Analysts all over the world have been noticing a sudden increase in the revenue of the global sports betting market in the past decade. This observation also implies how the masses are gradually getting drawn to exploring sports betting. The sports betting sector is currently on the rise and the market is booming with an evaluation of USD 83.65 billion worldwide as per 2022 reports. Going by the stats, the market will grow at a rate of 10.04% till 2028.
The sports betting world is majorly spread across Europe, Asia Pacific, and North America and scattered throughout the globe. Let’s take a deeper dig into the global sports betting scene, in terms of its present, past, and future.
Sports betting has been prevalent for more than two centuries; but what might have brought in such significant changes? It is speculated that digitalization helped in mending the distance between commoners and the stigma associated with betting activities; this further helped the industry to welcome some massive innovations in the sports betting world.
This is also the reason why the industry has witnessed monumental changes in the past decades, incorporating sections like eSports. After all, in this dynamic market you either adapt or become extinct! The fast-paced lifestyle demands variety and the sports betting business is determined to provide.
The success of this business is dependent upon several interfering factors,
The change that the sports betting market has also witnessed is also dependent upon factors like revolutionized rules and regulations, dynamics, digitalization and the recent COVID-19 pandemic hit.
Talking about recent times, the onset of the COVID era has seen a tremendous change in gambling tendencies among people. The boredom, social isolation, and exposure to digital devices as the only source of entertainment resulted in increased affinity towards eSports.
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According to one of the best-known sports betting platforms, about 70% of the revenue collected in 2020 from online betting can be traced back to mobile devices.
The sports betting business was the second highest revenue generator after online casinos, according to the reports of the United Kingdom Gambling Commission (UKGC). On 12 September 2022, the UKGC passed a few regulations to safeguard the punters at risk or other vulnerable categories.
Upon investigation, the authorities couldn’t turn a blind eye to the fact that people were falling prey to impulsive betting. This ushered in a new era of sports betting for the world as the bookies had to limit their marketing strategies and the regulators had to keep an eye if the sportsbook companies were complying with the new guidelines.
Analysts started having doubts over the steady growth that the sports betting industry was demonstrating. According to them, if these rules and regulations are tighter they can potentially decrease the revenue to half. However, it has been maintaining a sweet spot and the growth has been steady for the UK sports betting business as more people are now gaining trust in the functioning of the industry and hence the growth seems steady instead.
According to CNBC reports, Americans spend more than $150 billion on betting illegitimately.
Hence, the US has been showing united efforts in legalizing sports betting. Over 30 states including Massachusetts, Ohio, NYC, and Kentucky have legalized sports betting. This revolution started from the time the Supreme Court denounced the Professional and Amateur Sports Protection Act back in 2018. Online sports betting options are now available for most of these 30 states.
North Carolina is about to legalize sports betting and as a result, the US market is booming with the emergence of new Sports betting platforms.
While the UK and the US struggle with the ebbs and flows of legalizing sports betting, India stands unaffected. The market evaluation of the Indian sports betting industry stands at around 1.07 billion USD. According to the prediction, it is expected to grow at the rate of 9.79%. The sports betting scene in India has hardly experienced hindrance from authorities.
The Public Gaming Act of 1867 has no obligation about online gambling because back then India was not introduced to digitalization. Once the internet was introduced and the Information Technology Act was passed in 2000, lawmakers did not mention online gambling in it, giving India an open space to thrive.
Sports betting has been historically linked to various civilizations and their respective cultures, so much so that we cannot even put our finger on one particular stream of civilization from where it started. However, for some people, the origin stems from ancient China. Currently sports book options for them are synonymous with the lottery which is not even considered as gambling in China.
In Western civilization, particularly in the US, it started with people betting on horse races. The decade of 1920 has experienced the emergence of major spectator sports like football, basketball, etc. Thus, introducing the concept of sports betting on such spectator sports.
Throughout the 1940s and 1950s, America has witnessed a gradual growth in legal sports betting. Las Vegas and Nevada offered such betting services for boxing and horse racing. From the 1970s the industry experienced booming growth and to curb the surge, certain governments have either imposed restrictions or made betting illegal.
The advent of the internet has revolutionized the global sports betting market since the 90s. The offline bookmakers were gradually replaced by online betting websites. Gradually mobile betting apps creped into the market and nowadays one can easily harness the power of AI to predict outcomes based on track records where the future of sports betting lies.
If digitalization governs the present, it is big data and artificial intelligence that determine what course the future of sports betting is going to take. The sports betting software is harnessing the same power to reach more customers and skyrocket their revenue. On taking a closer look the progression gets clearly visible.
The sports industry is a remunerative source for business owners to invest and double up their money. They not only have access to a hefty sum but also to big data. This is the reason why the wealthiest countries are the biggest revenue generators in sports betting realm. Regions like Africa, India, Latin America, and Australia are also emerging markets for the sports betting business.
To keep up with the sports betting market dynamics, a few new sections are introduced into the world of betting. This includes
The sports betting market opportunities are wide; the rapidly growing popularity of cryptocurrencies since its start in 2009 reached its peak in 2021. In spite of the risks associated with its volatility, 50% of all Bitcoin transactions are somehow related to the iGaming or betting industry.
By the end of 2020, Bitcoin prices touched their all-time highs, and due to several factors like anonymous transactions, global acceptance, transaction speed and ease plus associated bonuses, a huge part of the enthusiastic betting population shifted to Crypto betting. The sports betting market development thrives solely on dynamicity and bridging the tiny gaps to introduce absolutely new concepts. Crypto betting is a door that will eventually open up different paths to incorporate more such futuristic payment technologies.
The world is getting more open to possibilities. We can see more countries coming forward, lifting bans on sports betting in the near future. We can expect more technological advancement and incorporation of virtual reality which can also enhance the overall experience.
It is expected from live betting and streaming events to gain more popularity with time. Be it the stats or the possibilities, the future of sports betting looks beyond promising in spite of the adversities that might arise. The correct coordination between responsible betting and industry growth will definitely result in this industry withstanding the test of time.
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