Sports betting is a dynamically growing industry by anyone’s standards. It quickly recovered from the brief shutdown during the pandemic.
It led to the cancelation of March Madness, the premier college sports event, in 2020. However, more than 18 million people tuned into sports betting for the same event in 2021, which was an increase of over 200% from two years prior.
Sports betting growth will not stop in the foreseeable future, especially in North America, considering how many US states are making it legal. Here are some ways in which it has grown in the last few years.
Numbers that impress
Data from global market research firm Technavio indicate the industry will grow by almost $145 billion worldwide in the next three years.
The sports betting market in the US registered record revenue growth in the wake of the restrictions throughout 2020, reaching $378 million in January 2021, up around 175% from the year before. That month was a record for sports betting nationwide, with 11 states reporting record revenue from sports wagers.
In 2021, Virginia and Michigan made a marked contribution to the impressive figures. The yield from sports betting is projected to reach $7 billion in the next three years.
The rise of esports betting
Last year, the global sports trading market was estimated at $77 billion, according to data from Grand View Research. It is expected to increase by more than 10% by 2030. Factors behind the growth include improved digital infrastructure, connected devices penetration, and changing industry regulations.
Esports betting contributed to the rise of online sports betting during the pandemic. Leading esports betting providers like DraftKings helped make this tendency more pronounced. It has become a very lucrative niche, especially with the option to use a DraftKings promo code to improve your prospects.
Europe’s online gambling market: $94b by 2024
Europe’s total gambling revenue was predicted to exceed $29 billion in 2020. This cumulative revenue consists of proceeds from online lotteries, online casinos, and sports betting. Germany, the UK, France, Italy, and Spain achieved the highest income.
Sports wagers comprised more than two-fifths of revenue from online gambling in Europe three years ago. By 2024, experts expect Europe’s internet-based gambling market to reach $94 billion.
Europe leads the pack for internet-based gambling worldwide. However, other continents are following in those footsteps. Online sports betting is growing across the globe.
This doesn’t mean conventional forms of betting have no potential. Traditional betting remains highly popular at South American land-based venues.
College sports are attracting more fans
COVID-19’s gradual decline is just one reason sports betting is growing. College basketball and other high-volume sports have always appealed to lots of people and attracted a lot of wagers. At the same time, the games are hard to keep track of, with hundreds of teams in division one alone. Some weak lines can appear as a result, and bookmakers can make mistakes. Smart punters are increasingly profiting from the high number of matches and teams.
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