The popularity of sports betting has been on the rise. Several factors have contributed to the sports wagering industry’s growth, making it record a massive increase in revenues. For instance, research on the sports betting situation in the US in 2020 revealed that gamblers spent up to 4.3 billion USD on Super Bowl LV wagers. This revenue was a 63% increase from the previous year’s revenues.
The Global Sports Betting Market
Studies suggest that the global sports betting market has continued the upward trend. They also claim that the sports betting industry will grow by 144.44 billion USD between 2020 and 2025.
In Europe, the Gross Gambling Revenue was predicted to be worth 24.7 billion Euros in 2020. The US also registered a record increase in revenue generated from sports betting. Experts project that the US sports betting market will be worth 7 billion USD by 2025.
Africa is still regarded as an emerging sports betting market. International sportsbooks like Betway have explored the untapped market, raising the profile of sports betting in the continent.
Sports Betting Legislation
They legalized sports betting in Nevada in 1949, while the UK legalized it in 1960. However, in the 1990s, the US banned sports wagering at the federal level.
After 25 years, in 2018, the US Supreme Court overturned the ban on sports betting. After that monumental decision, almost half of the states have legalized different forms of betting on sports.
Around Europe, betting in sports is permitted in many countries. Some countries specialize in brick-and-mortar casinos and sportsbooks that serve locals and tourists.
Other regions like Asia and Africa are also gradually coming up with legislation that allows their citizens to take part in online gambling. The continued emergence of sports wagering-friendly legislation has played a critical role in the industry’s growth.
Technology and Sports Betting
Technology has been the significant driver of the growth of the sports betting industry. The advent of online sports betting revolutionized the industry.
Initially, only people with access to physical sportsbooks could place a bet. However, online sports betting sites are available to all users with an internet connection. Users can only bet with real money if the betting site has a license to operate in their region.
Because of the increased number of gamblers, the number of online sportsbooks has also increased. This trend has made the industry very competitive.
Technology has also enabled top betting sites like Betway to offer gamblers different markets, including live betting markets. Better services have also contributed to the increasing number of bettors globally.
Mobile sports betting apps have also changed how gamblers bet on sports. Nowadays, sports betting fans can install sports betting apps on their phones and bet on their favorite matches on the go.
What Does The Future Hold?
The future of sports betting is undoubtedly bright. The competition among online sportsbooks has pushed the operators to take specific measures. For instance, mouthwatering bonuses and promotions, aggressive advertising programs, and enhanced customer support services have attracted many new gamblers to the sites.
You should also look out for mobile sports betting. It is likely that this is what will drive the future of sports betting.