According to Android Headlines, the sports betting industry has the brightest future amongst gambling and entertainment activities. The industry that took off four years back is estimated to be worth $218.5 billion as of 2019. However, the pandemic wreaked havoc in every industry, and sports betting dropped to $203 billion in value in 2020. But, Statista reports better reaps and increased drive worth to wound $211 billion in 2021. The amount is a combination of real money casinos with a list of all the latest casino bonuses, sports betting, virtual and e-sports betting activities online. In 2018, Europe was the dominant online sports market globally, but the US and other Asian countries are slowly catching up.
This is an analysis of the current sports betting industry, but what will the future represent?
- Current sports betting market
- Impacts of the pandemic on sports betting
- Future expectations of the sports betting industry
- Expected trends for the future
Current Sports Betting Market
The sports betting market has an “Enormous potential” for growth. These come from favourite teams and clubs with broadcasting companies and Sportsbooks. For instance, The Chicago Cubs reached a deal with the Draftkings that is rumoured to be worth $100 million. At the same time, the Vice President (Senior) for the National Basketball Association also admitted that the organization was looking to partner with all available Sportsbooks in the United States, according to Sports Radar. These come after Unibet, an online gaming house, partnered with some of the popular leagues in the US, including the NFL, the NHL, and the MLS. To show Unibet’s appreciation and commitment to the United States market, Sportsbooks developed blackjack game variants with the Philadelphia Eagles. The game became the first “sports-themed” game represented by many professional online casino sites in the country! As sports betting continues to gain momentum globally, understanding its dynamics is vital. The article provides a comprehensive view of its future. For more detailed insights, especially for Norwegian enthusiasts, explore betting sites in Norway.
Impacts of the Pandemic on Sports Betting
The pandemic did hurt sports betting back in 2020. The Olympics in Tokyo and the FIFA World Cup in Qatar were immensely affected. Action Network reported that the Americans wagered around &2.1 billion as of August of 2020. Sportsbooks alone generated a venue of $119.4 million, which was a drop from the $138 million realized in January of the same year. The industry in 2021 is expected to rise again, and the revenue will reach $179.3 billion in revenue. The growth is expected to be around 8.83% between 2021 and 2028.
The number can be associated with the continued legalization of gambling, especially sports betting activities. However, sports still faced a significant setback. The New York Times reported shortened matches and seasons. For instance, the MLB regular season contains around 162 matches, but only 60 occurred in 2020. The NHL condensed the game schedule to only 56, with some divisions not having a chance to play due to the pandemic. Some Sportsbooks had to adjust while others packed up and left the industry altogether. The European sports market suffered a similar fate, but popular leagues could complete their games within closed doors and with the smallest fan crowds ever witnessed. Plus, Wimbledon canceled its regular tour for the first time in many years, some say since World War II.
Future Expectations of the Sports Betting Industry
The future of sports betting is quite enormous. It can become as controversial and surprising soon as the myth about Santa at Christmas: some children believe and totally trust, some do not, but all wait for it and expect. Some experts indicate the most likely scenarios to be Micro betting and Live Streaming, Free Game Play, and many more. However, in-game wagering is the most typical maneuver that Sportsbooks will likely take shortly. Android headlines define it as “Intertwining the Sportsbooks with real-time statistics of a continuing match or game while offering specialized data to gamblers or bettors. The aim is to predict what would happen, place a wager on it, and if it comes to pass, you land yourself a win! Micro betting presents an endless stream of opportunities.
Live Streaming is also contributing to a fair sports betting trend in the coming years. In 2020, live Streaming became a favourite activity due to the pandemic witnessing a 50% increase in live streaming activities. Technology companies have been reaping significant benefits through live Streaming. For instance, MLB’s Diamondbacks from Arizona partnered with Caesars entertainment. From this partnership, a “Mobile Sportsbooks” and “A bar” opened right next to the Chase Field, Where all major home games and matches Diamondbacks engage in happen!
The exact future that this development in technology highlights is “Mobile technology,” which is diverse and robust paired with an uninterruptible internet supply. Sports betting has a bright future with these two elements integrated into one!
Expected Trends for the Future
Futuristic trends in the gambling world differ from one industry to another. However, most shareholders desire more sustainable gaming. Sports Handle indicates that sports betting has a more sustainable and mature market in the UK and Australia. However, the industry is yet to take a firm hold onto the gambling market in the United States. But, the country does present a good opportunity for “Social betting and Gamification” as it gives players a chance to connect on the online Sportsbooks and other Betting platforms digitally! Plus, many more countries are conducting primary research, putting in the necessary tools, and developing their sports betting industry. Some of the factors that futuristic industries are into include providing quality betting intelligence tools to potential customers and developing financial productization mechanisms. Data and analytics such as high fidelity and low latency data are used to provide a basis for competitive advantages, growth, and resolution.
Apart from Micro Betting and Live Streaming, other futuristic trends include the growth and development of the esports betting industry. The industry is already growing, and more is expected with time. However, individuals or gamblers should also expect Peer-2-Peer wagering and free to play game contests or competitions. Depending on the sportsbooks targets, one can combine a Sportsbooks with a casino or a lottery ticket shop to meet the requirements of some gambling commissions for an operating license.
Summary
The future of sports betting is dependent on the current and the past of the sports betting industry. Today, sports betting is experiencing growth trends, and the revenues generated to match the forecasts. However, the future is still uncertain as factors such as the Covid-19 pandemic will always have a negative impact on sports betting and the economy at large. If everything remains constant with regular or expected changes, the industry is expected to surpass its expected potential in the near future.