Understanding Why Sports Betting Has Become So Prevalent
Sports betting is an act of predicting outcomes of sports events and putting money on the prediction. The prevalence of betting on sports varies from culture to culture. The money used in betting also varies across different sports, such as horse race, hockey, basketball, boxing, baseball, track cycling, mixed martial arts, football, cricket, etc.
The betting occurs at both a professional and personal scale. It takes place legally through a sportsbook, using the US betting promo codes. The legal bookers take many upfronts, whereas most of the illegal bookers take money before the result of the betting.
Sports betting market
According to recent estimates, sports betting is the fastest-growing market globally. Digital revolution has contributed the most in changing the nature of operations, expanding the field as well as growing the market of sports betting.
Although it is not possible to have concrete numbers for the overall size of the market, it is estimated to have a market capitalization of around $250 billion.
Currently, sports betting contributes 40% of the total share collected from global gambling revenue. According to various estimates, sports betting will increase by 8.66% by 2022. Where the USA and APAC regions are the primary markets of sports betting, many other areas like Europe and Australia are also seeing a growth in this market.
Economic benefits of legalized sports betting
Huge sums of money are already running in the sports betting market despite it being illegal in several countries. In many states where betting is legalizing, it has enabled the citizens to keep the money in their economy. It protects the casinos from filing bankruptcy. Several reports suggest that legalizing sports betting will create thousands of high paying job opportunities every year.
Causes for surging sports betting market
Past trends indicate that Hongkong and Macau have been the two largest markets for sports betting in the world.
Many factors operate for the ever-expanding growth of sports betting market, but the primary two reasons are:
? Increased wealth
When states are economically prosperous, it provides citizens with enough time as well as money to engage in leisure activities such as sports betting. As the income of people increases in Asia Pacific regions, more and more amount will end up in the betting market.
? Expansion in digital connectivity
A new and improved internet connection facility makes it easy to follow sports. They are thereby making it easy for people to form an interest in sports and grasping the attention of now sports fans. Also, improved internet connectivity facilitates betting in almost any game in the comfort of the home.
Domains of sports betting
Football is by far the highest betted sport followed by American football, basketball, and cricket. Although horse racing is considered a niche market, it is still heavily betted on in the USA, Europe, and Australia.
Various non-athletic events are also involved in sports betting, such as political elections, reality show contestants, etc. Due to high competition, sports betting in NJ has also started incorporating entertainment events like Grammy Awards, Emmy Awards, and Oscar’s.