The sports betting industry has been reporting growth for several years worldwide. For example, in the US, this year’s revenue from sports betting is expected to come at $2.5 billion.
According to a report offered by Grand View Research (GVR), the global sports betting market size in 2020 was estimated at an incredible $66.98 billion. Thanks to several factors, this figure is expected to go up at a CAGR of 10.1% in 2021–2028.
To begin with, the demand for online sports betting is on the rise. In 2020, the online segment made up more than 50% of the industry’s total revenue. It is forecast to remain dominant, as opposed to the offline segment.
The spread of online betting has to do with the increase in the sales of connected devices and smartphones across the globe. In 2018, H2 Gambling Capital partnered up with the European Gaming and Betting Association (EGBA) and found that 43% of online bets were made through mobile devices and 57% through desktops.
A notable boost should come from the use of AI and blockchain technologies. Not only do such innovations improve user experience, but they also motivate changes in terms of regulatory matters.
It’s a well-known fact that authorities in many countries have been reluctant to legalize sports betting. However, this attitude is slowly starting to change. For instance, the state of New York should start accepting sports bets as of 2022.
The GVR report mentions Great Britain’s Gambling Commission, which passed the Gambling Act in 2005 to make commercial gambling legal. The document was reviewed in December 2020, and the government called on platform providers “to comply with the technological changes.”
Additionally, service providers are setting aside significant funds for research & development projects in order to include new technologies in their offer. The aim is to have state-of-the-art products and, thus, gain an advantage over competitors in the market.
Considering all these findings and trends, it’s no surprise that this multi-billion dollar industry is predicted to grow even more.