Over the past few years, the sports betting industry has emerged as the fastest growing and promising industry. There are millions of people who participate in sports betting on a regular basis. The legalization in sports betting will generate future opportunities for investors to make huge revenue in their businesses. The operators are investing in the development of sports betting software to enhance their revenue generation model.
According to research, the sports betting industry is expected to grow by 5.9 % by the end of 2022. The Sports Betting industry is expected to rise with a revenue of $ 565.4 billion. There are approx 30-40% of people who are engaged in the sports betting market.
Market Overview for Sports Betting
- The market size for sports betting will reach 94.4 billion by the end of 2024 from the current size of 46 billion dollars.
- Sports betting market is expected to grow in New York, New Jersey, Nevada, and Pennsylvania as the largest sports betting states.
- The European open licensing for sports betting is expected to reach $ 165 million in revenue by 2024.
- The sports betting market forecast by CAGR 8.83% during 2018-2024.
- The market survey recorded there are more than 25 vendors available in the sports betting market.
- The Asia Pacific region has the major market share of the sports betting industry.
- As per statistical records, casual bettors will reach 18.8 million and sports bettors will reach 32.8 million by the end of 2023. Several operators are planning to expand their business by opting for feature rich sports betting solutions from the reliable sportsbook software providers to get high returns by engaging the target audiences in an effective manner. Due to this growing scenario of the industry, many countries are opening their doors for the sports betting industry.
Recent Legalizations in Sports Betting Industry
- The striking of federal law brought restriction on sports betting but due to recent legalization, sports betting generates new opportunities for the operators in generating huge revenue.
- There are 11 states that made sports betting legal recently and 7 states have pending launches regarding sports betting.
- The states that covered legalization include New Jersey, Rhode Island, Pennsylvania, Delaware, West Virginia, etc.
- Recent legalization causes the United States as the growing market in the world and provides opportunities for operators to expand their business in the industry.
- The United Kingdom has the most developed laws on sports betting and it has one of the oldest sportsbooks in the world.
- The United Kingdom became legal in 1960 and also has various famous sports betting websites and large organizations such as William Hills are available in the country.
- The UK gambling commission introduced new laws for sports betting operators that need to be fulfilled by them to have a legal license.
- The new license conditions and code of practices including the following measures:
- Developing standards for transparency
- Better standards for consumer protection
- Contribution in voluntary funds
- In Germany, the sports betting market is regulated by some laws. The market has real-life and online sports betting.
- Due to the new norms of legalization of the betting market in 202, it raises many new opportunities for new users.
- The new norms have the following minimum requirements that need to be fulfilled for licensing:
- Payment processing
- Trustable and responsible gambling activities
- Protection to consumers
- IT security
- Sports betting became legal in 1994 after that online sports betting has emerged in the market.
- Every person in South Africa is now able to bet on sports due to its rapid growth in the country.
- The future of sports betting has various opportunities available in the South African market such as Kenya, Uganda, and Tanzania.
- It has the largest sports betting market with various mobile platforms and secure payment methods.
Demograp hics of Sports Betting Industry
- According to experts, young bettors are more likely to embrace the sports betting market. Due to the increasing trend, they found it more convenient and comfortable to bet online.
- The American Association of Gaming analyzed that more than 60% of bettors placed bets online in the last 12 months and the survey found that 45% of them are of the 23-34 age group.
- The core bettors in the market reach 32.8 billion sports bettors and 18.8 billion of casual bettors.
- There were 143.1 million Americans lacking interest in sports betting but due to legalization, huge growth can be seen in upcoming years.
Popular Sports Trending in Betting Industry
- Mobile betting is another way of betting in recent times. Mobile betting platforms involve all major sports of betting.
- According to research, NFL football has the most popular category involved in sports betting.
- Basketball is considered as the most popular sport in the betting category.
- Golf is the most trending sport in the upcoming times of betting with several tournaments involved for the bettors.
- Football is always the most demanding sport by bettors in the U.S.
- These sports will also cause increasing demand in upcoming years and generate huge revenue in upcoming years.
Future Scope for Sports Betting Industry
There is no doubt that increasing technology and legalization is transforming the sports betting industry to the next level. Increasing curiosity and demand among people will generate more opportunities for operators in the future. The future scope of sports betting is as follows:
Growth of Sports Betting in Global Market
When sports betting was not legal, there were 4.5 billion bets placed and recent legalization on betting will increase new opportunities for operators. This caused the development of the global market of the betting industry. According to Zion Market Research, the global sports betting market by online and offline platform is expected to reach by $ 155.49 billion by 2024.
Profit to sports events and leagues
Many sports betting events promote online betting and developing measures for enhancing their profits. The sports events also involve data companies and other sports betting firms that will create share profit opportunities for operators and investors. Thus, sports events will generate profit for sports events and leagues directly.
Real-time Betting through mobile phones
The increasing number of mobile users create new opportunities for bettors that enable online real-time betting. Thus, betting through mobile phones increases the convenience level for bettors and is expected to rise in the upcoming future.
Scope for New and Existing Operators
With the recent legalization, the door of new opportunities will open for existing and new operators. The increasing popularity in sports betting will be benefited to sports betting operators across the world. The operators will have more users and enhanced revenue models due to the increasing demand for sports betting.
Increasing competition among high-tech companies
Due to the increasing demand for sports betting in the market, high-tech companies are moving to bet industries. The iGaming industry is offering better platforms to the audience through which the businesses can generate huge revenue by competing with international companies around the world. This will create a new landscape for sports betting market share. To build a sports betting industry the operators need to ensure the following measures:
- A marketing strategy for the sports betting industry
- Reliable sports betting software provider
- Analysis of targeted audience
- Appropriate analysis of competitors
- Research for competitors
Due to the increasing demand for sports betting, the number of operators is also increasing in the market. As stated above, the statistical record shows the rapid growth of the betting industry. The legalization in various countries shows a growing future scope of the sports betting industry. The sports betting industry will attract a huge audience with a high range of profitability. As discussed above the experts analyzed that sports betting can be profitable in various aspects.