The sports industry is becoming an important source in every economy where sports betting is playing a major role. There are various choices of sports industry available in the market such as sports leagues business, sports clubs, sports equipment stores, sports betting business, and many more. According to statistical records, the sports betting business is becoming the best choice for the sports industry. Some investors keep developing sports betting software for growing their business to a great extent. The sports betting industry is expected to rise by 5.9% by 2022 with a 10% growth between 2020-2024. The betting industry will rise by 155.49 billion at the end of 2024 and with a growth rate of 8.83% of CAGR between 2020-2024. This industry involves betting on all major sports as well as betting on entertainment, finance, etc. Various businesses emphasize on sports betting to earn huge profits in their business.
Market Analysis of Sports Betting
- The European market is expected to reach 165 dollars in revenue by the end of of2024.
- The market research by statistical shows the growth of sports betting by 94.4 billion by the end of 2024.
- According to statistical records, by 2020-2024 sports betting will reach $144.44.
- As per the American Gaming Association, the sports betting market involves approx 2800 sites that offer to bet on sports.
- The Asia Pacific Region becomes the largest market share for the sports betting industry.
- The current betting market includes Nevada, New Jersey, New York, and Pennsylvania. There are approx 25 vendors available in the betting market.
Popular Sports Involves in Betting market
- NFL Football has become the most trending category of the betting market.
- Basketball is the most popular sport in sports betting.
- Golf is the most demanding sport of recent times that includes various events for bettors.
- Sports betting includes almost all major sports that help in generating huge revenue in the betting market.
- Currently, sports betting includes all major sports in the form of mobile betting.
- Football is considered as the most demanding sport in the U.S.
- These sports show the possibility of a huge revenue share in the upcoming years.
Legalization of Sports Betting in Different Countries
- Earlier federal laws in the U.S. created restrictions on sports betting but now legalization in various states develop new opportunities for operators and investors.
- The recent legalization states of the U.S. include Delaware, West Virginia, Pennsylvania, New Jersey, and Rhode Island.
- There are 11 states in the U.S. where betting is allowed and 7 states have pending launches of the sports betting industry.
- The recent legalization attracts many operators to enhance their business in the area of betting.
- The United Kingdom has the oldest sportsbook in the world with the most developed laws on sports betting.
- The sports betting became legal in 1960 and has many large betting organizations involved such as William Hills in the country.
- There are many new laws introduced in sports betting by the UK gambling commission.
- The new norms includes the following guidelines:
- Developed standards with transparency
- Better protocols for consumer protection
- Developing voluntary funds
- There are many new norms introduced in Germany regarding sports betting that develops new opportunities for operators in 2020.
- The betting market in Germany brings online as well as real-life sports betting in the market.
- The new norms include following measures that ought to be followed by operators to opt for sports betting license:
- Security regarding IT
- Legal and trustable gambling activities
- Protection to users
- Sports betting became legal in 1994 and after it, they are emphasizing online betting in the market.
- The major sports that cover sports betting are Uganda, Tanzania, and Kenya.
- Almost everyone in South Africa is now able to bet through several mobile platforms with rapid growth in the country.
Demographics of Sports Betting
- The research says that young bettors are more interested in the betting market and with the increasing trend of betting through mobile phones attract more bettors as they find it more convenient.
- The experts of the American Gaming Association analyze more than 60% of bettors are likely to have placed bets in the last 12 months and 45% of them are between 23-34 age groups.
- When betting was not legal, there were 143.1 million Americans who were lacking interest but now legalization brings new opportunities for them as well as for operators to expand betting in their business.
- The core bettors are approx 32.8 billion with casual bettors reaching 18.8 billion in the sports betting industry.
Future Scenario of Sports Betting Industry
As with increasing demand and popularisation of betting, it becomes the best possible choice for business in the sports industry. The betting industry also has great future opportunities as follows:
Sports Betting Creates Global Market
Due to the rising demand for sports, the operating way of betting also rises that leads to the involvement of betting through the global market. The better way of betting creates sports leagues that will promote the global market in the future.
Profits to Sports Leagues
As sports leagues and events involve various betting and data firms that will increase market share and profits to sports leagues. The involvement of sports in leagues will promote the betting industry and demand for sports events and leagues.
Online Real-time Betting
As with the rising number of mobile users, the usage of online betting also increases. This leads to the growth of online betting business and attracts a huge number of audience in the market.
Scope for Operators
Due to the increasing demand for sports betting many operators are moving to bet business. The scope for new and existing operators is increasing with increasing legalization in countries. This will promote huge profits and a large engagement of the audience in the market.
Increasing Competition Among High-Tech Companies
The companies which are operating digitally are moving to sports betting businesses for generating huge profits. The technology industries are looking for profitable sectors like sports betting for developing revenue generation models. This will cause high competition among new and existing companies in the betting market.
As we have seen, sports betting is playing a major role in the development of the sports industry and the statistical record also shows betting as the most appropriate choice of the sports industry. There are major sports involved in sports betting that promote betting businesses and increase its demand in the market. As discussed above the recent legalization in different countries increases the opportunities among bettors and audiences. As stated above the future opportunities show sports betting as the best choice for the sports industry.