The global sports betting market– What’s driving the growth?

There is no doubt when we say that the global sports betting market is growing in size every year and is becoming more and more popular. It is said to be the most rapidly growing sectors in the world, especially in Nigeria. Nigeria is a place where sports betting has burgeoned like never before. The profits earned from the sports betting market accounts for a major part of the revenue earned by the Nigerian government. With the rising demand of sports bettors in Nigeria, there is also a massive rise in the number of online betting websites.

As the digital revolution is in full swing, there are dynamic changes that keep occuring in the betting industry. Read on the concerns of this article to know about the size of the global sports betting market, know about future projections and delve deep into the main causes of the market expansion.

The sports betting market – How huge is it?

It is vital for you to understand that the total size of the sports betting market is tough to project as record-keeping is not done on a regular basis. There is a dearth of resources on which the researchers can solidly base their studies on. The records are so disparate that it is not possible to paint an accurate picture of the size of the betting market.

As per records from Statistica, international sports betting is predicted to have a capitalization of $300 billion. The licensed online sports bookmakers account for a rising revenue of $40 billion. The remaining sports bets are staked at other places like horse tracks, casinos and other global conduits.

United States has the fastest expanding betting market

In the year 2010, the value of the sports betting market was estimated to be of $20 billion. Later on in 2016, the value expanded to $40 billion. The current market capitalization is between $60-75 billion which proves that the market has grown at a fast pace of $10 billion in a year. With the present pace of growth, American sports betting industry will occupy a noteworthy share of the global market.

Asia Pacific (APAC) – Is this the biggest sports betting market?

As their population is somewhere around 4 billion people, it is a bit surprising that this region holds a fair market share in the betting industry. The residents of Asia Pacific account for 48% of the sports bets all over the world.

Reason behind the increase in popularity of sports betting

With the spread of digital connectivity and increased wealth, there is also a simultaneous increase in the sports betting market. Hong Kong and Macau are among the most famous revenue-generating places of the world. As wages keep increasing in the APAC region, people have more and more money to place in the sports events.

The internet providers of the APAC region report fast penetration into this industry. With the help of a better internet connection, people can get access to the current information and news on sports betting. Whenever you’re able to keep up with the latest news on sports, you can better become a sports fan.

Sports betting – How much will it grow at other places?

Sports betting accounts for 40% of the total global gambling revenue all over the world which is way more than other sections like poker, casinos, lotteries or other forms of gambling. According to latest projections, the compounded annual growth rate is projected to rise by 9.65% by 2022.

Though everyone is concerned about America and Asia Pacific, there are several other areas like Nigeria that are even growing in terms of popularity.

It has to be stated that in Nigeria there are more and more operators. So if You are interested watching how this market grows You can check for a list of best betting sites. Its still very young market and it will take a few more years for its to mature.

Growth is not considered to be as impressive or aggressive in Europe or Australia mainly due to the history of betting in such regions. Latin America and Africa are also steadily growing in terms of sports betting.

Popular sports bets

By far, football has the biggest betting volume followed by American football. Apart from these, there are 3 other North American Leagues, the NBA, MLB and NHL, also get a fair share of the betting volume. Horse racing is characterized as a niche market and it gets betting volumes in France, UK, US, Australia, South Africa.

Online sports betting and its popularity

Among everything else, the fastest growing sports market is online sports. These are multiplayer video game competitions that include professional players. In 2017-2018, e-sports generated more than $700 million in revenue and this is projected to grow up by $1.5 billion by 2020. As e-sports is gradually shaping into a budding industry which is an already established one, it can easily generate a noteworthy stream of revenue for the sports betting market.

The proliferation of digital sports betting is beyond the usage of desktops and laptops. 30% of sports betting take place through mobile devices. This figure will cross 45% by the end of 2019. Technology has changed how we play and how we live. It has also changed how we place our bets on sports.