The sports betting market is a massive one, which provides numerous betting opportunities, but also has some challenges. To give you an idea of how big the sports betting market actually is, we will be using some hard facts and figures from Statista.
The Size of the Total Market
It is estimated that there are currently around 370 million active sports bettors globally, which means there is plenty of room for growth. According to Statista, the worldwide market value of all sportsbooks stood at about US$16.9 billion in 2018 and it is anticipated to reach around $26.85 billion by the end of 2022.
The global betting market is valued at over $20 billion and it grows by the day. Even if you only consider online betting, the figure is enormous.
How Many Sportsbooks are There?
It is fair to say there is fierce competition in the sports betting market, which is great for consumers. However, the fact that there are so many sportsbooks, all trying to attract new customers, can cause problems. Sometimes it can be hard to know where to go when you are looking for a bookmaker that accepts your specific country or region.
In terms of the number of sportsbooks, Statista reports there are currently around 1,600 websites offering sports betting, which amounts to about 700 bookmakers. Therefore, it is important to do your research before placing an online bet, especially if you are looking for the best odds or a reputable platform.
Which Countries are Popular with Sports Bettors?
Forbes has published a list of the 20 most popular countries for sports betting, based on the amount of active registered users on various sportsbooks.
The U.S.A boasts the highest number of active sports bettors globally with around 68 million registered users. This makes up around 45% of the market. Next in line is Indonesia with around 6 million users, followed by Brazil and Egypt with 5 million users each.
The Growth of Mobile Sports Betting
Mobile sports betting has become a popular choice for consumers, which has benefited from the widespread availability of smartphones.
According to Statista, around 86% of all sports betting transactions take place on mobile phones these days. This is driven by the fact that it is easy to use on the go and more convenient than trying to use a computer at a sportsbook. Of course, this depends on which service you are using.
The convenience of mobile sports betting has led to increased competition, with numerous freelancers attempting to capitalize on the growing trend. As a result, the prices have decreased, resulting in more affordable options for consumers. Whether you place a bet on the go, or from the comforts of your home, online betting through mobile phones has become commonplace.
If you’re serious about becoming a professional sports bettor, then you might want to consider getting a degree in sports management or a similar subject. It might help you get a job working with an established sports team, or for a bookmaker or online casino.
New Customers Versus Returning Customers
New and returning customers are the lifeblood of any business, and this is especially true of the sports betting market. When a new customer comes in, there is an opportunity to educate them on the benefits of betting with you, as well as engage with them on a personal level. This is great for building a long-term, trusting relationship.
Conversely, when someone returns after having been with another bookmaker, there is an opportunity to reestablish yourself as the best option for them. You can use this to convince them to become a returning customer, and gain a long-term relationship with them. This, in turn, benefits both parties, and creates a virtuous circle of business growth.
Online Versus Offline Sports Betting
If you’re interested in wagering on sports, but don’t have the time to go to a bookmaker’s office to place your bets, then online betting through a safe and secure website is the next best thing. Online betting has made it easier for consumers to place bets on their favourite sports, while remaining anonymous if they so choose. Additionally, the spread of information via social media, has brought the world of sports into the 21st century, as every game, match, and result is recorded and easily accessible by anyone with an internet connection.
On the other hand, offline betting is carried out at sportsbooks and casinos across the globe, although physical locations are on the decline as more and more people bet online. For those who still visit a bookmaker’s office to place bets, it is generally considered to be a sign of great loyalty and trust. They might even give you a free pass, or a percentage of their profits, if they think you are a good customer.
It’s fair to say that both have their perks, but if you’re looking to make a living from sports betting, then you might want to consider going the online route.
The Evolution of Sports Betting
While many may consider online betting to be the next big thing in sports, it has actually been around since the 1800s, when the first sportsbooks opened up. However, it wasn’t until the 1950s that betting took off, primarily thanks to the emerging popularity of the Olympics, and the growth of television sports, which showcased the event.
The introduction of television, and the subsequent growth of Pay-Per-View (PPV), has made live sports even more accessible to consumers. This is highlighted by the fact that over 40% of sports betting transactions take place through PPV, instead of directly at a bookmaker’s office or site. While this might not sound like a lot, considering the number of sportsbooks that there are, it is actually quite a feat.
The Role of Technology
The rise of technology has impacted every industry, and the sports betting market is no exception. Thanks to smartphones and the World Wide Web, it is now easier than ever for people to research and learn about various sports, as well as find online betting options. In fact, Statista reports there are currently more than 700,000 eBooks available for download, covering everything from betting on horse racing to betting on professional football.
The role of technology in today’s sports betting world is immense, and it’s impossible to predict how much this will change the industry in the coming years. In 2022 and beyond, technology will play a greater role in your ability to place wagers on sports teams and sports events. The use of AI in football predictions, for example, has already begun.
The role of technology in the sports betting industry is undeniable, and it is essential for consumers to keep up with the times, in order to gain the most out of their experience.
The Demographics of Sports Betting
The vast majority of people who bet on sports aren’t doing so for financial reasons. Around 68% of users are between the ages of 18 and 24, and about 28% are between 25 and 54. Just 6% of users are over the age of 55.
The fact that the majority of users are between the ages of 18 and 54, makes sense when you consider the fact that these are the generations who grew up in the age of the internet. They are more likely to have been introduced to the idea of betting through social media, or through a game they’ve played on their mobile phone. This is also echoed by the fact that 40% of users access online betting through their mobile phones.
Additionally, about 48% of users are from the United States, which likely has something to do with the fact that it is widely available and relatively easy to access legally. For those who want to bet on sports, but reside outside of the U.S., it can be tricky to do so, as most books only offer sportsbooks for U.S. residents.
The gender difference in the sports betting world is minimal. While there are more females than males who bet on sports, around 46% of users are registered as males and 54% are registered as females.
In general, the global sports betting market is growing, especially with new users, and it is important to continue evolving with the times, if you want to stay relevant.