According to reports released recently, the global sports betting market is set to grow by 134.06 billion USD between 2020 and 2024. Different factors have contributed to the unprecedented growth of the sports betting market. However, technology has undoubtedly played a more significant role in transforming the industry. For instance, sports betting enthusiasts from Asia can browse through Thai Mix parlay odds on vwinsportsth, and learn more betting techniques, thanks to evolving and breaking boundaries technologies. In this piece, you will read a comprehensive analysis of the global sports betting market.
Latest Trends and Key Drivers
As mentioned earlier, technological innovations are the key drivers of the transformation of the sports betting industry. For instance, the internet has affected the industry’s reach, financial models, scalability, and market size.
In the past, sportsbooks were mostly brick-and-mortar establishments, especially in casinos. However, these establishments are limited in terms of what they can offer. Over time, the internet became more accepted, and jurisdictions improved their sports betting regulations, kicking out scam sites, paving the way for the industry to grow more.
For instance, countries that previously prohibited sports betting acknowledged sports betting trends and realized that the industry could generate enormous tax revenue. As a result, these countries slowly changed their gambling legislation to facilitate the entry of sports betting operations in their jurisdictions.
Technology and favorable legislation provided sports betting operators the license to expand their operations. The operators took advantage of technological innovations to offer their clients better services.
The trends that are set to drive the sports betting industry into the future include:
Mobile betting has revolutionized the sports betting industry dramatically. The ability of sports betting fans to bet on the go transformed the industry. Additionally, in untapped markets like Africa, there is increased smartphone penetration.
This penetration has offered the sports betting operators an opportunity to reach out to new markets. As they expand to new markets, the industry grows further.
Secure Deposit and Withdrawal Methods
Financial security is every gambler’s key concern. Luckily, technological advances have introduced secure online money transfer methods. These payment methods offered the gamblers more confidence in the online sportsbooks.
As more people trusted the online sportsbooks, the number of clients on the platforms increased. Moreover, the eWallets also enable people from remote areas to bet. Initially, these individuals could not bet online due to a lack of a deposit and withdrawal method. This trend, in turn, led to the tremendous growth of the industry globally.
More betting markets
The sports betting industry has grown to offer its clients more betting options. For instance, when you log into your favorite betting site, there are different bets you can place. In the past, gamblers could only bet on a match before it began.
However, thanks to technology, sports betting fans can bet live on sports events. For example, if you are betting live on a soccer match, you could bet on which team will score first, the number of goals scored among other match events.
Statistics revealed that the majority of sports betting fans bet on soccer. That is probably because soccer is the most followed sport globally. However, this trend has changed as online sportsbooks offer other sports fans a chance to place bets on match events.
Studies have shown that the popularity of other sports like rugby, hockey, tennis, American Football, and baseball is on the rise. This has pushed sports betting sites to provide these betting markets on their platforms. As a result, they have attracted more betting fans on their platforms. Ultimately, this has led to the growth of the industry.
Sportsbooks have taken advantage of technological innovations to improve their service delivery. For instance, a technology like Artificial Intelligence has revolutionized how operators run their customer care services.
With AI, the operators can use chatbots to answer frequently asked questions. This increases the efficiency of the customer care services as clients don’t have to wait for a response from human agents if there is a long queue of queries.
Lastly, the innovations have enabled online sportsbooks to offer their users live betting options and better payment options, as discussed earlier in this piece.
The projection that the sports betting industry will grow to 134.06 billion USD by 2024 is accurate. However, based on the factors discussed in this piece, there is a high probability that the industry’s performance could go beyond the projected figure.
It is also clear that technology will be the key driver of the future of sports betting. For example, mobile betting will continue to grow, and sportsbook operators will be more customer-focused as they develop their products. Moreover, more jurisdictions will continue to amend their gambling laws to accommodate sports betting because of tax revenue. Finally, other sports’ popularity will also keep growing. This means that whatever you have seen in the sports betting industry is just the tip of the iceberg! There is more to look forward to!