Snooker has long had a reputation as a gentleman’s game, but behind the precision and concentration, this is a sport that is also serious business. While at the table all seems calm, behind the scene there is a bustling financial ecosystem that keeps the sport alive. From sponsorships and broadcasting deals to betting markets and ventures into crypto, snooker has a significant link to the world of finance. When you understand how the sport is financed, it allows you to have a greater appreciation of how it grows, and the challenges that may be faced in the future.
How Professional Snooker is Financed
At the centre of professional snooker is the World Snooker Tour (WST). This is operated by Matchroom Sport which is a major player in sports promotion around the globe. Led by Barry Hearn, and his son Eddie. Matchroom Sport completely transformed snooker from what was a declining pastime in the late 1990s. It is now a sport that’s watched around the world with a healthy, and sustainable, business model. One of the biggest contributing factors to this has been the diversification of revenue streams.
Some of the main ways that the WST brings funds into the sport are:
- Broadcasting Rights: These are sold to the likes of the BBC, Eurosport, and also streaming services in India and China.
- Sponsorship deals: These are agreed with multinational companies.
- Ticket sales: These generate healthy sums of money for live events.
- Merchandising and licensing.
When you look at events such as the World Championship, UK Championship, and the Masters, these are supported by both public sector and private sector funds. As an example, local tourism boards will often look to subsidise events knowing that there will be economic benefits brought to the area.
The prize money for the WST during the 2023/2024 season was above £100 million, with the World Championship alone having a prize pool of £2.5 million.
Sponsorship and Player Income
For the majority of professional players, sponsorship is essential to financial survival. This is especially the case for those that are ranked outside of the top 32 in the world. The likes of Ronnie O’Sullivan and Judd Trump can easily secure six-figure endorsement deals, but those in the lower ranks find it hard to even cover the costs that are associated with travel, accommodation, and coaching.
Some of the most common sponsor categories include:
- Online gambling companies
- Cue and snooker equipment brands
- Automotive, financial services, and lifestyle brands
- Chinese brands on the back of growth in the country
Many players also seek private sponsorships. These can come through local businesses, individual patrons, or even crowdfunding sites.
The Role of Gambling and Betting
Perhaps one of the biggest links between the public and professional snooker is the betting industry. Some of the sport’s biggest sponsors come from the betting scene and they advertise heavily during major tournaments. In fact, you’ll find that there are numerous tournaments on the WST calendar that are named after some of the biggest sponsors.
Globally, there are millions of fans who place bets on snooker matches, and this increases during the major tournaments each year. It’s this activity that helps to boost the visibility of the sport as well as attracting sponsorship interest. Snooker markets offer bettors the chance to get involved with wagers on the likes of match outcomes, frame winners, over/under total points, and frame winners.
China As the Economic Powerhouse of Modern Snooker
In the last two decades, no country has had a bigger financial impact on snooker than China has. With stars such as Ding Junhui coming to the fore, the Chinese government and Chinese investors began to heavily support the sport. These led to dozens of professional ranking events taking place in the country.
Chinese broadcasters are willing to pay huge sums of money for the exclusive rights to events such as the China Open Shanghai Masters. These events have prize pools that often dwarf those that are available in the UK, and elsewhere. The prize funds are boosted thanks to corporate sponsorships that are often secure via government partnerships.
In China, there are also academies that invest substantial sums in developing young talent. The aim is to produce future champions in much the same way as the country backs programs in other sports like athletics and gymnastics.
The Emerging Links Between Crypto and Snooker
It may not yet be mainstream, but with the likes of Bitcoin being seen as digital gold, it makes sense that there are now blockchain and cryptocurrency ventures in the sport. In 2022 and 2023, there were several examples of digital token and NFT projects that were associated with players and tournaments. Shaun Murphy is just one example of this, although major uptake was limited.
Some of the most notable developments include:
- A brief crypto platform sponsorship deal
- The crypto gambling sites involved in major championships
- The release of snooker-themed NFTs
Financial Challenges and Sustainability
While snooker has seen tremendous levels of commercial growth, the sport still has its challenges. Perhaps the biggest of these is linked to lower-ranked players where financial stability is fragile, to say the least. Other sports have league structures and salaries but snooker players are effectively self employed. This means they pay their own way to every event and, if they lose early on, they may well be left out of pocket.
While efforts have been made to address this, such as with minimum guarantees, the WPBSA Players Board, and programs aimed at player welfare, finances are still tight for players who are yet to break through into the upper levels.
Final Thoughts
What was once a quiet sport played under dim lights, snooker now enjoys a global stage. This has been fuelled by sponsorship deals, broadcasting agreements, and even betting markets. The sport is continuing to grow at speed and, as it does, the financial backing it receives will become more important than ever before.
