Sports betting has become one of the most engaging ways to stay entertained in the modern century. Modern wagering has transformed into a more immersive activity after evolving over the years from simple sports like horse racing.
In this article, we will go over sports betting statistics, trends and predictions. Furthermore, we will review how these factors work in harmony to deliver the ultimate wagering experience to punters. Without any further ado, let’s jump straight into it.
Market Size and Growth
In 2022, the sports betting market was worth USD 40975.91 million, and it is expected to expand at a compound annual growth rate (CAGR) of 10.3% from 2023 to 2030. By 2028, LinkedIn predicted the market would be worth USD 85586.59 million.
One factor contributing to this massive growth is the increased availability of mobile gadgets. According to research by Platform, up to 70% of sports betting is done on smartphones. This revelation shows just how important smartphones are to the online wagering industry.
Additionally, the emergence of new wagering categories, such as esports, took the market by storm. Skilled players were now competing in tournaments packed with audiences from all over the globe. Games like Fortnite and League of Legends took online betting to another level. Punters could now bet on skins and other in-game materials in addition to who wins the tournament.
Trends in Sports Betting
While several factors have contributed to the advancement of sports betting, some trends have stood out. Here are some categories that caught our eye.
Technological Innovations
Undoubtedly, tech is the biggest player in determining the success of the sports wagering niche. Various gadgets have sprouted over time, increasing the level of immersion and offering convenience.
For instance, virtual reality has enabled punters to visit digitally curated worlds and bet against fellow players. This wasn’t possible initially. Moreover, the introduction of live betting has made it possible for you to never miss a bet. You can bet on a game that is already underway.
Data analytics is also proving to be a commendable force in the sports betting space. We presently have powerful algorithms that can synthesise chunks of information in minutes and give you quality predictions. Now, when you hop on a site like Betway, you have better odds as opposed to swinging in the dark.
Social Inclusivity
With the world becoming smaller through social media, sports betting companies have also boarded the bandwagon in an attempt to connect more people. It is not uncommon to visit sites like Betway and find live chat features as you wager.
The fact that you are talking to an actual person and not a simulation massively enhances the experience. Using virtual reality while betting tenfolds the effect. Imagine walking into an actual casino with tables, chips, and a lobby where you can meet your friends and chat before playing a game. Such is the power of technology in sports betting.
Conclusion
The sports betting industry has been experiencing constant growth and, thanks to technological advancements, is set to grow even further. Some trends we have witnessed in the space include social inclusivity and technological inventions like data analytics.
