Although the online sports betting industry has slowed down in the last two years, new trends and technologies continue to emerge, providing an increasingly better experience for bettors, causing it to continue to grow.
During 2021, the sports gambling industry has posted a record year, earning $1.5 billion in the US alone, leaving $240 million in treasuries. The forecast estimates that by 2028, the industry will have grossed approximately $180 billion. The period between 2022 and 2028 is expected to see the highest gains in the industry.
Behind the sports betting business there are numerous operators, such as echeck online casinos and sportsbooks, which offer bonuses and promotions that captivates lovers of different sports disciplines, making the sports betting industry more and more in demand. In addition, the dynamic world sports agenda motivates millions of bettors to check the statistics and make predictions to bet on many different disciplines.
What is sports gambling?
You may have asked yourself, what is sport gambling? The answer is simple, it’s the action of placing a bet on the outcome of a future sporting event by trying to predict it. The most popular sports that people usually bet on vary according to each culture, but the most common worldwide are: soccer, American football, basketball, boxing, mixed martial arts, car racing, hockey and baseball.
Legalization: states with legal sports betting
More than twenty states in the United States have legalized sports betting, however most only allow in-person betting.
As time goes by, more and more states decide to legalize sports betting. It is for this reason that the industry is expected to grow dramatically in the coming years.
The Amateur and Professional Sports Protection Act of 1992 was struck down by the U.S. Supreme Court in 2018. The 10th amendment to that act had limited sports betting activities to only a select state for all this time.
Previously, gambling was only allowed in 4 states (Delaware, Nevada, Oregon, and Montana), but now-a-days it’s more common to find other states with legal sports betting, all thanks to the new gambling laws. Thus, by the end of 2018 there were 7 new states that decided to adopt legalization; and in 2019, 8 more were added. Nowadays, there are 24 sports betting states where it is legal to bet on sporting events. The last state to join was the state of Connecticut.
Technology and globalization
Massive access to technology and global connectivity are also factors that have helped the growth of this industry, and they will continue to do so.
An increase in sales of smartphones around the world allowed players to increase the demand for online sports betting, since through these devices they can bet anytime and anywhere.
Information at your fingertips
The same happens with the information that the population has available due to the growth of the Internet. Today an immense amount of data is available and accessible to everyone.
In addition, current technology allows the analysis of huge databases to collect information within all types of industries, including sports betting. Both gamblers and bookies can use tools like Big Data to set odds.
This tool is widely used, especially among operators, since by being able to calculate the best odds, they can provide better benefits to gamblers. Players also often track athletes in real time. The information is mainly based on training routines and fitness statistics, which can be useful in predicting the results of individual sporting events, such as tennis.
More streaming available exclusively for sports betting
Another major factor that has contributed massively in the growth of sports betting is the combination of live betting and mobile apps.
Live broadcasts of sporting events have been used for years, but operators have improved this service by including more and more live broadcasts of all kinds of sporting events and not just the most popular ones. Many operators have added a live betting feature to their platforms, through live broadcasts, showing matches or events according to demand. The experience has been very well received by gamblers, and is becoming more widely used because it is possible to bet while watching, giving you additional opportunities to win
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