This question is a bit tedious to answer as large chunks of revenue involved in betting is not reported. The popularity of sports betting business across the globe has been mounting in the past few decades. Intertops commenced the very first online sports book in 1996, which was almost 22 years ago. One of those platforms is UFABET . Its growth is well implied through the Statistica with an estimation of worth $56.7 billion in 2018. It is in fact regarded as one of the fastest growing sectors around the world. The sports betting industry facilitates numerous prospective for the bettors and sports books.
At present, the international sports betting industry claims to have by and large souk capitalization of approximately $250 billion, whereas the revenue is estimated to be only $30.4 billion from licensed sports.
In this content through information so far on the board and with the aid of statistics, we will try to find out the answer to the above question, ‘How Big is the Sports Betting Industry?’
Regions where sports betting is a rage
Yes, major chunk of the revenue from sports betting is received from Macau and Hong Kong. Other than the APAC region, the United States is also an important central point for sports betting. This is not all; the sports betting industry is expanding in rest of the parts of the world too.
Europe and Australia have rigorous growth, whereas it is not as aggressive in other countries and continents as it is there. Still, sports betting industry is showing remarkable growth worldwide. Despite being large continents, Africa and Latin America do not have a large share of investment in sports betting like the APAC and the US.
Highly bet sports
On talking about betting, European football is spotted at number one position followed by American Football or Rugby. MLB, NB and NHL are next in the list of popular betting sports involved in collection of revenue from betting on sports.
Horse racing is a sport that is commonly bet on by the betters. It is still a popular betting sport in Australia, UK, South Africa, US, and France.
Causes of escalating growth
There have been two main reasons for growing popularity of sports betting, i.e. switching to digital network and comprehensive increase in the resource or wealth.
While getting involved in sports betting, betters mainly invest their disposable-kind of income which is spare. Whereas, the amount earned in terms of wages piles up and keeps it for further betting mostly. Internet too has been a highly supportive factor enhancing sports betting as it makes the betting opportunity really accessible. Internet aids to keep people updated with the information regarding betting.
Growth expected in future –
- It is hard to say but with some significant developments like USA laying flexible terms for online gambling, growth at higher rate is expected. Moreover, its worldwide acceptance is necessary, and therefore, regulation of norms of countries of Asia, Canada, Europe, etc. can confirm rapid growth.
- For the reason that sports aren’t just confined to professionals, rather are well-liked among casual fans too. One can via numerous sports websites get updated with the recent news.
- Growing and stable world’s economy too will be a great aid to the expanding sports betting industry.
- Millenials too are turning the growth graph upwards. Sports betting is acknowledged amongst youngsters, along with the adults, who are versed with the breakthrough accessible online.
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Sports betting has the share of almost 40% of the wide-reaching gaming returns all over the world, which is much higher than the money generated from other types of gambles like lotteries, etc.
Sports betting though isn’t accepted all around the world, it is an all-embracing method of generation of revenue that aids government in gathering taxes. Over and above this, digitalization too plays a crucial role in giving popularity to the gaming sports across the world. With growing digitalization and improved technology, gaming is beyond laptops and PCs.
Around 20% of sports betting are played through smart phones. As said earlier, technology is a boon for sports bettors and that enables them to play at any slash of time from any zone of the world. Technology has in fact made betting highly extremely convenient.
Moreover, digital sports will go beyond both desktops and laptops. Worldwide, around 20% of sports betting are done via smartphones which is expected to be 45% by the end of 2020. It is well evident from facts and figures that sports betting is on boom now, along with being in the near future.