The online sports betting world is a great place to earn money. Especially if betting on sports is one of your favorite past times, you will have a lot of fun too. But some people consider online betting as a genuine sport. With time, online sports betting has gained momentum and is continuing to do so. And with such rapid progress, the sports betting market's worth has also expanded exponentially.
But one may think, how much money is online sports betting worth?
Looking at the data and statistics, it is pretty clear that the future does look bright for the online sports industry. There is no denying that you can have a significant advantage of winning a good amount of money with an intense interest in sports. Whether it is NBA betting or NFL betting, you can look forward to a tremendous amount of bucks not solely because of your interest but the knowledge about your favorite sports too. And the sports betting websites can hope for considerable growth in their audience.
Interestingly, it is observed that governments are also paying attention to legalizing sports betting as opposed to previous situations. It is also playing a noteworthy role in maximizing the market growth of online sports. The future does seem quite bright!
The popularity is bound to improve with time also due to the increase in global international sports events. Sports such as soccer, baseball, and cricket are gaining traction and, in turn, resulted in multiple sponsorships for teams and players.
Sports organizations are also paying interest in investing in marketing and promotional endeavors. The rise in the commercialization of sports events is playing a pivotal role in improving the market growth of online sports betting. It has resulted in betting companies making investments for offering sponsorships to a sports team.
All such excitement and promotional efforts also motivate the big players of the market to play their part by partnering or collaborating with online betting platforms.
For example, in June 2020, a leading market player, Sportech PLC, recently announced a partnership with French gaming operator ZeTurf to offer betting options for French racing. Other than that, William Hill, in February 2020, is one of the leading sports betting companies, has agreed with Grand Traverse Band of Ottawa and Chippewa Indians (GTB).
GTB is a federally recognized Native American tribe that offers online sports and casino gaming throughout Michigan. Moreover, the former company partnered with CBS Sports to outreach countless sports fans and fantasy players by contributing to the sports betting content.
While all other businesses face a huge blow, it seems that the pandemic has opened a door of opportunity for the online sports betting industry. With the suspension of international sports events, people have started to move towards online sports betting to somehow stay in touch with the excitement of their favorite sports.
According to the data by Statista, in 2020, the global sports betting industry hit a market size of 203 billion U.S. dollars. In 2019, United States actively participated in legal sports betting. It is estimated that the sports betting revenue could grow up to eight billion U.S. dollars by the year 2025.
While according to another report, online sports betting will be worth almost $90 billion by 2027.
When we analyze the ongoing situations, it is safe to say that online sports betting is poised to grow from big to bigger. There are countless factors into play, such as the government's interest in legalization and the increased commercialization of sports events. All such steps play a primary role in driving the online sports betting market towards exponential expansion.