Online betting is a booming industry that has achieved massive growth in the last few years and is expected to grow even more in the days to come. The reasons for the same are interesting to explore and point at changing market trends and shifting income levels of people. Analysing the growth of online betting also helps us understand what this market does correct and why it can be emulated elsewhere.
How big is the market?
Gambling often being illegal in several nations, implies that it is impossible to peg the exact value of the entire industry in the world. Thus, the fair way to solve this problem is from the little amount of govt data that exists and extrapolating the same to the entire gambling population that then estimates market size. By this method, gambling is pegged at around 250 billion $. However, most of it lies outside the ambit of the legal framework that governs betting and is thus not taxed.
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While established markets rarely ever grow a lot, as seen in cases of Australia or England, it is surprising to see the US be the fastest growing major betting market. Not only is the US market valued at a massive 40 billion $, it is also growing rapidly at 10 billion $ a year.
The other large market is the Asia Pacific region, with almost half of the world’s betting population residing in this area. India itself has a betting market valued at around 5 billion $, a large part of which is not taxed.
Reasons for increased sports betting:
The reasons for increased online betting, can be subdivided into:
- More people looking to bet online:
The reason a huge shift in betting populations occurs with most of them coming out of newly industrialising nations, is because as populations get richer, they tend to have greater incomes they can spend on things beyond necessities. This disposable income goes into things like betting, especially sports. Since sports is linked to the lives of several people, and people naturally have favourite teams that they’d want to support, it’s not difficult to see why people end up betting on sports especially.
- Online betting gaining ground over offline betting:
There are several reasons why a lot of seasoned offline punters are converting into online sports betting veterans. These include:
- Online sports betting is more convenient and does not need a physical presence in a casino.
- There is a higher variety of sports to bet on, online.
- Pay-outs are quicker, more frequent and often higher.
- Online betting is safer and respects privacy.
- There is no need to stand in queues and betting can be done when necessary.
- Online betting is automated and relatively error free.
- Betting websites are open 24/7.
- Bonuses, referrals, free bets, etc. are galore on online casinos.
All these benefits and more can be found at https://www.10cric.com/cricket/ or any betting platform that is well-established in the market.
Popular sports where betting takes place:
The sport that has the most amount of betting going on over it, is undoubtedly football. That football is the world’s most popular sport and that it is also the sport with the most amount of money invested behind it, are of course reasons for the same. But more importantly, most betting websites also market football to its consumers more than other sports. Since Americans constitute the largest market and Europeans also contribute a fair share to it, it’s easy to see why so many people bet on football.
Basketball tends to be another sport people gamble on, especially in North America and Europe.
In certain nations where particular sports are more popular than others, a lot of betting revolves around these select sports. In India for example, cricket plays a major part in online betting, and even leagues such as Dream11 where people can bet on and play to win cash are also coming up to tend to punters at large.
The FIFA world cup, like a lot of other world cups, is marked by spikes in the volume of online betting when it occurs. This shows how major sports leagues and world cups of several sports gain a huge amount of online betting traffic every year.
Prospects of future growth:
Sports betting, exceeding the likes of lotteries, online betting games like poker or blackjack, etc, has a share of over 40% of betting revenue across the world. This makes sports betting the largest profitable portion of online sports betting as also in terms of markets themselves.
If that isn’t appreciation enough, the market is likely to grow by 8.62% from 2018 to 2022. However, this growth isn’t uniform across the world. Asia and the US obviously show better signs of growth, in comparison to poorer nations in Africa or even well-developed markets in the West that have a steady but slow rate of growth.