As the virtual sports betting landscape begins bringing real value to the economies of numerous countries, the notion of sports betting, as conceived illegal by regulatory bodies, is witnessing an epochal scale of change. The legalization of sports betting in some parts of the world implies that, avid bettors won’t have to resort to under-the-table wagers, which betokens that the industry will spectate a surge in its clientele base.
The real boost to the sports betting vicinity, however, lies with the usage of smartphone, which is nearing the stage of ubiquity, as bettors show a marked proclivity for the ‘bet anytime, anywhere’ trend. Rapid penetration of wireless gadgets and development of user-friendly applications will further chip in, as sports betting becomes more and more leisure-integral for the millennial, Y, and Z generations.
Gauging the lucrativeness of the landscape led by perpetual innovation, Transparency Market Research (TMR) traces the historical, current, and futuristic trends that qualify as influential for the growth prospects of the sports betting market, during the period of 2019-2027.
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Tracing the Growth of the Sports Betting Market
Contemporary sports betting comes about substantially from horse racing, and the early evolution of the industry traces its onset to the U.K. As Western countries followed suit, laws dictating gambling were formed. However, the major scramble towards taking the industry to the billion-dollar club began with the emergence of online casinos in the 1990s. As industry players offer the ease of betting and a low entry cost, a large number of bettors are attracted to online platforms, and in 2018, the sports betting market registered a value of US$ 238.09 Bn.
Industry players are cashing in on the integration of live streaming and online gambling platforms to gain greater resonance of bettors by banking on digital promotional activities. As Bitcoin, Dogecoin, Ripple, and Litecoin infiltrate into the sports betting landscape, bettors are inclining towards these virtual currencies due to ease of transaction over traditional funding methods.
With cryptocurrencies, bettors residing in regions where real money betting is forbidden can securely and transparently conduct their transactions. Since market players instigate their scramble towards making the landscape as user-friendly as possible, the sports betting market is likely to remain lucrative, expanding at a CAGR of ~11% during the forecast period of 2019-2027.
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Online Platforms – A Key Opportunity to Bet on for Market Players
Traditionally, the sports betting market was clasped amidst the battle of legalization, which still, in some regions, fights for legal identity, as money laundering instances and betting addiction raise concerns among the regulatory bodies. However, the relaxation of laws and legislation in Europe offers an open ground for sports wagering activities, and the region accounts for ~ 52% of the market share.
With a concentration of leading betting brands, Europe has become home to the sports betting industry, with football contributing a significant share to the regional market, and ‘cricket mania’ is driving bets at an exponential rate. However, the Asia Pacific sports betting market remains driven by the high frequency of mega sports events and surge in the number of participants.
As countries such as China and India have a majority of young population, their indulgence in sports is high, and the proliferated infiltration of smartphones is further adding value to the mainstream trends observed in the region. Though online betting has been growing at a significant rate, given the ease of use, the traditional hold of offline betting platforms on a dominant share of the sports betting market has been intact, as a large pool of bettors still prefer wagering in-person during sports events.
As the popularity of football is no longer confined within the boundaries of developed countries, it marches towards being a global sport, which offers a bet-worthy opportunity for industry players, among the other game types. However, threats of cyber-attacks, susceptibility to betting addiction, and a huge unregulated market team up against the steady growth of the sports betting market.
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