If the latest industry reports are reliable, online sports betting is now a massive business. According to one recent industry report, thanks to the rise of the likes of NJ online casino, the global sports betting industry grew by USD$104.31bn in 2017. And according to the same report, that is set to increase by a massive 8.83% to USD$155.49bn by 2025.
These are staggering figures and speak of the meteoric growth the online sports betting industry has experienced in recent years. There is no question that online gambling is one of the fastest-growing industries around. In regions and markets across the world, sports betting businesses continue to post record-breaking revenue and user base increases. But what, exactly, is behind all this growth?
There are two main factors at play here.
Firstly, as a more general factor, the rise in online gambling is linked to the liberalization and relaxation of gambling laws around the world. There is no doubt about it; in many respects, the world has become a more free and liberal place in which to live. Long gone are the days when governments strictly controlled gambling and, in particular, sports betting.
In recent years we have seen several countries relax their sports betting and gambling laws, which has allowed gambling businesses to flourish in those areas. Most notable among them is the US, with the US Supreme Court recently striking down a longstanding federal prohibition on sports betting. It has had an undeniable impact on the gambling industry in the US and has opened up the doors for the regulation of sports betting on a state by state basis.
The second major factor at play is the so-called ‘digital revolution’. There is no denying it, digital and online technologies are profoundly changing everything we do in society, and the gambling industry is no different. From online casinos to digital sportsbooks, the future of gambling is online. There are now hundreds of online betting platforms, with new ones launching seemingly every week, allowing users to place bets on thousands of sports betting markets in an instant. This is one of the fastest-growing sectors in the online gambling space, and sports betting now accounts for 70% of global gambling revenue.
The rise of online betting platforms has transformed the sports betting industry. And the days of going round to your local bookmaker to place a bet seem to be slowly but surely on their way out. These days, online sports betting platforms offer a full-featured, totally immersive gambling experience. This includes giving users access to not only betting platforms, but also a platform on which to watch live sports. And with the rise of mobile technology, this development is also now going mobile. Now, no matter where you find yourself, within moments, you can fire up your mobile gambling app and place a bet on live sporting events across the world.
Based on this, it seems like the future of gambling and sports betting is definitely digital!
