For thousands of years, people have placed bets on sports and events. In fact, betting has been a viable way to pass time and entertain since the ancient Roman times. So, is it any wonder that nowadays, with a little help from the Internet, betting is more popular than ever? Thanks to the fact that the Internet is basically available anywhere, you can place bets on popular sports anytime, anywhere.
Some of the most popular sports include, for instance, American football, soccer, tennis, basketball, motorsports, baseball, and even esports. The betting markets are growing and more and more sports and tournaments are added to the list. Oftentimes, betting sites offer a possibility to bet on both small and big tournaments.
In this article, we will take a closer look at the global sports betting markets and why it has been growing as much as it has in the past years.
The U.S. betting market is estimated to reach $8 billion in revenue
Many investors and companies involved in sports betting have estimated that by 2025, the sports betting industry might reach $8 billion in revenue. Specifically in the United States, the betting market experienced wonderful growth since New Jersey won the U.S. Supreme Court ruling, which made it legal for all 50 states to start offering sports betting legally.
Elsewhere in the world, the rules and regulations vary depending on the country. However, the attitude towards online casinos and betting in general have relaxed, and more and more countries are making it legal and easier.
For instance, online casino Canada sites accept real money wagers on sports. What is wonderful about this is that players can start playing anywhere, anytime, even from their mobile phone.
The easiness of playing and accessibility have made it possible to play more and for longer times. In fact, players can place bets on multiple events and markets at the same time, and even watch the real-time scores and games on the site. Real-time, live bets are also possible at many betting sites, which makes gaming more exciting.
All in all, the accessibility and possibility to play even on the go have played their part in making sports betting as popular as it is. And frankly, there are no signs of it slowing down.
Esports has taken a solid footing on the market, too
Gone are the days when sports were only physical: nowadays, esports has taken over the market and its popularity is steadily growing. Playing esports games, such as Call of Duty, League of Legends, and Fortnite, has turned out to become mainstream.
Most casino sites that offer sports betting have even started to offer possibilities to bet on esports. These esports events take place all over the world, and it is estimated that the esports industry alone was worth $1 billion worldwide in 2019. As a market in the esports industry, China has been the biggest and is still growing relentlessly.
As the popularity of new sports increases, so does the value of sports betting. More and more people who follow sports also place bets on the games and tournaments they watch simply to make it more interesting. After all, it can be more exciting to watch a game knowing that you have money on the line.
Sports betting the most popular online gambling activity in Europe
Sports betting has been increasingly popular in Europe, too. In fact, some research have shown that in the EU, the online gambling activity generated €22,2 billion in revenue in 2018. This was up a whopping 21,2% since 2017. The UK market alone accounted for 34,2%, and the market value was up to €7,3 billion.
Of course, we will have to add offline gambling activities too, which accounted for 76,8% of the EU market – €73,5 billion.
However, the sports betting market alone was the most popular online gambling activity. It accounted for 42,5% of all gambling activity in the EU market. Casino games mounted for 32,4%, lottery for 12,6%, poker for 5%, bingo for 4,3%, and other games for 3,2%.
In conclusion, it is safe to say that the sports betting activities are growing and increasing in popularity around the world. Betting on your favorite sport can be a great way to pass time, entertain, and make following the games and tournaments more exciting.
As online and mobile casinos are accessible easily, even on the go, it has never been easier to place bets. Frankly, in the future, we can only assume that the sports betting market continues to grow. Simply put, there are no signs of it slowing down, which is why many investors have even started to invest in iGaming companies and sports betting.