The sports betting industry has been constantly on the rise over the past couple of years. This is because the popularity of sports betting was even heightened because of the advancements in modern technology, paving the way for the emergence of online platforms where sports bettors can place their wagers. It is therefore noteworthy to take a look at the rise of the sports betting industry.
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Sports Betting Market
It is quite difficult to have a precise estimate of the overall size of the sports betting market. This is because of inconsistent regulations and recordkeeping practices among operators and bookmakers. Nevertheless, the industry is set to have a market capitalization of 250 billion dollars worldwide. 15% of this overall market capitalization can be attributed to the online platforms offering sports betting channels.
The Fastest Growing Market
The United States is considered as the region with the fastest growing sports betting market. At present, it has a market capitalization of around 70 billion dollars, which came from an overall capitalized value of only 40 billion dollars from the past couple of years. If this pace continues on within the next couple of years, the American market will occupy a significant share in the worldwide market capitalization.
The Largest Market
The Asia-Pacific region, or APAC, is known to have the largest market share in the sports betting industry. This statistics is not surprising because of the dense population in the region. In the same manner, sports betting has been part of the Asian culture since time immemorial, even before the online platforms came to be.
Apart from the US and APAC, sports betting is also continually growing in other parts of the world. While the growth of the industry may not be deemed as aggressive as the perceived growth in these regions, the increase in the market capitalization of sports betting in other continents such as Australia and Europe is still noteworthy. The steady growth of the betting industry can significantly be attributed to the long history of the betting practice in these regions. On the other hand, the limited rise of the market in Africa or Latin America can be attributed to other macroeconomic factors that affect the region’s GNP, or perhaps a lack of stable and reliable internet access.
Most Popular Sports Bets
European football currently has the greatest betting volume, followed by American football. Football sportwetten, or football sports betting is so popular with people around the world, perhaps because of the massive audience and sports fans hooked in football, rooting for their favorite teams and players. Apart from this, football games and tournaments are broadcasted worldwide in real-time, making it easy for sports fans to get up to date information about the game, or even get the opportunity to watch the games live. In parallel to this, horse racing also receives quite a significant betting volume even if it is considered as a niche in the online market.
The Emergence of eSports
eSports is also making its way in the betting industry with more and more people venturing into it. Currently, it is regarded as the fastest growing sports market. eSports are organized multiplayer video game competitions played by seasoned and professional players. The increasing popularity of eSports triggered bookmakers to allow bettors to place wagers on various eSports matches, which may include golf, tennis, and rugby.
The Future of Sports Betting
The future of sports betting heavily relies on the digital revolution. The online platforms offering avenues for bettors to place wagers with convenience and ease can be attributed to the projected growth of the market. Further technological innovations only offer more space for market growth. If in the past, online platforms were only limited to laptops and computers, more and more people are now playing games on their mobile and handheld devices. These advancements in the digital world pave the way for a brighter future for the whole industry.
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The future is bright for the sports betting industry, especially now that there are already several motions pushing for its legalization in more and more locations, whether through traditional land-based sports betting, or through online platforms. This is because the entire industry has continuously been on the rise over the past couple of years, which can be attributed to its ever-growing popularity, not only for sports fans but to those who are keen on making some extra cash. The online platforms even enhanced the popularity of sports betting because, with online avenues where wagers can be placed, it is easier for bettors to play anytime they choose, anywhere they please.