The sports betting market is booming, recording high growth rates in the past few years, whereas it is anticipated to further grow and expand in the forthcoming years. More people are stepping their foot on the world of sports betting, as technological, political, economic and social trends generally favor the market and create a more appealing and attractive environment for punters. What is driving growth for the most part, is online sports betting with bookmakers setting aside their brick-n-mortar stores and emphasizing their digital presence and with bettors making a clear shift in the online environment – for more information on online bookmakers visit Allbets.
Where is the sports betting market heading? Now standing at nearly $77 billion, the global sports betting industry is expected to grow at a 10.3% compound annual growth rate (CAGR) until 2032, reaching more than $240 billion revenues by then! Quite impressive, considering that some years ago sports betting was not as popular and widespread as it is today. So, what factors are actually pushing the sports betting market growth?
Well, there are a number of reasons that have contributed to its strong development up to now, and that will further promote its future growth, but the most critical and strong forces come from three main sources: the digital world, the shifting regulation of the sports betting industry in many countries and the covid19 pandemic.
The rise of technology, smartphones and digitization
Sports betting is now made easy with the technological advancements, the dominance of smartphones and mobile devices and the digitization. Bookmakers have moved online and punters can so conveniently, quickly and easily place their bets through taping on their phone using a mobile app. It only takes a mobile device, an internet connection and a subscription to an online bookmaker. And all these are made possible with the development of technology and the digital infrastructure.
Connectivity is the buzzword of the contemporary world and it is so because literally, with the smartphones and the explosion of the web, people are staying connected all the time, all day long. Online sports betting is driving growth at unparalleled levels, since betting becomes seamless and bookmakers are spending a lot of money in developing online platforms that optimize the punters’ experience and maximize their betting pleasure.
The shifting regulatory environment
Many parts of the world are reconsidering their regulatory framework when it comes to sports betting. In fact there are still some countries today that ban sports betting, as gambling is illegal. However, there have been great steps towards extinguishing barriers and making sports betting available to more markets. In fact, the regulatory environment is shifting towards more soft policies and laws concerning sports betting and this is clearly in favor of the industry overall, facilitating its growth and expansion.
The technology and the digital infrastructure are also helping towards this. Online sports betting is easier when it comes to legalization and in several countries this is the beginning of a new period in gambling.
The Covid19 pandemic
Believe it or not, the pandemic has made a very crucial contribution to the growth of sports betting, despite the fact that during the first period of the coronavirus outbreak, the world of sports was interrupted, tournaments were suspended and traditional competitions were canceled.
While there were not much (if any) sporting events to bet on, the sports betting market grew! How is that possible? Well, while traditional sporting events kept at minimal levels or in some cases they were suspended all the way, esports were blooming. In fact esports were normally held -if not more games were conducted during this period- and esports’ viewership rose exponentially. For many industry analysts, it has been the conducive role of pandemic that drove the massive growth of betting on esports. As esports were gaining popularity during the lockdowns and the periods with the strong restrictive measures and policies, the interest in betting on esports increased as well.
It is a fact! The sports betting market is increasing at unprecedented rates and its growth is primarily led by the massive rise of online sports betting. Online bookmakers and platforms are massively taking their share of the pie, by providing convenience, ease and unparalleled experience to punters.
