Sports Gambling Industry

1. Sports Gambling Industry
2. Sports Gambling Industry News
3. How Big Is The Sports Gambling Industry
4. Sports Gambling Industry Revenue
5. Sports Betting Industry Trends
6. Sports Betting Market Share

Mobile Sports Betting. There has arguably never been a big technological advancement in the gambling industry, than that of online sports betting. No longer do punters need to find a betting shop on their local high street to place a bet, instead they can do so from their fingertips, and often on sports from all around the globe. The sports betting market was valued at US$85.047 billion in 2019. The sports betting market is projected to witness considerable growth primarily on account of the inclination of the governments.

2020 has been a remarkable year, to say the least. COVID-19 will be The Story that characterizes the 365 days. But legal sports betting in the US took on a life of its own in 2020 and set the table for an industry that essentially proved virus and recession-proof. It figures to be one of the few “feel-good stories” of the year.

Looking back, there were a few major headlines that characterized the record-year for the US legal sports betting industry. How it navigated the COVID shutdown of retail betting locations and sports itself, the number of states that joined the legal sports betting family, and the emergence of internet-based betting were just a few. Let’s take a closer look.

Sports in the Time of COVID

The sports world endured an unprecedented pause in the action in 2020 thanks to COVID-19. “The Bubble” became the way that paused leagues such as the NBA and NHL were able to carry on with their season in March. Fast thinking saved those leagues.

It all started in March with Rudy Gobert’s positive COVID-19 test and the shutting down of the NBA season, a shutdown that lasted 141 days and caused leagues around the world including the NHL and European Football Leagues to follow suit. Casinos in participating states also shuttered during that time.

The cancellation of March Madness, which annually contributes $1 billion to the sports betting industry was the first real sign that the gambling industry was in trouble. MLB’s delayed and shortened 60-game season also put COVID on sports’ front burner.

For months, the sports betting world had to rely on table tennis, sumo wrestling, and Belarussian professional soccer. But then, once North American sports ramped up, bettors enjoyed an unprecedented period in which the NBA, NFL, MLB, and NHL were all playing meaningful games simultaneously, forcing sportsbooks to scramble just to keep up.

Half of US States Poised to Have Their Own Legal Sports Betting Platform

Growth in the legal sports betting industry was remarkable in 2020 despite COVID-19. By the end of the year, 19 states and the District of Columbia had launched live, legal sports gambling. Many others actually made sports betting legal in their states during 2020 by legislation or by referendum on the November Election Ballot.

Illinois, Michigan, Colorado, Tennessee, Montana, New Hampshire, and Washington D.C. all came on board in 2020. States waiting in the wings to launch their own platform, thanks to some work done in 2020 are Maryland, Louisiana, South Dakota, Virginia, North Carolina, and Washington.

Whispers at the end of the year have the “Big-3” states of California, Texas, and Florida at least considering ways to bring a legal platform to their states in order to capitalize on the tangible tax revenues sports betting could bring to their jurisdictions.

Mobile Betting Takes the Lead

Mobile betting sites were the biggest winner in the US legal sports betting scene in 2020, thanks in part to COVID-19. We had record mobile hauls being smashed, new mobile betting sites emerge, Governors temporarily reversing their own in-person sign-up requirements, and even one state that launched a mobile-only platform during the year.

Mobile betting platforms in 2020 separated the “Haves” and the “Have-nots” in the US legal sports betting industry. States like New York that employ a retail-only model didn’t even register on the “success radar” in 2020 and Nevada, the grand-daddy of all betting states, fell behind because of an antiquated in-person sign-up requirement for mobile sites.

All-in-all, betting apps became responsible for just north of 80% of the record-setting National sports betting handles of 2020. In New Jersey alone, $872 million of the insane $931,620,415 November handle, or 93.6% came from internet betting. Nevada, by contrast, saw $344 million come in from mobile apps in November, or just 56.43% of its total.

Barstool Sports, perhaps one of the most anticipated mobile app launches ever came to fruition in 2020. Tennessee, the nation’s first mobile-only platform exceeded expectations during their first full month of operation in November. Illinois’ Governor J.B. Pritzker saw the writing on the COVID wall, and he has temporarily lifted that state’s in-person only sign-up procedure.

It was quite a year for mobile betting in the US. Momentum was definitely created and is expected to continue into 2021 and beyond.

In The End…

2020 was somehow a record-setting year for the US sports betting industry despite the impacts of COVID-19. The 365 days identified just what is important for bettors, and separated the contenders from the pretenders in the race to be America’s most bet-friendly state.

The arrow keeps pointing way up on the US legal sports betting industry as we head into this new year. The October National handle reached $3.25 billion, November should approach $3.5 billion. December, with the return of Basketball, could even eclipse that record-number.

In the end, there wasn’t a whole lot of good that came from the year 2020, but the exponential growth and the overall acceptance of the legal sports betting industry in the US was certainly one.

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The global sports betting market continues to surge in popularity. In fact, it’s one of the fastest-growing sectors in the world, offering tremendous potential for both sportsbooks and bettors. With the digital revolution in full swing, the sports betting industry continues to undergo dynamic changes, expanding in established markets and forging its way into new ones.

In this article, we’ll lay out the overall size of the global sports betting market, explore some projections for its future growth, and try to pin down the root causes of this rapid market expansion.

How Massive Is the Sports Betting Market?

It’s important to recognize that the overall size of the sports betting market is difficult to estimate because regulations and record-keeping are inconsistent. There is no definitive resource, from nation to nation, that researchers can solidly rely on. Records are too disparate to paint an entirely accurate picture.

That said, it doesn’t mean that there aren’t reliable estimates. International sports betting is estimated to have a market capitalization of $250 billion. According to Statista, a highly-reputable data firm, licensed online sportsbooks (like the ones we review) account for upwards of $39.7 billion of this revenue.

The rest of these sports bets are staked at venues like casinos, at horse tracks, or other global conduits.

The Fastest Growing Sports Betting Market: The United States

In 2009, the sports betting market was valued at $20 billion. By 2016, it was valued at $40 billion. With a present market capitalization of (conservatively) between $60-73 billion, the market has conservatively grown at a rate of $10 billion per year. If this pace continues, American sports betting will occupy an increasingly significant share of the world market.

According to a recent Statista survey, over 50% of US citizens admitted to placing a bet on a sporting event at least once in their life. Given the stigma that still hovers around sports betting in the US, it’s possible that some of those polled in the survey weren’t entirely forthcoming on whether they’d bet on sports.

APAC (Asia-Pacific): The Biggest Sports Betting Market

With a population of more than 4 billion people, it’s of little surprise that the APAC region occupies the most significant percentage of market share in the sports betting industry. It’s estimated that residents falling in the APAC region are responsible for 47% of the world’s sports wagers.

What’s Driving This Increase?

The answer is simple: increased wealth and expansion in digital connectivity.

Sports Gambling Industry

Historically, Macau and Hong Kong (both within APAC) are two of the most prominent sports betting revenue-generating regions in the world.

Economic prosperity throughout the rest of the region, however, provides disposable income for leisure activities, such as sports betting. As real wages continue to increase in the APAC region (as they are projected to) more and more money stands to end up being placed on sporting events.

Furthermore, internet providers in the APAC region report significantly increased penetration in the market. A better internet connection allows people to consume the latest news and information in sporting. It’s a lot easier to become a sports fan (and sports bettor) when you’re able to keep up with the latest in sports on a weekly, daily, and even hourly basis.

Sports Gambling Industry News

According to Transparency Market Research, APAC forecasts to expand at a CAGR (Compounded Annual Growth Rate) of 12.9% from 2018-2024. Asia’s projected growth rate for its sports betting market outpaces any other region in the world.

How Much Will Sports Betting Markets Grow Elsewhere?

Sports betting currently accounts for upwards of 40% of global gambling revenue around the world, which is more than any other section (inclusive of lotteries, casinos, poker, and other forms of gaming.). According to the latest projections from market research firm Technavio, the CAGR (Compounded Annual Growth Rate) is expected to increase by a whopping 8.62% from 2018-2022.

While all eyes are on the US and APAC regions, sports betting is still growing in other areas of the world. Though growth may not seem as aggressive or impressive in Australia and Europe, it’s mainly due to a long history of sports betting in these regions. However, sports betting is still growing steadily in these regions.

Africa and Latin America make up a large contingent of the global market, but not as much as APAC or the US. This is primarily linked to broader macroeconomic factors which affect GNP, and limited internet access.

What Are the Most Popular Sports Bets Around the World?

How Big Is The Sports Gambling Industry

Football (theEuropean kind) has, by far, the greatest betting volume, closely followed by American football. The other big three North American leagues (MLB, NBA, NHL) receive a significant amount of betting volume, too.

Horse racing, while often categorized as a niche market, still receives heavy betting volume in the US, UK, France, Australia, and South Africa, which are all sizeable markets.

The Global Sports Betting Market of eSports

The fastest-growing sports market (in regards to betting volume) is eSports. For those unfamiliar, esports are organized, multiplayer video game competitions which involve profession players. The games may range from Starcraft to Player Unknown Battlegrounds. In 2017, eSports generated over $650 million in revenue, and are projected to create upwards of $1.5 billion by 2020.

According to a senior analyst at the market research firm Technavio, the increased popularity of esports is pushing bookmakers to allow bets on many different esports matches, now including golf, tennis, and rugby. This growing volume is driving revenue generation across the sports betting industry.

As esports transform from a budding industry to a more fully-formed, established one, it will generate a significant revenue stream for the broader sports betting market.

Sports Gambling Industry Revenue

Where Does the Future of Sports Betting Lie?

All market research points to one thing behind the continued popularity of sports betting: the digital revolution. The massive projected growth figures for sports betting are in large part due to the proliferation of internet around the world, and sportsbooks’ subsequent investment in their digital platforms, as a response to the demand for online sports betting. It’s never been easier for people around the globe to connect to the internet, and subsequently, start betting via sportsbooks.

The penetration of digital sports betting goes beyond laptops and desktops. Globally, 20% of sports betting now takes place via mobile. By the end of 2019, this figure is projected by to upwards of 45%! Sportsbooks, especially the sites we review, have responded to their consumers’ demand for increased connectivity. Bettors are seizing new opportunities made available by these advances.

Sports Betting Industry Trends

Technology has changed how we work, how we play, and the way we live. It’s also transformed how we bet on sports. We’re not entirely sure what the next major advance in the digital revolution is going to be, but we’re sure that it’s going to make betting on sports bigger and better.

Sports Betting Market Share