What is the size of the sports betting market?
This is a difficult subject to address because substantial amounts of gambling revenue are not recorded. In the last several decades, the popularity of sports betting has grown all across the world. Intertops launched the first online sports book in 1996, over two decades ago. Its rise is strongly shown by Statistica, which estimates a value of $56.7 billion in 2018. It is, in fact, considered one of the world’s fastest expanding industries. For both bettors and sports bookmakers, the sports betting sector offers many opportunities.
At the moment, the international sports betting market claims to have a souk value of over $250 billion, although income from legal sports is believed to be just $30.4 billion. In this post, we will attempt to answer the following question, ‘How Big is the Sports Betting Industry?’ using information currently available and statistics
Sports betting is popular in several areas
Yes, Macau and Hong Kong contribute significantly to sports betting income. Aside from the APAC area, the United States is also a vital hub for sports betting. Not only that, but the sports betting market is booming in other regions of the world as well.
Growth in Europe and Australia is rigorous, whereas it is not as aggressive in other countries and continents. The sports betting sector is expanding rapidly throughout the world. Despite their size, Africa and Latin America do not have the same level of investment in sports betting as APAC and the US
Sports that are heavily backed
For wagering, European football takes the top slot, followed by American football or rugby. MLB, NB, and NHL are the next most popular betting sports in terms of revenue collected from sports betting. Horse racing is a popular activity for betters to wager on. It is still a popular betting sport in Australia, the United Kingdom, South Africa, the United States, and France.
Factors Contributing to Excessive Growth
We have attributed the rising popularity of sports betting to two major factors: the transition to a digital network and a general rise in resources or affluence. Betters primarily spend their spare disposable cash when they get involved in sports betting. Whereas, the money received in terms of salaries accumulates and is typically kept for future betting. The internet has also been a significant role in increasing sports betting because it makes betting opportunities more accessible.
The internet helps to keep individuals up to speed on betting information. Sports betting accounts for over 40% of global gaming profits, which is much larger than the money earned by other sorts of bets such as lotteries, etc. Sports betting, while not universally approved, are an all-encompassing means of income production that supports the government in tax collection.
Aside from that, digitization plays an important role in increasing the popularity of gaming sports throughout the world. With increasing digitization and advancements in technology, gaming has moved beyond laptops and PCs
Smartphones account for around 20% of all sports betting. As previously said, technology is a blessing for sports bettors since it allows them to take part and from any location across the world. Betting has become exceedingly convenient because of technological advancements. Digital sports will transcend desktops and laptops.
Worldwide, smartphones account for around 20% of all sports betting, with this figure predicted to rise to 45 percent by the end of 2020. Facts and numbers show that sports betting is booming right now and will continue to do so in the foreseeable future.