It has been predicted that the Sports Betting Market could more than double its revenue by 2028 – with figures expected to reach more than US$14,000 million in the next eight years.
In 2020, the Global Sports Betting Market reached in excess of six-and-a-half thousand million US dollars – with a figure of US$6,529 mn – and this is expected to grow to as much as US$13,941 mn by the year 2028.
This figure is predicted to be reached thanks to a significant 10% compound annual growth rate (CAGR) throughout the years of 2021-2028 – with sports betting on the likes of Hockey, Football, Basketball and Baseball likely to be a major factor. If you are looking for a website to place a bet on the NHL (National Hockey League), check out some of the latest betting news.
Why is Sports Betting Doing so Well?
Well – first and foremost – more and more people are becoming interested in the world of betting. This is somewhat unsurprising, as betting companies continue to add new – and exciting – games to their portfolio, as well as taking full advantage of the continued development of new technology – which allows them to entice people to their platform.
And, with the number of people – who spend their time betting on sport – continuing to grow, it comes as no surprise that companies around the world are looking at sports betting companies as potential investment opportunities.
The Market Dynamics of Sports Betting – on a Global Level
It does not take a rocket scientist to work out why the sports betting market – on a global scale – is bringing in as much money as it is.
With an ever-increasing number of people taking an interest in the sports betting market – which comes as a result of the ease of access to betting applications, as well as the simplicity involved in placing – and winning – a bet.
And with sporting events – which were either postponed, or cancelled, during 2020 and during the early months of 2021 due to the COVID-19 pandemic – having restarted, the world of sports betting has ultimately seen a huge increase in its revenue.
Also, with a significant rise in the number of companies turning to sport betting apps to advertise themselves, more and more people are being exposed to the world of sports betting and seeing it as a way to make money – whilst also having fun.
Online Betting Apps – and the Role that they Played
As most industries – globally – are well and truly aware of, the advancement of technology brings great opportunities to grow your business and attract new customers.
And sports betting is very much an example of this, with betting companies taking full advantage of available technology to expand their reach, as well as make it as simple – and enjoyable – as possible to place a bet on your chosen sport.
With there being so many sport betting apps – available to download in your mobile devices application store – people can place a bet wherever they find themselves in the world.
The Different Ways to Place a Bet
There are so many ways that people are able to place a bet – including live (in-play), as well as fixed-odds and other categorised betting – which allows people to bet in the way that they want to.
In 2020, however, it was fixed-odds betting that proved to be the most popular amongst the betting audience – which is due to this type of bet being extremely easy, and straightforward, to place on some of the more popular sports in the world (football, horse racing, basketball etc.).
To find out more about how to place a sports bet, check out the 6 things you need to remember when betting on sports.
Football Continuing to be the Major ‘Player’ in the World of Sports Betting
With so many major football leagues – and tournaments – being played out in all four corners of the world, it is no surprise that football currently has the largest share when it comes to sports betting.
Sports Betting Market – The Major Leaders
When it comes to placing a bet on your favourite sport, there are so many betting companies out there to choose from. This includes the likes of Bet365, 888 Holdings PLC, Betsson AB, William Hill PLC, Churchill Downs Incorporated – amongst others – who are some of the leaders with regards to sports betting.
In Conclusion
There is little to doubt the reason why the world of sports betting is expected to see the cumulative amount of money bet on sports double by 2028. As this article has shown, there are so many aspects – that when combined – can only go on to bring an even bigger audience to the sports betting market, and on a global level.
Want to find out more about sports betting – including the different types of bets and sports betting odds available to make?
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