It’s true that in certain countries, betting organizations are second only to the government as the greatest supporter of professional sports. In the United Kingdom, for instance, bookies have emerged as the primary financing mechanism for sports.
Rather than tightening the screws, many governments currently strive to establish a most-favored-nation regime for bookies. This is because, as you well know, sports are the face of the country.
The growth of sports betting is only likely to accelerate. This trend is expected to continue and maybe pick up speed thanks to the proliferation of online sports betting.
After the worldwide crisis brought on by the epidemic, sports betting and gambling in general saw something of a breakthrough that has contributed to the industry’s meteoric rise.
Explore the phenomena of the expansion of online betting and the factors contributing to this trend in this article.
Numbers and Statistics in the Growth of Online Betting
Grand View Research released “The size and growth of the online gaming business, 2030” in September 2022. Analysts predict an 11.7% annual increase in internet gambling (including sports betting, casino, poker, and bingo) by 2030.
Company analysts estimate the worldwide market at 57.54 billion dollars. Grand View Research predicted 11.5% before the epidemic in 2019. Experts attribute market development to global Internet penetration.
Thus, smartphones and mobile apps are becoming more popular. Business Research forecast in September.
The “Report on the Global Online Gambling Industry for 2022” predicts that the online gambling market will reach $115.13 billion by 2026, growing 9.2% annually. Online gaming will reach $81.08 billion in 2022, up from $73.42 billion in 2021.
This results in a compound annual growth rate (CAGR) of 10.4 percent. Asia-Pacific will have the most population by 2021. It is anticipated that by the year 2026, Eastern Europe would be the area with the most rapidly expanding online casino and sports betting industries.
Tech Drives Online Sports Betting Development
According to Fair Market Insights analysis, technological development is one of the primary reasons to propel the expansion of the international sports betting market.
It’s partly due to technical advancement, and partly to governments’ growing recognition of the advantages of working together with the gambling sector. A decade ago, the IT divisions of major bookmakers developed completely secure digital channels for logging wagers and transferring money, allowing for the explosive growth of online gambling.
FMI predicts that sports bettors will become increasingly acquainted with “new machine learning algorithms that seek to anticipate the results of games and races.” Therefore, “the growth of machine learning [from 2022 to 2032] will be beneficial to the worldwide sports betting industry.”
FMI noted that major sports betting market suppliers are investing more in machine learning techniques and approaches that have shown promising prediction outcomes. “Machine learning helps create accurate forecasting algorithms and models for betting efficiency.”
Below you will discover more concrete reasons why scientists may support such a rise in the sports betting market, assuming that technological innovation is a fairly generic phenomenon.
Businesses Adapted after COVID-19
For instance, virtual reality headsets have lately emerged as a game-changing innovation for the online gaming industry. There is no longer any need for gamblers to physically visit casinos since they can just “log in” to an online casino and play instantly.
Introduction of Smartphones with Improved Internet Access
There is no place where this is more accurate than India. Cisco predicts that by 2023, the number of people using the Internet will have increased by 6% each year, reaching 5.3 billion people; meanwhile, the number of people using smartphones will have increased by 7% per year, reaching 2.3 billion. Already, mobile device use has become ubiquitous, with over 80% of all gamers doing so from a global perspective.
Blockchain is a major driver of innovation in the gaming and betting industry. There is a common misconception that closed online games are easier to swindle. All parties involved will be privy to “inside” information thanks to blockchain technology.
However, blockchain serves a somewhat different purpose in the gambling industry, since it not only ensures the privacy of all transactions but also protects the player from the potential manipulation of a third party—the bookmaker.
Why Sports Betting Growth has Slowed
Experts in the field of business research have also identified the primary factor that prevents the spread of online gaming and betting. Varying parts of the world have drastically different regulations on the legality of internet gambling.
Most jurisdictions have their own laws that govern similar matters. Sites like Ek bet that provide gaming and betting must adhere to all laws and regulations, as well as maintain a high standard of customer security, in order to get and maintain their licenses.
As a result, the expansion of the worldwide market for online gambling may be stymied by the various, sometimes conflicting, rules that exist in various nations.
Zion Market Research revealed that as of 2021, sports betting accounted for approximately 70% of the international gaming market. Football betting generates the most revenue, with baseball coming in second.
It’s unclear what the consequences of such rapid development would be for mankind; maybe crime would decrease to nil. Actually, staying home is the norm, so there’s no use in going somewhere.