Sports betting has been growing in the U.S since it was legalized in 2018. Prior to its legalization sports betting had been restricted to Nevada for 26 years. The growth of the industry has shown its popularity with the viewers of sports, and it continues to exceed stakeholder expectations.
Last year the pandemic introduced changes to the relatively new industry as many sports were being brought to a stop due to COVId-19 restrictions. The gambling industry was also being slowed down as casinos and betting shops were being closed.
In spite of these challenges, sports betting has continued to grow and Ibis World in their 2018 reports estimated that fully legal sports betting could be worth roughly US$55 billion. An introduction of mobile betting is what helped this continual growth during restrictions.
This growth has been largely driven by the innovation of the betting industry through the provision of the mobile betting industry. In-person gatherings were being restricted and physical businesses being closed, sports betting was able to continue as people could continue betting from the safety of their homes.
The predictions remain that sports betting, and most notably online sports betting, is projected to continue growing. The challenge is therefore on the platform developers, to continue developing innovative ways for consumers, clients, and bettors to enjoy their products.
With so many products on the market, the differentiating factor is quality rather than quantity. Some real money casinos providing games for sports betting have to keep improving their graphics and sound to make them more user-friendly and entertaining for the users. Changes will also have to be incorporated to continue to support people from any negative consequences such as gambling addiction as the industry continues to grow.
With the continual innovation of artificial intelligence, the future of sports betting can continue to progress in a way where virtual realities can create a casino experience from people’s homes. You could be in your living room at home whilst looking at a virtual poker table and speaking to other people at the table at any location in the world.