Sports betting companies are on a roll, with estimated revenue of $85 billion in 2019. Sportsbook Bet365 raked in an estimated $1 billion and became the U.K.’s biggest taxpayer in the last three years. Sports betting has become the fastest-growing sector of the gambling industry. In the U.S. alone, it will grow by at least $8 billion per year until 2024. Why is sports betting growing so fast?
Ease of betting
Placing a bet has become very easy and convenient such that people who were not associated with gambling now feel comfortable placing the occasional bet. Online sports betting has moved the bookie from the betting shop to people’s smartphones. Anyone can place a bet from any place that has an internet connection.
While betting on the computer online boosted the number of betters, it is the smartphone that has revolutionized the way people gamble. Almost all major sportsbooks have a native mobile app. With the stiff competition among sportsbooks, sports betting fans see more variety in games, better odds, and lucrative promotions.
Mobile apps have been the biggest pull for many novice bettors to sports betting. Unlike computers, apps are intuitive to use. Most people do not have to be trained to use apps. The tapping, pinching, and zooming come naturally. Betting app developers have also made these apps as friendly as possible. Games are easy to find and bets easy to place.
Ease of access to sports data and information has also worked for many amateur bettors. There is no need to scour newspapers and websites for information such as past team performances. Tipster services make it easy for fans to place winning bets without the tedium of sports analysis. If you want to get involved, then take a look at the best sports betting tips here. These are ready bets complete with the appropriate staking amount.
The convenience of mobile sports betting has also boosted sports betting numbers. You can see a good game while surfing sports news on the bus and place a quick bet. There is no going to a brick-and-mortar bookmaker or making frantic calls for your bet to be placed.
American Sports Betting Legalization
In 2018, the U.S. Supreme Court ruled it illegal for states to prohibit sports betting. Since then, several states have legalized sports betting, and many more are in line to legalize. Sports betting is currently legal in Arkansas, Colorado, Delaware, Illinois, Indiana, Iowa, Michigan, Mississippi, Montana, Nevada, New Hampshire, New Jersey, New York, New Mexico, Oregon, Pennsylvania, Rhode Island, West Virginia, and Washington, D.C.
But full online sports betting is only available in nine states, while four states allow sports betting on the premises only. Sportsbooks still managed to rake in $119 million in 2019. It is expected that these numbers will explode when unrestricted online betting takes root. Pundits have estimated that sports betting value will rise to $8 billion per year by 2027.
Big gambling players in the U.S. gambling industry are expected to pour big money into marketing efforts, which will have a big push in growing sports betting fans. Entertainment brands such as MGM Resorts and Caesars have signed multimillion endorsement deals with popular sports leagues such as NFL and NHL for greater visibility.
The 2020 Effect
The coronavirus pandemic of 2020 has played a big part in driving people to sports betting. Restrictions on public gatherings forced the closure of land-based casinos and off-track betting shops. Online sports betting was the only option, more so, virtual and fantasy sports. Many people have discovered that sports betting is great entertainment.
Sports betting is expected to continue growing at an accelerated pace as more people get access to the internet and discover the joys of betting at their fingertips.