The gambling industry is increasing in popularity from time to time and is expected to attract even more customers in the future. One of the most popular gambling activities is sports betting. This has two reasons. First is that many people love watching sports and pay a lot of attention to their favorite teams and the second reason is that, people love to bet, check their own forecasts and take risks.
In the countries where sports betting is officially legal, it has one of the biggest parts of the total revenue of the gambling sector.
Sports betting has been one of the most popular activities in 2019 and is supposed to reach its highest peak by 2027, reaching the value of $608 billion. This is the period, that is predicted to generate the biggest revenue in the market. If considering the current situation, the current attitude and the frequency of betting operations, it can be pretty much true.
There have been conducted research by Transparency Market Research (TMR) that has revealed several key points. In terms of revenue, the global sports betting market is estimated to expand at a CAGR of ~ 11% during the forecast period, owing to numerous factors, regarding which, TMR offers thorough insights and forecasts in the sports betting market report.
Sports betting is one of the most addictive sports activities. The procedure of sports betting is indeed very easy. You have to rely on your intuition skills and the strength of the forecast. With the fact that the sports betting is increasing in popularity and more ad more revenue is generated from the sector, it is also expected that most of the countries will be easing the regulations and maybe making the activity legal at all.
Sports betting has especially become a very popular and common activity ever since the introduction of smartphones and the availability of electronic devices generally. This technological advancement has affected the sports betting sphere a lot as it became very easy for people to pub bets and wager in the online world, with single clicks. Technological progress has also made it easier to track the whole process and make the activity even more comfortable.
Online Overtakes Offline
There have been made certain predictions regarding the online and offline platforms for betting. As far as the 21st century is the technological era and by the end of the century we most probably will be the ones who have switched to the technological life altogether, the forecast for the offline platforms being efficient is only until 2027. If considering the speed of the development of online platforms.
The rise of the sports betting market is expected to be especially intense during the period of 2019 until 2027. All these factors are leading to a rise in the penetration rate of sports betting. However, most countries, globally, do not have well-defined laws and regulations related to sports betting and related activities.
There have been several factors that contribute to the undefined laws regarding betting. In some countries, those are social cases while in other countries it is all about religious stigmas. There is one more thing that comes together with the development of the technological sphere. It is all about the hackers and cybersecurity as well as privacy aspects. Coming out of all the factors, online sports betting is expected to have some serious changes and challenges within the following years.
The main reason why the increased popularity of the industry can be vital for the countries, is the economic development and growth as well as increasing disposable income of consumers, trust in wagering through electronic and non-electronic payment modes of sports betting, and growth in the penetration rate of the Internet, along with the adoption of Internet-based devices, all of which are driving the sports betting market.