Sports have caused tremendous growth in the economy. But with the changing demand, the trends in sports are also changing. There are various trends in sports available in the market that attract lots of investors and operators. The trends of sports include sports betting, wearables market, esports, Development of virtual reality and augmented reality sports, sports clubs, and leagues, etc. Among them, the popularity of sports betting is increasing. Investors believe in developing sports betting software for the better user experience of their bettors. Due to the legalization and commercialization of sports events, the market of betting is increasing. As per the research, the sports betting market will grow by 11% during 2020-2024. According to research, there are approx 50% of people who place bets on sports events. Sports betting has many options to bet including casinos, lotteries, poker, etc. It is expected that sports betting will rise to 5.9% by 2022.
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Market Overview of Sports Betting Market
- The sports betting market has the potential to enlarge the sports market by $ 144.44 billion during 2020-2024.
- CAGR of the market forecast during 2018-2024 by 8.83%.
- Based on the region, the sports betting market has the most significant market share in the Asia Pacific region.
- There are more than 25 vendors available, operating within the sports betting market.
- The global market share of the sports betting market is expected to reach to $ 127.3 billion by 2027.
- According to the guidelines of the American Gaming Association, there are more than 2800 active online sites that offer gaming activities such as poker, bingo, lottery, etc.
Demographics of Sports Betting
- The Majority demographic of sports betting attracts young males in the market. There were more than 40% of bettors in the last 12 months of the age group of 23-34.
- The American Gaming Association found that 69% of bettors placed bets online.
- The research says that young bettors found sports betting more convenient due to which they participated in the sports market actively.
- Majorly there are two kinds of sports bettors involved in the market. They are core bettors and casual bettors.
- Casual bettors bet with friends, family through pools and leagues, and core bettors who are nearly 32.8 million in the market.
- The sports market survey by the American Association shows a figure of more than 60% of Americans that are lacking interest in betting that will be an upcoming opportunity for the investors to grow their betting business in 2020.
Recent Popularity of Sports Betting
The legalization and increasing demand in sports betting will shift the sports betting industry to a higher level of the industry.
- As per the research in the past years, it shows that industry trade publications in the US were expected to increase the online market of sports betting in upcoming years.
- Many companies are developing betting through online and mobile devices in 2020 and upcoming years.
- Due to changing trends in the US, the market is expected to expand betting platforms on the most popular events and games of sports betting.
- There are various partnership rises among the sports betting industry that contributed to expanding the sports betting model. Effective partnerships are expected in upcoming times that lead to major revenue growth in the sports industry.
- Several partnerships have been seen in sports betting that will enhance the revenue model of the sports industry.
Popular Sports Involved in Sports Betting
There are various sports involved in betting, where the operators allow bettors to bet in different sports as per their choice. These sports are as follows:
- Football is the most popular sport in the sports market to bet. After the 2017 FA cup final there was an average of 7.9 million viewers that shows the popularity of the sport in the market.
- Tennis is a popular sport in the UK where the bettors generate huge revenue every year.
- Basketball is considered as the most growing sport under the live betting category.
- The gulf is proving to be the most trending sport as it gives several opportunities to the bettors.
- In the US market, it covers majorly all sports including basketball, American football, ice hockey, baseball, and many more.
- The other sports such as golf, cricket, rugby, boxing, racing, etc will become big business opportunities for the industry.
- The mobile application will be the new trend for betting which is the best possible way to enhance the number of bettors in the sports industry.
Future Scenario for Sports Betting Industry
Betting is the most popular category in the sports industry. There are various investors and operators involved in the market who generated huge revenue through betting and across a range of sports there are millions of pounds exchanged in the industry. The future aspects of sports betting shows the following scenario in the market:
Upcoming Enhancement of Sports Betting Market
When there were many states in the US where sports betting was not legal there were more than 90% betting placed illegally. Now when sports betting becomes legal in many states it brings new upcoming opportunities for the investors to enhance their business in the sports betting area.
Profit to Sports Leagues
Most of the industries are partnered with data companies and other businesses of sports betting. They are always in favor of online sports betting to enhance their profits. This depicts direct profit to the operators of sports leagues to enhance their revenue generation model.
Development of Online Betting
With the advancement of technology, sports betting will enhance the use of mobile applications for bettors. This will also develop online betting that comforts the bettors to a great extent. Investors will invest in online betting and enhance the growth of the sports industry.
Competitiveness among High-tech companies
The businesses that develop through digital platforms are moving to the sports betting industry to generate profit in the business. This shows the upcoming competition in the market. They will surely compete with existing sportsbook operators and create a market share for the sports betting industry.
Scope for Operators
There were many operators in the industry that were experiencing great success in their business. With the recent legalization and growth, many new investors are likely to invest in sports betting. The increasing demand in sports betting will benefit existing as well as new investors in the industry.
These are the future aspects of the sports betting industry. Thus it is beneficial to the investors to invest in this industry and existing business to enlarge their business model.
Conclusion
As with the changing technology, sports betting is growing rapidly. As per the research betting is the most appropriate trend for the investors to invest. The research from experts also shows the rising demand of the industry. To rebuild the revenue model and expand the business successfully, sports betting can be a great choice for investors and operators. It also stated that there are several sports available in the industry that leads to upcoming opportunities for the market. Therefore among recent trends sports betting can be the most beneficial choice for the investors.
