Sports betting has been a part of cultures around the world for centuries. Every sport over the years has developed a pattern of recurring trends. Trends that can be studied and analyzed to make predictions about the most likely outcomes of any future games.
In the 20th century, the sports betting trend was amplified by two main factors. The factors are better internet connectivity and the increasing popularity of international sports across the globe. Sports betting markets have progressed dramatically over the years, reflecting the change in viewing and wagering patterns in different regions of the world.
The Online Sports Betting Market
The year 2018 saw some legislative bodies around the world change their policies. Amendments to legalize online gambling provided a significant boost to the growth of online casinos. Spain, Malta, Italy, France, and Germany are among the first to legalize gambling. This following sweeping changes in policy across the globe. The global sports betting market has been growing at a steady rate of 8.5% on average every year. The betting market is expected to reach a valuation of around USD 155 billion by the year 2024. Currently, Europe has emerged as the largest sports betting market with a 41% share. Soccer continues to be the most popular sporting event that is bet on along with tennis and horseracing.
The majority of activity within this market revolves around world-famous tournaments and events. These events include the English Premier League, the Champions League, German Bundesliga, the FIFA World cup, and the Italian Series A. European betting consumers often place bets across multiple leagues. The same punters even place wagers in pre-match events as well as during play. In the United States, North American football leagues such as the MLB, the NBA, The NHL receive a large volume of bets every season.
Key Online Sports Betting Market Trends
- Among all the existing sectors of online gambling, the sports betting segment dominated the market. This is due to the overwhelming use of digital platforms to reach potential consumers.
- Most of the revenue generated from the online sports betting market comes from European countries. Betting websites operate in regulated markets to maintain sustainable profits consistently.
- Several players are competing for the same audience. Thus, making the online sports betting market become increasingly saturated with both regional and global betting companies. Online gambling providers continuously try to outdo their competitors. They do so with better offerings, user experience, and even brand equity to compete for larger profit margins.
- Celebrity endorsement has always played a significant role in helping online bookies promote their products and services. Some large betting companies employ influencers and famous personalities. In some cases, they use the entire sports teams to promote their brand and build visibility for their services.
- High economic growth in the Asia-Pacific region has promoted the development of online gambling amongst its residents. Asian residents are responsible for 47% of the world’s sports wagers.
- The growing popularity of Bitcoin has led to an increase in the use of digital currencies while wagering online in the region.
- Hong Kong and Macau continue to be the largest revenue-generating regions in Asia at the moment.
- Bettors can stay logged into their respective gaming communities and stay updated about the latest odds and trends in the market. High internet penetration, access to smartphones, and mobile gaming applications have also made it incredibly convenient for bettors to stay logged in. Research shows that over 20% of all sports betting globally takes place via mobile apps.
- The increasing developments in the technological field have also transformed the industry at its core. Several betting companies are now using cutting edge tech. Technology such as virtual reality and blockchain elevate the standard of the average online sports betting experience.
- The newest and fastest-growing submarket is esports betting which follows large organized multiplayer videogame tournaments. Bettors can follow their favorite players across different gaming leagues and place bets on the most likely outcomes just as in standard sports betting. This exciting category of Esports betting will generate around USD 1.5 billion in revenue in 2020.
- Recent outbreaks of COVID-19 also negatively impact the sports betting industry. This is due to several matches and league cancellations and several sporting events being postponed to a later date.