Which is the Most Profitable Sector in the Sports Industry?
The sports betting industry is one of the growing and profitable sectors for investors and operators. Nowadays there are several options available in the sports industry such as sports leagues, sports equipment business, sports clubs, sports betting, etc. Among these sports industries, sports betting is the most popular choice for investors. According to statistical records, the sports betting industry is expected to rise by $ 565.4 billion annually with a growth rate of 5.9% by the end of 2022. Various countries emphasize on sports betting software development to increase their profitability and high returns in the sports industry. The research says that sports betting will rise by more than 10% in 2020-2024.
Analysis of Market of Sports Betting Industry
- As per the sports industry, sports betting is the most popular opportunity available for investors. There is approx 30-40% contribution to sports betting in the gambling market.
- The study by Globenewswire says that the sports betting market will reach 8.83% between 2018-2024.
- The gaming market is generating revenue of 400 billion dollars across the world.
- The Asia Pacific Region has the largest share of the sports betting market with an 8.83% CAGR market forecast during 2018-2024.
- There are more than 25 vendors available in the sports betting market.
- According to the American Gaming Association, there are more than 2800 active online sites available for gaming activities such as poker, bingo, casino, lottery, etc.
Legalization in Sports Betting Industry
Due to legalization in the sports betting industry, the betting industry became popular in the market. Here is the list of some of the countries where sports betting is legal:
- Before legalization, there were federal laws that restrict sports betting but now legalization raises many new opportunities for investors in generating huge revenue.
- Recently, 11 states made sports betting legal and 7 have pending launches of sports betting.
- The states in the U.S. that cover sports betting includes Delaware, New Jersey, Rhode Island, and many more.
- The recent legalization of sports betting creates a better revenue generation model in the market.
- The U.S offers a growing market of betting to the operators that helps them in expanding their business successfully.
- The United Kingdom has the most developed and oldest sports betting market available in the world.
- Sports betting became legal in 1960 and developed many sports betting sites and organizations in the economy.
- According to the UK gambling commission, there are several laws available for the investors and operators that need to be followed by them to have a legal license.
- The new license rules published by the UK gambling commission includes the following guidelines:
- Developing transparency standards
- Improved standards for ADR
- Contribution in consumer protection measures
- Development of voluntary funds, collected by UKGC
- The Germany sports betting market has various laws available online as well as real-life sports betting.
- The new norms of the country increase opportunities for new operators in the market.
- The new norms of sports betting licensing is developed in 2020 with the following areas covered:
- IT security
- Information of applicants and representatives
- Procedure of payment
- Protection to minors
- In South Africa sports betting legalized in 1994 and it has emerged with online sports betting.
- Almost every person in South Africa is now able to place bets on sports with the rapid growth of the betting industry in the market.
- Majorly Kenya, Uganda, and Tanzania have the highest opportunity available in South Africa.
- Due to legalization and high demand or online sports betting, it has different mobile platforms available for the customers.
Trending Sports of Sports Betting Industry
- Mobile sports betting is one of the trending ways of betting in recent times that includes almost all popular sports.
- The study of experts says that NFL football has the most trending options available in sports betting.
- Basketball betting is considered as the most demanding sport in betting.
- Golf is the most popular sport with various tournaments involved in it for the bettors.
- Betting in sports includes all major sports such as football, soccer, basketball, hockey, and many more.
Future Aspects of Sports Betting Industry
As we have seen sports betting is the best alternative for the sports industry, it also has future opportunities for investors to build huge profits in the business. These future aspects are as follows:
Profit to Sports Events and Leagues
Nowadays sports leagues and events based industries have come into partnership with data companies and other sports betting companies that help in increasing the share profit of sports leagues industries. They can develop profitability for sports leagues industries in the market.
Sports Betting develop Global Market
With the increasing demand for sports and legalization, the operating way of sports betting is also increasing. The betting industry will become more efficient and can attract a huge audience globally.
Online Real-Time Betting
Due to the rising number of mobile users, the demand for online betting is increasing. In upcoming times mobile betting is expected to grow. People prefer this option as the easiest way of betting.
Scope for Operators
As with the increasing trends of betting, the scope for existing and new bettors will also increase. Due to legalization many industries are shifting to betting business because it involves huge profits with large numbers of audience engagement.
Increasing Competitiveness Among high-tech companies
As we know the scope of sports betting is increasing, many companies with high technologies with digital platforms are moving to the betting industry to increase their revenue. This causes increasing competition in the betting industry among new and existing investors. These above mentioned are the future aspects of the betting industry that are beneficial for the growth of the industry.
As we know there are several opportunities available in sports but among them, sports betting is the most growing industry. The statistical data shows the growing aspects of sports betting. There are various sports involved in the betting industry and the legalization of betting also increases the demand for the industry. As stated above sports betting could be the best alternative as it is highly demanded among the audience and also raises opportunities for the investors in developing their revenue model successfully.