Global Sports Betting Revenues Continue to Grow and Possible Double in the Coming Years

Sports betting is becoming a more popular trend not only to big sports fans. Even people who don’t follow sports events that much would place bets on major events at some point of the year. With more people getting curious about this activity, it has become less taboo. This is why the global sports betting industry continues to prosper.

The COVID-19 pandemic may have negatively impacted the growth of the industry for a little while. Last year, there was a time that there weren’t any interesting sports events to wager on that punters shifted to other gambling activities but eventually, the sports industry recovered which also did the betting industry a great deal.

Major sports events like the English Premier League, the NBA, and the NFL have all made a great comeback and people started to place bets again. This time, however, many showed a preference for mobile betting. Sites like bettingsites24.co.za became the go-to of many punters to check on the best bookies in their area.

Latest Sports Betting Market Data

Recently, Acumen Research and Consulting released a report that with the current standings of the betting industry, the market could reach a value of over $13 billion by 2028. Based on the same report, the market accounted for over $6 million of the overall gambling revenue last year. The forecast Acumen provided is based on a 10 percent CAGR from 2021 to 2028.

The report attributed the projected growth of the market for people’s rising affinity for this activity and the latest technological breakthroughs in the industry. The rising number of bettors worldwide is mainly caused by betting companies luring in more customers with hard-to-resist offers and the accessibility of betting odds through apps.

“The sports betting industry is constantly upgrading, which is empowering this sector and making it comparatively more high-tech, ultimately leading to success and expansion in the upcoming years,” stated the press release from Acumen that includes the industry report.

Acumen also touched on the possible factors that could hinder the growth of the industry. There are growing concerns over illegal and strict regulations for betting. The research company said that the underground betting market is estimated to be worth around $1.7 trillion. While illegal betting is still on the winning side at the moment, Acumen predicts that this could change with the advent of certain technologies including 5G, AI, and blockchain.

The Industry’s Future

Despite the competition with the illegal market, the global sports betting industry is still on track to become bigger. More places and countries are starting to understand the importance of updating laws to lessen and eventually beat the underground market.

An example is the United States which has finally deemed sports wagering as federally legal. This happened in May 2018 when the Supreme Court has stricken down the Professional and Amateur Sports Protection Act (PASPA) of 1992 which prohibited sports betting in the majority of the states in the US.

Since then, multiple local governments made a move towards regulating sports betting instead of prohibiting it. Today, there are now over 20 states with legal sports betting like Arizona, Colorado, Connecticut, Illinois, Indiana, Michigan, New York, Nevada, New Jersey, Oregon, Pennsylvania, Tennessee, and Virginia.

More states are also expected to pass bills that would allow local sports betting operations within their territories like California. While there are still some states that haven’t touched on the subject yet, it’s only Utah that seems to be unwilling to have any sports betting bill pass. Whether this is something that could change, we still have to wait and see.

So far, most of the states that have recently launched sports betting found the move worth it like Connecticut. Recently, Governor Ned Lamont reported that on the first month of legal online gambling in the state, they were able to generate more than $1.7 million of revenues. This amount also accounts for online casinos in the state.

Conclusion

Aside from the US, other countries are also starting to look into regulating online gambling in general like Canada. Another country that also seems to have a huge sports betting market potential is India. India is a country that enjoys both sports and gambling. Its online population is also massive and this is why many betting companies are starting to offer India-specific betting content.

Overall, the sports gambling industry is clearly back on track since it was hit by the negative effects of the pandemic. Acumen may have forecasted its value to be over $13 billion by 2028 but many won’t be surprised if the industry surpasses that.