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

1. 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 forever.
    

2. 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.
    

3. 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.
    

4. 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 of time.
    

5. 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 any queries.

Final Words

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.