Over the last 5 years, the sports betting industry adapted unprecedented
changes by introducing online gambling and sports betting apps. The industry
also presented many opportunities to almost everyone from gamers to
entrepreneurs that were not available in land-based gambling. Earlier, bettors
used to hire bookmakers to place their bets on sports events such as horse
racing, football and cricket.
However, with the introduction of smartphones and high-speed internet, sports
betting became online and presented itself in the market as a secure and
reliable platform to do all sorts of online gambling activities. Moreover,
pandemic-led digital transformation also fueled the growth of the sports betting
industry across the globe. The increased fan base of the sports betting industry
has attracted new gaming entrepreneurs to invest in sports betting app
development to generate great revenues.
In this article, we will talk about sports betting industry growth and key
drivers that are associated with it.
What is Sports Betting?
Sports betting is a gambling activity where a candidate needs to predict the
sports results and place a bet on the result. Sports bettors place their bets
with the help of bookmakers or legally through privately run business entities
known as bookies. Sports betting is of different types and can be done on
various types of sports such as hockey, cricket, football, basketball, horse
racing, and baseball both at professional and personal level.
Types of Sports Betting
There are multiple types of sports betting that are played by gamers across the
globe for their personal needs and goals.
Some Of The Most Common Sports Betting Types Are:
- Fixed Odds Sports Betting
- In-Play/Live Betting
- Spread Betting
- Exchange Betting
- Pari-Mutuel Betting
- Parlay Bets
- Money Line Bets
- Teaser Bets
- Future Bets
Market Analysis of Sports Betting Industry
The demand for sports betting apps is greatly influenced by penetration of
smartphones, digital infrastructure and high connectivity. As per the global
market analysis, the sports betting industry market was measured at USD 76.75
billion in the 2021. This is likely to grow at a CAGR OF 10.2% from the year
2022 to 2030.
According to the market statistics, the sports betting market is increasing USD
218 billion per year, with 30k+ business owners generating revenue. In the last
five years, the sports betting industry has seen a 206% growth rate in bets.
Drivers that Influence the Growth of Sports Betting Industry
Sports betting industry is mushrooming in the world at an alarming rate.
There are several factors that are affecting this rapid growth, including
The Rise of Online Betting Platforms One of the most significant drivers that impacted the growth of the sports
betting industry is the rise of online betting and gambling platforms. The
reason behind this growth is low-cost data and penetration of connected
devices. And since people can easily afford and access smartphones and
internet connectivity, online betting became one of the most favourite
sports activities for gamers worldwide. While some of them started their own
betting platforms, which ultimately transformed the sports betting industry
High User Engagement End-to-end sports betting software development took sports betting platforms
to the next level with high-quality features, graphics, animation, sound
effects, and customer support. Online sports betting apps enabled users to
check live match updates, past match history and market stats in just a
matter of clicks. In a nutshell, online sports betting platforms
revolutionized the features and functionalities of the sports betting
industry by making it more reliable and engaging.
Secure Gambling Experience By incorporating safe and secure payment gateways, online sports betting
platforms offer users a highly secure platform to deposit and withdraw funds
as they place their bet. Besides that, advanced tech stack and uninterrupted
internet connection deployed a seamless gameplay experience.
Improved Digital Infrastructure The continued expansion of mobile technology and mobile game development
increased the fanbase and usage of online gaming apps like sports betting
apps. The digital infrastructure enabled punters to place their bets online
using a smartphone and internet connectivity from anywhere and at any point
Customer Support With feature-rich applications, advanced technology integrations, the sports
betting industry has become more customer-oriented to deliver smooth and
interactive gameplay throughout their journey. Moreover, online sports
betting platforms have become customer-centric to help customers in case of
Sports betting industry is greatly influenced by the penetration of smartphones,
high-internet connectivity and the rise of online betting platforms. There are a
large number of people who see online sports betting as a source of great
entertainment and a medium of earning extra income.
The rising fan base of sports betting platforms further boosts the sports
betting industry, making it more lucrative and credible. If you are fascinated
by the sports betting industry and want to start your own sports betting
platform, take help from a proficient sportsbook software provider, having years
of experience in developing mobile game software.