For more than a decade the sports betting market has increased exponentially. The market seems to grow and grow both in net size and in the player base. More and more useful services that offer sports betting and sports betting has become an integral part of sports.
Betting companies sponsor events, leagues, and tournaments across the world and some of the biggest teams in sports have or have had sports betting companies as their sponsor. The growth of the sports betting market hasn't come out of anywhere and this article wants to, shortly, show how big the market has grown. Read further down.
When the first smartphone was introduced in the mid 00's the way we bet on sports changed. The use of smartphone apps and having the internet at our palms made the betting market more available to everyone. Now you can have the bookie of your choice app in your pocket and constantly place bets on your favorite sports teams. The internet has made everything more available and more instant. This made sports betting increase in size and player base and has grown the market exponentially over the years.
The future is bright for gambling and online sports betting. Two things that are somewhat interchangeable since most bookies also offer online casino options. The sheer market growth of the online gambling market makes it one of the biggest markets in the world. Statista has made some statistics on the growth of the online gambling industry and found that the market for online gambling will grow to have a net worth of 92.9 billion dollars by 2023. This is a huge increase in size, where the same studies show that the market was at 58.9 billion dollars in 2019.
The sheer market growth of the online gambling market makes it one of the biggest markets in the world. Pixabay
Therefore, the future for betting companies and the online gambling industry seem bright and to only grow larger as we enter a more digitalized world.
The US Supreme Court lifted the federal ban on sports betting on May 14th, 2018, and that was huge for the sports betting market, with many sites taking advantage of this like https://superlenny.com/in/sports-betting/.
Sports betting has been illegal in the USA but with the Supreme Court lifting the federal ban, it is now up to the individual states to decide whether or not it should be allowed to bet on sports. This has meant that a lot of states have already legalized sports betting. This also plays into the growth of the online gambling market and as more states legalize sports betting it has the chance to grow even further. At the moment, more than 20 states have legalized sports betting in the US, and more are expected to legalize it. In September 2021, sports betting is officially legal in Canada. Many betting sites operate in Canada, but residents, are now free to wager on any sport. However, the responsibility of regulation lies with the province, and laws vary with the jurisdiction.
What this means for the global market can only be speculated about but the change of it having a negative effect is equal to none. The growth of the sports betting market is only going to continue to grow as more states legalize sports betting.
(Disclaimer: The article is sponsored, and hence promotes some commercial links.)