Over the past few years, there has been an incredible growth in the sports betting industry. Businesses are investing in sports betting software development and there is prediction that the fast-growing industry will be 155.49 billion dollars by 2024. Many people around the world are participating in betting regularly. Due to rising technology and legalization, the sports betting industry is gaining immense profits.
According to research by Zion Market, the sports betting industry is going to reach 8.83% of CAGR between 2018-2024 with a growth rate of 5.9%. The current size of sports betting is 46 billion which is expected to reach 94.4 billion by 2024. According to the reports of statistica, the sports betting industry is generating 30-40% of the global gambling market. They estimated that almost 50% of people above 18 years have placed bets once in their life in the U.S. The Asia Pacific Region has the largest market share of sports betting.
Current Legalization in Sports Betting
Recently 11 states made sports betting legal in the U.S. and 7 have pending launches on sports betting. This legalization develops an opportunity for investors to redefine their revenue generation model.
The United Kingdom has the most developed law on sports betting since 1960. It has a large organization such as William Hills that creates several opportunities for bettors as well as investors. The UK gambling commission also brought new guidelines for the sports betting industry that will generate profits for many businesses.
The new and remote sports betting is planned to be granted in Germany from 2020 and the gambling authority published minimum requirements guidelines for the sports betting industry that have to be fulfilled. This will also cause the development of a new market for businesses and investors.
Reasons for Investing in Sports Betting Business
- Recent legalization around the world shifts the sports betting industry into a higher gear which causes huge profitability to the sports betting industry.
- Sports leagues are the easiest way to make profits as they are involved with sports betting firms and bettors that promote betting measures around the world.
- As sports betting involves many games and sports events, that opens new doors for investors to make huge revenue.
- Due to an increasing number of operators, the competition in the market rises as many companies are shifting to the betting market to enhance their operations and profits of the business.
- Sports betting can involve multiple bettors on various games that influence a huge audience that contributes in making large profits in sports betting.
- Due to the current overturn of PASPA in the U.S. sports betting has become a big business and the frontier investment opportunities for operators.
- Starting a sports betting business does not require a huge amount of money. Most betting companies give bonuses to investors without losing their earned money. This can be a reason to make profits in the betting industry.
- Nowadays sports betting is driven by technology where bettors can analyze technically the chances to win and teams to bet on. This also causes a huge reason for the profits of the sports betting industry.
The sports betting industry never shows a sign of slowing down. The demand for betting has increased rapidly. According to statistical records, sports betting shows tremendous growth in the market. The legalization of betting in many countries causes huge profitability in the sports industry. As discussed above there are several reasons available such as the growth of sports leagues, involvement of high technologies, etc. that shows the major profit of sports betting.