Sportsbetting Market Predicted to Grow; Capable of Full BoomPublished December 23, 2020 by Lee R
Sports betting is the market within the market that will continue to drive online gaming growth.
We see many studies about the iGaming market, but how does the key sports betting vertical within that sector stack up over the long haul?
Decade of Growth
The sports betting sector's well-known growth has actually spiked with exponential growth over the last decade, as reflected in all manner of figures ranging from net size to player base data.
Key Market Features
Enhanced technology and increasingly visible sponsorships characterize this era of accelerating growth, spurred by the smartphone.
At this point, many global tournaments and teams are visibly displaying sports betting sponsorship logos and banners in prominent areas on the pitch or on the jerseys.
The Mobile Factor
The acceleration in sports betting growth can be specifically traced to the introduction of the first smartphone in the mid aughts 00’s.
Instant Access Sustainable
With the internet providing the basis for ongoing instant access to betting via mobile phones and sports bookies increasingly offering online casino options, the future remains even brighter for the online gambling industry in general.
Market Size Compared
Online gambling is one of the largest markets in the world, with online datatank Statista projecting the online gambling market to grow to a net worth of 92.9 billion dollars by 2023—vaulting from 58.9 billion dollars in 2019.
With the global online sports betting market growing by CAGR of 10.1% during the forecast period (2019-2024), there is a lot of pie to get pieces of for expanding and new online sports books.
Majors Spur Overall Growth
Major sporting events such as the FIFA World Cup and European Championships drive growth, with online betting popularity following suite among lesser known prominent betting sectors such as horse racing and tennis.
Integrative and Innovative Technology
Technological integration behind the scenes continues. During the 2018 World Cup, Gaming Innovation Group (GIG) launched an innovative data-driven sports betting platform designed to increase the responsiveness and flexibility of platforms supporting operators in the user experience optimization process.
Also in 2018, the PASPA repeal in the United States launched legal sports betting across the massive American market.
With over 20 states legalizing sports betting since, look for more states to follow and add new revenue figures from previously untapped resources to the overall market total for sports betting.