven its mettle as a major force in global cricket, with its impact resonating far beyond the Caribbean shores.
An in-depth analysis of market data from Blask, the leading AI-driven market analytics ecosystem for the iGaming industry, reveals fascinating insights into how this vibrant T20 tournament has significantly influenced India’s cricket betting landscape.
Despite India not participating in the CPL, the tournament has sparked a notable surge in betting activity and reshuffled market shares among top betting brands in the world’s second-most populous nation.
The Caribbean Premier League: A rising force in global cricket
The Caribbean Premier League (CPL) has rapidly established itself as one of the most exciting Twenty20 cricket tournaments in the world since its inception in 2013. Often dubbed the “Biggest Party in Sport”, the CPL has become a significant commercial force in the Caribbean region, generating over $200m in economic impact for host countries in 2022 – a 47% increase from 2019.
While not quite reaching the scale of the Indian Premier League (IPL), the CPL has carved out its own niche in the global cricket landscape. The tournament’s unique blend of top-tier cricket talent and vibrant Caribbean culture has attracted a growing international audience. In 2023, the CPL achieved a record 853.5 million views, marking a 27% increase from the previous year and the twelfth consecutive year of viewership growth.
The CPL’s success has not gone unnoticed by IPL franchises. In 2021, the owners of the Rajasthan Royals acquired a majority stake in the Barbados Tridents (now Barbados Royals), making them the third IPL franchise to invest in a CPL team. This cross-pollination between leagues highlights the CPL’s growing stature in the global cricket ecosystem.
The rollercoaster of CPL 2024: A daily breakdown
Opening week: A strong start
30 August 2024: The CPL kicked off with Blask Index of 1.2M, indicating moderate initial interest from Indian bettors. The opening match between Amazon Warriors and St Kitts & Nevis Patriots set the stage for an exciting tournament.
31 August – 1 September 2024: We observed a significant jump in Blask Index to 1.4M, coinciding with Trinbago Knight Riders’ (TKR) first match. TKR’s record-breaking score of 250-4 against St Kitts & Nevis Patriots likely fuelled this surge in betting activity.
2-6 September 2024: Blask Index stabilised around 1.3M, suggesting sustained interest as the tournament progressed. Key matches during this period included Amazon Warriors’ victory over TKR and Barbados Royals’ win against St Kitts & Nevis Patriots.
Mid-tournament fluctuations
7-8 September 2024: Another peak at 1.4M coincided with exciting matches, including Guyana Amazon Warriors’ dominant win over St Lucia Kings.
9-14 September 2024: Blask Index showed some volatility, fluctuating between 1.2M and 1.3M. TKR’s victory over St Lucia Kings on 11 September may have contributed to maintaining bettor interest.
15 September 2024: A notable spike to 1.4M occurred, possibly due to Barbados Royals’ high-scoring win against Guyana Amazon Warriors.
Late-stage drama
16-22 September 2024: Blask Index remained relatively stable at 1.2M, with occasional dips to 1.1M. This period saw crucial matches determining playoff positions, and keeping Indian bettors engaged.
23-27 September 2024: A slight downturn to 1.1M indicates bettor fatigue or a lull in exciting matches.
28-30 September 2024: Blask Index rebounded to 1.2M as the tournament entered its final stages. TKR’s dominant win over Guyana Amazon Warriors on 30 September likely reignited interest.
Playoff fever
1-2 October 2024: A surge to 1.3M marked the start of the playoffs, with TKR facing Barbados Royals in the Eliminator.
3-4 October 2024: Blask Index dipped slightly to 1.2M before climbing back to 1.3M, reflecting the ebb and flow of the playoff matches.
5-7 October 2024: The tournament climax saw Blask Index peak at 1.4M for the final two days, indicating intense betting activity around the final between Guyana Amazon Warriors and St Lucia Kings.
Comprehensive analysis of top 5 brands’ market shift during CPL 2024
The Caribbean Premier League 2024 had a significant impact on India’s betting market, despite India not participating in the tournament. This analysis focuses on the shifts in Relative Market Share among the top five brands from the start (30 August 2024) to the end (7 October 2024) of the CPL 2024.
1. Stake
Stake, the market leader at the beginning of CPL 2024, experienced the most substantial decline in Relative Market Share.
- Relative Market Share 30.08.2024 (first match): 23.10%
- Relative Market Share 07.10.2024 (last match): 19.13%
- Net change: -3.97 percentage points
This significant drop of nearly 4 percentage points suggests that Stake faced increased competition during the CPL period. Despite maintaining its position as the market leader, the brand’s dominance has been challenged. This could be due to aggressive marketing from competitors or a shift in bettor preferences during the tournament.
2. Parimatch
Parimatch, the second-largest brand, also saw a decline in Relative Market Share, albeit less pronounced than Stake’s.
- Relative Market Share 30.08.2024 (first match): 13.38%
- Relative Market Share 07.10.2024 (last match): 11.91%
- Net change: -1.47 percentage points
While Parimatch lost some ground, the smaller decline compared to Stake indicates a relatively stable performance. The brand may have retained customer loyalty better than its larger competitor during the CPL period.
3. Dafabet
Interestingly, Dafabet was the only brand among the top 5 to gain Relative Market Share during the CPL 2024.
- Relative Market Share 30.08.2024 (first match): 12.38%
- Relative Market Share 07.10.2024 (last match): 12.49%
- Net change: +0.11 percentage points
Although the gain is modest, it’s significant in a market where the two largest competitors lost share. This could suggest that Dafabet’s marketing strategies or offerings were particularly appealing to Indian bettors during the CPL.
4. 4Rabet
4Rabet experienced a decline in Relative Market Share, following the trend of the top two brands.
- Relative Market Share 30.08.2024 (first match): 6.65%
- Relative Market Share 07.10.2024 (last match): 5.83%
- Net change: -0.82 percentage points
The loss is substantial relative to 4Rabet’s initial market share, indicating that smaller brands were not immune to the competitive pressures during the CPL period.
5. BC Game
BC Game saw the most significant percentage decrease in Relative Market Share among the top 5 brands.
- Relative Market Share 30.08.2024 (first match): 4.67%
- Relative Market Share 07.10.2024 (last match): 2.69%
- Net change: -1.98 percentage points
This sharp decline suggests that BC Game may have struggled to retain customers during the CPL, possibly due to stronger offerings from competitors or challenges in adapting to the tournament-specific betting landscape.
Additional Insight: Winmatch
While not initially in the top 5, it’s worth noting Winmatch’s performance:
- Relative Market Share 30.08.2024 (first match): 3.82%
- Relative Market Share 07.10.2024 (last match): 7.46%
- Net change: +3.64 percentage points
Winmatch’s remarkable growth during the CPL period is the most significant positive shift observed. This surge suggests that Winmatch may have employed particularly effective strategies to capitalise on the CPL betting market.
Trinbago Knight Riders: India’s adopted CPL team
Among the teams participating in the Caribbean Premier League (CPL), Trinbago Knight Riders (TKR) emerged as the clear favourite for Indian cricket enthusiasts. This preference can be attributed to several key factors that resonate strongly with the Indian audience:
Shared ownership and brand recognition
Trinbago Knight Riders’ connection to the Indian Premier League (IPL) through shared ownership with Kolkata Knight Riders (KKR) plays a crucial role in its popularity. In 2015, the Knight Riders Group, led by Bollywood superstar Shah Rukh Khan, acquired a stake in the then Trinidad and Tobago Red Steel, rebranding it as Trinbago Knight Riders. This strategic move created an instant connection with millions of Indian fans who were already familiar with KKR’s brand and success in the IPL.
Star-studded roster
TKR’s squad features several international cricket stars who have become household names in India due to their performances in the IPL. Players like Kieron Pollard, Sunil Narine, and Andre Russell have garnered massive followings in India through their explosive performances and consistent appearances in the IPL. This familiarity breeds interest and loyalty among Indian fans, who are eager to follow these players’ performances in other leagues.
Track Record of Success
With four CPL titles (2015, 2017, 2018, and 2020), Trinbago Knight Riders stand out as the most successful franchise in CPL history. This impressive track record further enhances their appeal to Indian fans, who tend to gravitate towards successful teams. TKR’s consistent performance and ability to clinch championships have solidified their status as a powerhouse in T20 cricket, mirroring the success of their IPL counterpart, KKR.
TKR’s impact on India’s betting market in CPL 2024
TKR’s performance in CPL 2024 had a significant and measurable impact on India’s betting market, as reflected in the Blask Index:
Opening match surge: TKR’s explosive start to the tournament on 1 September, where they posted a mammoth 250-4, coincided with a peak in the Blask Index at 1.4M. This correlation suggests that high-scoring, exciting matches involving TKR were a major driver of betting activity in India.
Consistent engagement: Throughout the tournament, TKR’s performances continued to influence betting patterns. Notable victories on 11 September (189-6 against St Lucia Kings), 14 September (159-8 against Barbados Royals), and 19 September (149-5 against Guyana Amazon Warriors) maintained high levels of engagement in the Indian betting market. During this period, the Blask Index consistently hovered around 1.2-1.3 million, indicating sustained interest.
Performance analysis: Over the course of CPL 2024, TKR played 7 matches, winning 5 of them. They scored over 200 runs twice and maintained an impressive average score of 180 runs per match. This consistent high-scoring performance likely contributed to the sustained betting interest, as reflected in the average Blask Index of 1.27M during TKR’s matches.
Playoff impact: TKR’s elimination in the playoffs on 2 October led to a temporary dip in the Blask Index to 1.2M. This decline underscores the team’s influence on betting activity, as their exit from the tournament immediately affected market engagement.
