The Sports betting industry is one of the fastest growing industries in the world, reaching an incredible giant stride from centuries ago when it started till now. The industry has created opportunities for many entrepreneurs and has maintained and improved the thrill of its operation through various technological advancements and exciting new features. With this constant improvement in sports betting, the industry is growing the market and setting out to achieve even greater success in the coming years.
According to a recent report, the sports betting market expected value by 2024 is at $155.49 billion, with football being 50% of this value. Also, another report states that the market’s compound annual growth rate (CAGR) will likely expand at 10.3%. And from 2022 to 2025, the market value is expected to grow at 9.7% CAGR. Various factors have influenced this expansion in the betting industry, including a continual increase in punters, digital infrastructure and the recent legal incorporation by multiple countries.
It is evident that the growth in this industry will not end soon, and statistics have shown the factors that have influenced this trend. However, they have not been without challenges in recent years, such as the COVID-19 pandemic and the continual necessity for the exclusiveness of their offers and entertainment.
Latest trends in Sports betting
VR and AR betting
The world has accommodated the idea of virtual reality and augmented reality since it offers a glimpse of reality to sports bettors. This inclusion in sports betting will evidently boost the excitement and participation of many punters. Since VR and AR have already been incorporated in other areas, such as mobile gaming, it’s easy to visualise their effect on betting and the reaction of bettors towards it. This type of betting has now become increasingly demanded.
Cryptocurrency in betting
Many regular betting platforms have emerged to accommodate the new trend of cryptocurrencies like Bitcoin, Litecoin and Ethereum. TonyBet is a good example of this. Thus, crypto-enthusiasts can make convenient bets without having to think of the betting platform’s support of it. It is also crucial to note that including digital currencies supports a more secure payment and widens the audience of betting platforms.
Blockchain
The significance of blockchain and its integration into the betting industry is a promising change in sports betting. Blockchain increases the integrity of betting platforms through its decentralisation of data and security-based features. Thus, sports betting platforms and punters do not have to worry about fraud and illegal tampering of data flow.
Betting automation
Features like trading bots have changed the tradition of manual betting. Betting automation is computerised betting with rules for automatically placing bets. Therefore, punters do not always need to bet manually; this feature has been included in multiple modern online betting platforms today.
Esports betting
Although not currently implemented, Esports betting moves away from the known traditional sports betting everyone knows. Thus, bettors are not restricted to betting on sports such as basketball and football but also on Esports such as League of Legends, Call of Duty, DOTA 2, etc.
This attracts more punters and serves as a new means of income generation.