Recently, the growth of the sports betting vertical has been fueled by the evolution of mobile devices that are being seen in markets around the world. In Europe alone, more than half (50.5%) of all bets placed in 2021 were executed using a mobile device. Moreover, this figure is projected to increase to an impressive 61.5% by 2026 as rising smartphone penetration and the development of increasingly sophisticated devices continue to shape the market.
Sports betting international online market
Based on the data available from 2021, the global online sports betting market size is U.S.$38012.77 million and is expected to grow to U.S.$70900.57 million by 2028, registering a CAGR of 9.28% during the forecast period. It is evident that one of the most fundamental changes that is driving the international online gaming market is the constant and stable growth rate.
Sports betting will be also an important key driver of economic growth because it will be even more influential than it is now, especially as the US soccer betting market develops at an exponential rate.
Live sports betting
Also, the fast development of the mobile sports betting markets has been one of the major factors in the increased demand for in-play betting markets. Nowadays, the great majority of licensed betting sites are equipped with diverse and advanced in-play betting markets, as well as bet types across most sports categories.
Such markets are combined with feature-rich streaming platforms to create entertaining and educative in-game betting on mobile, especially the online betting app, and desktop devices. It, too, helps release the so-called “micro bets”, which, unlike traditional bets, are focused on a moment in a certain game.
Esports betting
For a number of years already the niche of global eSports has continuously been experiencing rapid growth and the related betting business is also soon to experience considerable growth.
The worldwide eSports betting market has been calculated at $672.79 million at the end of 2022 and is expected to grow with an impressive CAGR of 27.16% over the next five years. This will create a market of $2.809 billion for the global market by 2028, and it will generate huge revenue growth for all the sports betting sites worldwide.
In the near term, the number of eSports betting remote will increase, and operators will also open up new markets and bet types, especially in the sphere of various competitive games.
Blockchain technology
Blockchain is another technology field that has grown quickly, and that will contribute largely to the future of sports betting across the globe. It was the distributed ledger technology that underpins the decentralized cryptocurrencies that made them widely accepted in the betting and casino industries through first-generation tokens such as Bitcoin.
The third, and most recent generation of cryptocurrencies has been integrated, and tokens such as Cardano have been designed to solve the scalability issue, minimize transaction fees, and provide new opportunities for transparent casinos on the blockchain.
New markets
New markets are being developed around the world: both North America and New Zealand are also expanding rapidly, along with various countries in Eastern Europe. These markets will grow exponentially over the next five years and beyond, fueling iGaming’s global expansion and potentially increasing its remote betting market share.
Conclusion
The sports betting platform is in constant flux. Incorporating the latest technologies, following the rules and regulations, taking the expansion of live betting into account, promoting responsible gaming, and data analysis are the essential methods for a bookmaker owner to be successful in the industry that is developing all the time. This is a wonderful time for the industry and the ones who are fit and smart will steer the way. Sports betting of the future is happening and it brings endless potential for those ready to welcome these new developments.
Disclaimer: Playing online games involves an element of financial risk and may be addictive. Please play responsibly and at your own risk.
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