How much money is bet on cricket each year?

Cricket is massively popular among gamblers across the world, both in the legal and illegal betting markets.
The definitive amount of money staked during the course of an average year is not easy to come by because of the shady operations which exist, predominantly in Asia, but various studies over the past half a decade have shed some light on the grand scale of betting taking place.
In 2015, a British-based independent betting expert named Patrick Jay claimed that cricket held a 12 percent share of a $3trilllion worldwide sports gambling industry – incorporating both the legal and illegal markets.
That would make cricket worth around $300billion. It is a figure which is not wholly corroborated elsewhere, and many industry experts suggest that the overall number is in fact smaller.
Jay, however, was adamant that they are overlooking a sizeable illegal market, which he claimed accounted for 90 percent of money staked.