Sports Betting Industry is on the Rise

Analyses on the sports betting market reveal significant growth in recent years. At the moment, the industry holds up to 70% of the global gambling revenue. that the sports betting market whose value was USD 104.31 billion in 2017, is expected to reach USD 155.49 billion by 2024. 

Many experts have been analyzing the sports betting market because of the continued growth in sports’ popularity. People of all generations now enjoy betting on sports online because of the convenience and easy access. 

As online sports betting becomes more mainstream, it’s overtaking other forms of betting like poker, casinos and lotteries. The world is headed in the direction of technology, so it doesn’t come as a surprise that bettors prefer online betting sites over brick-and-mortar casino establishments. 

Let’s look at where the sports betting industry is headed and what we should expect. 

How has Technology Impacted the Sports Betting Industry?

The influence of technology in all of this cannot be overlooked because it has enabled bettors to easily access online sports betting platforms. Not to mention sports fans’ ability to stream live matches over the internet. 

The numerous technological developments over the years have propelled the sports betting industry forward. Today, there is a much stronger sports betting presence online as opposed to decades ago because nothing is stopping bettors from wagering on their favorite team. If you are looking for betting tips then we recommend

The betting process has been transformed from an activity that required you to leave the comforts of your home, to one that you can participate in regardless of place and time. Since betting is much more convenient, easier and fast, it doesn’t come as a surprise that the sports betting industry is scaling new heights. 

Even though the online market has to abide by the strict gambling regulations by various governments, this has not hindered growth in the sports betting industry. The industry’s year-by-year growth keeps growing despite the country wise and regional restrictions. 

Partnerships in the Sports Betting Industry 

The big fish of the sports betting industry have been partnering to get a bigger piece of the pie. Entertainment and gaming corporations are coming together to create online gaming companies. Most of the mergers are focused on expanding bettors’ access to e-sports wagering, sports betting, and casino games.

Partnerships in the sports betting industry brings together stand-alone B2B platforms to create one large business whose potential exceeds anything either of the businesses would have achieved independently. reveals that in 2019, the global online gambling market’s value was USD 53.7 billion and is expected to exponentially grow by 11.5% between 2020 and 2027. 

How Operators and Salvaging their Brick-and-Mortar Establishments 

Suppliers of online gambling software-as-a-service (SaaS) are now in high demand as land-based casino operators seek proprietary internet software systems that enable their customers to seamlessly enjoy brick-and-mortar as well as the online betting experience. 

The internet software system encompasses regulated real-money internet gambling activities that include:

  • Virtually simulated gaming 
  • Internet sports gaming 
  • Internet gaming 

Many gaming corporations are announcing the debut of new business models that will give bettors a brick-and-mortar betting experience that’s internet enables. Owner and operators of brick-and-mortar casinos understand that if they don’t remodel their businesses, they will go extinct. Incorporating internet software systems in their establishments and opening online sites connected to their physical businesses ensures they remain relevant in today’s digitalized betting industry. 

Omni-Channel Sports Betting is the Future 

Companies are leveraging online platforms, mobile technologies and IGT PlaySports kiosks to give bettors convenience and choice. Punters are now in control of when, where and how they place sports bets. Omni-channel sports betting is the future since each betting avenue has got something to offer. Bettors today can look forward to enjoying exciting new betting dimensions.

Wagering on one’s favorite team will no longer be about the potential wins alone. Bettors will get personalized wagering recommendations tailored based on their accumulative bet choices. AI enabled sports betting platforms will make putters feel like they have a personal betting advisor to guide them throughout the betting process. They will get league, market, sports and team recommendations based on their preferences. 

Who would have thought that a time will come when you can bet in real-time? Bettors will now have access to personalized one-stop content marketplace platforms that cater to their individual betting needs. Operators on the other hand, will have access to top-tier data feeds, sports betting intelligence, and tools, all of which, eliminate the need for financial agreements and complex integrations. 

Wrapping Up 

The sports betting industry has come a long way and is bound to go even further. Technology has propelled sports betting to a point where bettors can have a multi-channel betting experience. Big entertainment and gaming corporations in the betting industry are partnering to expand their reach and increase their revenue. Not even the strict betting regulations have stopped the sports betting industry from rising to greater heights.