The online sports betting industry has grown to unprecedented heights. Experts attribute the constant growth to innovative technological advances that industry operators have embraced. For instance, various reports have revealed that the increasing adoption of smartphones and ease of access to online casinos have been at the forefront of driving the industry’s growth. In this regard, many gamblers have switched to sports betting online platforms to enjoy the benefits. Because of the increased number of users, the experts also suggest that the industry’s net revenues could reach up to 1.5 billion annually.
So, what are the forces behind the sports betting industry? Read on to find out how different factors have influenced the industry’s growth.
Increased Adoption of Smartphones
Increased adoption of smartphones worldwide has been a blessing in disguise for the sports betting industry. Reports from several studies state that the current smartphone penetration stands at 78.05%. This means that there are around 6 billion people owning smartphones.
This increased access to smartphones coupled with better internet infrastructure has helped the industry grow. Moreover, industry renowned operators like Betway have taken advantage of the situation to expand their operations.
Increased Betting Options
Technological advances have also ensured that gamblers get a variety of sports betting markets. For instance, nowadays, sports bettors can bet before a match starts or go for “Live Betting” after a game has begun.
This trend has made sports betting more interesting for the participants. For example, the bettors can put their money on which team will score first or which player will score first. Sports betting fans can also wager goals to be scored, among other bets.
Additionally, studies also suggest that there are more than 3000 betting sites. This makes it easy for gamblers to shop around for the best sports betting site for their betting needs.
North America and Europe Will Be Critical
North Americans and Europeans are expected to take over the sports betting market. Experts argue that because of:
Increased disposable income of the consumers
An increasing number of smartphone users
Launching of new products
Better digitization
Safe payment methods
The demand for online sports betting will increase significantly in the two regions.
Increased Love for Sports
Humans have been enjoying sporting activities since ancient times. Moreover, the love for sports has been on the rise. For example, sports commentators argue that soccer is the most followed sport in the world. This following has translated into sports betting markets for international companies like Betway, which have great offers.
Besides, other sports are also becoming increasingly popular—for example, rugby, hockey, horse racing, American Football, MMA, and Boxing. The love for these other sports has also offered the industry a great chance to grow further.
Favorable Legislation
This is another trend that has helped the industry grow. Many jurisdictions worldwide have decided to revise their gambling laws to make them current and friendlier to the present-day gambling environment.
Such initiatives have increased sports betting activity around the globe. Moreover, many more will follow suit meaning the industry can only grow bigger.
Bottom Line
The suggestion that the sports betting industry will be generating 1.5 billion annually is not hogwash. Based on the information provided in this piece, it is clear the upward trend will continue, and the industry might surpass the projected figure.
