As we have seen, the iGaming industry is growing rapidly in the market. There are various options available in the iGaming industry such as casino, poker, fantasy sports, esports, virtual games and many more but among them sports betting is one of the most popular and trending industries. Nowadays the operators are investing in sports betting software to start their sports betting business successfully. There are many companies available in the market that emphasize on developing effective sports betting platforms for the businesses. The sports betting industry covers all trending games in the market and due to the huge expansion of technology and increasing demand for sports, the operators are finding the sports betting industry profitable. The market survey of Technavio shows that the sports betting industry will reach $ 144.44 billion by 2024.
According to the statistical records, the sports betting market will grow to $125.18 billion by 2023. The betting industry will grow by 12% by 2024. The development companies are also helpful in building sports betting platforms for the operators to generate huge revenue in their business. Due to the advancement of technology, there will be a huge expansion of virtual reality in today’s world that will cause increased demand for the sports betting industry.
Market Survey of Sports Betting Market
- As per the market survey, sports betting will grow by 90 billion by 2024 with the largest share of the market including Europe, South and North America, and APAC.
- The market analyst predicted the growth of sports betting by more than $ 7 billion in revenue by 2025.
- The market research analyzed the market size for sports betting will reach $165 by 2023.
- As per the American Gaming Association, there are more than 2800 sites available that offer sports betting, poker, bingo, casinos, and many more.
- The betting industry will provide huge opportunities for operators in the upcoming years by more than $ 87 billion by 2026.
- As per the recent survey, there are more than 50% of people available for a bet and the Asia Pacific region has become the largest market share for sports betting.
Current Legalization in Different Countries
Due to the legalization of sports betting, the operators get the opportunity to become successful in the market. There are different countries where sports betting becomes legal some of them are as follows:
- There are more than 11 states available in the U.S. where betting is legal and 7 has pending launches regarding sports betting.
- Recently, the legalization of sports betting creates new opportunities for operators and investors in the market.
- The current legalization in the U.S increases opportunities for the operators with an estimation of $833 million by 2025.
- There are several new norms and regulations built in Germany regarding online and real-life sports betting.
- The current legalization in 2020 created better opportunities for operators and investors.
- The new regulations of Germany include the following aspects:
- IT security
- Relevant protection to users
- Ensure trusted gambling activities
- The UK has the most developed regulations regarding the sports betting industry and also offers advanced laws to the operators and bettors.
- There are various organizations involved in the sports betting market of the U.K.
- The Gambling Association in the market has many new laws and regulations developed that fulfilled all the needs of the audience regarding sports betting.
- The Gambling Commission of the UK has many new codes of conduct that have been introduced in the market for the safety of the audience, contributes to voluntary funds, and creates transparency in the sports betting market.
Advantages of Sports Betting Business
- Nowadays sports betting has become the most entertaining and engaging sector for everyone and operators can opt for this opportunity to succeed in the sports betting industry.
- According to the current legalization in different countries, the operators can easily expand their sports betting business globally.
- Usually, all trending and major sports are covered under sports betting that will easily influence the audience in the market.
- There are already many organizations involved in sports betting which develop a competitive environment for the new operators.
- Due to technological advancement, digital-based companies are also moving to the sports betting market which creates huge opportunities for the operators to start their sports betting market.
- There are many sports betting software development companies available in the market that bring huge revenue generation opportunities for the operators in the market.
- Sports betting has become a new trend for operators that helps them in generating huge revenue easily.
Future Opportunities for Sports Betting Industry
- Due to the increasing number of mobile operators in the market, it creates new opportunities for the operators to influence the target market easily.
- Various sports events are held globally which gives a large platform to the operators to generate huge revenue in sports betting.
- Future opportunities also increase with the legalization of sports betting in different countries. As it helps the operators to establish and expand their market globally.
- The demand for sports betting shows that it will keep increasing with the passage of time. Thus it is a good opportunity for the operators to start sports betting business successfully.
Sports betting is showing a growing sign in the iGaming industry. Due to advancement and increasing technology, the demand for sports betting is increasing in the market. In recent years, there are many operators who are involved in the sports betting industry. As mentioned earlier the market survey shows the rapid growth of the sports betting industry. The current legalization also generated huge opportunities for the operators in the market. The statistics also show popularity among the audience. As stated above the advantages also indicates that operators can become successful easily by investing in the industry. Thus the operators must opt for sports betting business and recreate their revenue generation model.