About Sports Betting
Sports betting is an activity that involves anticipation of the outcome of a particular sport and wagering on it. The games include American football, association football, baseball, basketball, hockey, auto racing, boxing and mixed martial arts.
The Global Sports Betting Market is expected to grow at a significant CAGR of 8.2% in the coming four years. This market is expanding at a tremendous rate. The reason is simple for the same, online gaming and secure money practices.
The high growth in this field is due to the popularity of several sporting events such as FIFA, NFL, NBL and IPL.
The virtual platform is getting a lot of attention among punters since it is the most convenient way to bet and relish the gambling. During 2017, the land-based sports betting accounted the highest revenue. However, this revenue gets shared in 2018 with the online gaming market.
One of the prominent reason for the hike in online market is the numerous convenient payment methods. This includes electronic payment methods along with the cryptocurrencies. One of the popular cryptocurrency in the market is bitcoin. You can find the bitcoin supported games at BitcoinCasinosOnly.com.
When it comes to e-sports staking, it would not be shocking to say that this industry is getting a hike day by day. More than 84 countries have legalised online gaming, and this is a significant reason for the growth of this industry.
Out of these countries, half of the nations belong to Europe, and therefore, most of the revenue is generated from these regions online. In 2017, it was reported that this type of online entertainment had brought about $650 million in revenue. This will increase to $6.7 billion in 2018 as anticipated in a report on esports Gaming bets by prominent research company Eilers & Krejcik.
Geographical Market Report
The sports betting market have been geographically divided as follows:
Sports betting has become a hot topic since the supreme court has legalised it in the US. By the action taken by New Jersey, the Professional and Amateur Sports Protection Act of 1992 (PASPA) has been removed. It has made way for the state level legalisation. Thus, not just Nevada will enjoy this type of entertainment but also several other states.
With its legalisation in several states of the US, the market researchers have been dwelling upon the market growth with sports betting. Since the US is one of the vast markets of gambling, they are expecting it to grow in billions in the upcoming years.
They currently generate a revenue of $4.9 billion from offline as well as online casinos. However, these are little figures as compared to other casino games that produce $208.1 billion. Now, with the legalisation on the matter, it is expected to generate a good sum of money.
Moreover, the leading betting companies have already opted for the sports licence since they are expecting a considerable revenue from this particular field. Furthermore, NBA and Pro Football League are making alliances with the casinos and researchers are hoping for a massive turn of $213.8 billion from these collaborations.
APAC is the region that comprises more than 4 billion of the population. It is of no surprise that the Asia-Pacific region covers the most noteworthy percentage of market share in this industry. It is estimated that this region generates 47% of the world’s sports gambling revenue. Furthermore, the high rate of gamers is due to the wieldy government regulations. The prominent areas within APAC that generate the maximum revenue are Macau and Hong Kong.
Europe, the Middle East and Africa (EMEA) is another crowd-pleasing region when it comes to gambling. The largest sports betting market in Europe is the UK. It comprises more than 9,000 land-based casinos plus hundreds of online casinos.
Out of 2017 betting market in Europe, more than 56% revenue has been generated online. However, 11% of the UK residents exclaimed that they had wagered sports through land-based casinos while only 6% had wagered through online. This percentage has been exchanged and, more of the online wager took place in 2018.
After the UK, it is Germany that generates a good sum of revenue every year. According to Eilers & Krejcik, it contributes 36% of the total income of Europe. However, on account of 58% of casinos in Europe, this generation is quite low. The live sports betting market of Europe is expected to produce $1.8 billion until the end of 2018.
Prevailing Sports for Betting
Football (the European kind) has been the most popular sport that is wagered around the world. Further, it is heedfully followed by American Football. Some of the prominent leagues are FIFA, Premier League, NBA, NHL and so on. These events have received a considerable amount of betting in 2018.
It has been reported that the football shares 36% of the total revenue. However, it is flat since last 4 years. The baseball adds 23% while the basketball share has entirely raised to double since 2011. It ranged from 28-31%.
Thus, with these statistics, it could be said that the sports betting market will show tremendous growth in the upcoming years.