by The worldwide sports betting industry has been growing in popularity over the years. By the looks of it, the sports betting industry is regarded as the fastest-growing sectors across the world. The sports betting industry offers enormous potential towards for bettors as well as sports books.
Sports betting is a revolutionary industry
The sports betting industry is an integral part of the global digital revolution. Over time, it goes through dynamic changes which expand to several markets which are already busy in forging new ways.
There is a reason why the experts of the betting industry consider sports betting as a life changing sports book offers. Sometimes, it is hard to put a definitive estimation regarding the record-keeping as well as regulations are the industry is a little inconsistent. Additionally, there isn’t a concrete resource in any nation across the globe which researchers can rely on in a solidified manner.
However, this doesn’t signify that the estimations aren’t reliable. Currently, the worldwide sports betting industry says to have the overall market capitalization of around $250 billion. The licensed sports books, which are considered as life changing sports book offers a revenue of approximately $30.4 billion at minimum.
What is increasingly driving the adaptation of this industry?
There are only two things that drive the adaptation of the sports betting industry, which includes, the adaptability of the digitally connected network and a significant increase in wealth.
When people invest in sports betting, they are providing their expertise via disposable-type of income in leisure activities. The wages that they accumulate from sports betting keeps on increasing as there is a lot of money which rich people place on sporting events.
The Internet also plays a crucial role to increase the penetration level in the market significantly. It is also advisable to people to have robust and seamless internet connectivity so that they can keep up with the on-going trend and stay information until the day of betting. There is a benefit for the sports fan in the sports betting industry as they are well aware of the happening of the world.
As of now, a sport betting is accountable for almost 40% of the worldwide gambling revenue across the globe. Furthermore, this is much bigger than its counterparts, such as esports, lotteries, gambling, among others.
Which regions are actively involved in sports betting?
Most of the revenue from sports betting comes from Hong Kong and Macau, which lies amid the APAC region. In addition to the APAC region, the United States is also one of the focal points for sports betting. However, the industry is also growing in several other areas of the world.
In the other regions of the world, the growth might not be quite aggressive such as in Europe and Australia, but the industry is growing slowly and gradually in these regions. Additionally, Latin America and Africa are much larger continents compared to the rest, but they are not deeply invested in sports betting like the US & APAC.
When it comes to betting, European Football has the upper hand over all the other sports. Next to European football, Rugby or American Football also has massive popularity. NB, MLB, and NHL follow next in terms of collecting revenue from sports betting.
Horse racing is the most common type of sports betting; however, the popularity of horse racing is still intact. The experts of the industry claim that horse racing is still a heavy contender in terms of betting in the UK, US, Australia, South Africa and France.
What are the prospects of sports betting?
Sports betting did open quite an extensive system of revenue which helps that government in garnering taxes. In addition to this, the digital revolution also plays a pivotal role in making sports betting popular across the globe.
Moreover, digital sports will go beyond both desktops and laptops. Worldwide, around 20% of sports betting are done via smartphones. By the time the world progresses to 2020, approximately 45% of the sports betting will take place via smartphones and similar mobile devices.
Technology is playing a crucial role to make sports betting convenient for people from different corners of the world. Betting on sports has become extremely convenient and transformative over time. However, the future is always changing, so there is a chance that sports betting can become bigger and significant in the long run.
