Every single day, the sports betting market keeps on increasing its popularity among people of all generations, more so as online betting is slowly becoming more conventional. Data recently provided by the Zion Market Research report has disclosed that sports betting is responsible for about 70% gambling revenue accrued globally. This is far much more than any other sector of the gambling economy including casinos, poker, lotteries, and other forms of gambling.
When it comes to the popularity of individual sports, while numerous games all around the world enjoy the fellowship of sports bettors, European football attracts the biggest revenue in the pie, then followed closely by baseball. We have to give credit to the range of technological advancements that have helped boost the market to new heights. The bigger presence of online betting has overhauled the process of sports betting, making it faster, more convenient, and easier to place bets. Right now, anyone can place wagers via the internet using smartphones, which wasn’t the case a decade ago!
This popularity and tech advancements are what’s fueling some recent mergers and acquisitions to respond to the growth of the online gaming sector accordingly. For instance, FansUnite Entertainment Inc and Askott Entertainment Inc penned a new merger deal, to become one of the largest online gaming brands in Canada. The new corporation will now focus more on esports betting, sports wagering and casino gaming.
On the flip side, the strict regulations imposed by a lot of governments from different parts of the world are still an impediment to the online market. Even so, recent reports indicate that the global sports betting market is growing rapidly. By 2017, the global sports betting market was valued at a cool $104.31 billion and is projected to hit a value of roughly $ 155.49 billion by 2024. All this is expected to happen as long as the market continues to propagate at a steady CAGR of 8.83% from 2018 through to 2024.