By the end of 2021 sport betting had become a global phenomenon, and this is expected to continue well into 2022 and beyond. Countries around the world are embracing it as a way to fuel the industry and generate much needed revenue.
The Rise Of Sports Betting
As the industry continues to rake in money, it is being estimated that before 2028 concludes, the world’s sports betting market will have a value of $140.26 billion. This industry is only increasing in value due to advances in technology and a rise in the number of sporting events taking place, that spectators are interested in betting on.
With billions of people using the Internet every year, access to sports betting is at an all time high. And with mobile devices as the main form of placing bets, this is one activity that someone somewhere in the world is engaging in at any given time.
Sports Betting Trends
The global sports betting market has been boosted by mobile, live, and micro betting. While mobile betting is the most obvious reason for the industry’s growth, live and micro betting have changed it too. The ability to bet on sports games while they are being played adds an additional level of excitement to the experience. Real time technology enables micro betting, which allows spectators to get even more involved.
Where It’s Most Prevalant
More than anywhere else in the world, sports betting dominates Europe’s gambling scene. The country takes this pasttime very seriously and the laws regulating it are strictly enforced. As football is the most popular sport in Europe, no other type of game is bet on more.
A Close Second
As popular as sports betting is in Europe, it is almost as popular in the U.S. The industry saw huge growth between 2018 and 2021, after the Supreme Court reversed every ban that prevented sports betting from growing. By mid 2018, gamblers were betting a collective $310 million on their favorite sports. However, that number rose to $7 billion in late 2021, marking a monumental growth for the industry. Experts predicted by the end of 2021 the U.S. sports betting market would accrue $4 billion in revenue.
This is just the beginning for sports betting. According to Goldman Sachs, the total value of all online bets has the potential to increase to $39 billion before the end of 2023.
Collaborations
One of the reasons the industry is growing so rapidly is because sports betting sites are teaming up with well-known partners. Many leagues and professional teams have joined forces with a gambling company, greatly benefitting both parties. Entertainment and media companies are also getting involved in the industry, including the Walt Disney company.
Conclusion
The sports betting industry will continue to grow and thrive. As one of the major pasttimes in many parts of the world, the industry becomes more valuable every year. Nothing is likely to stop it from gaining even more steam and future technological advances will further mold the industry.
