Many people enjoy the idea of placing bets on sports events, and many betting companies exist to assist enthusiasts in placing their bets. However, not many people know how profitable these ventures can be, which is why we’ve decided to outline the key facts surrounding the industry.
Profits And Rising Popularity
Although the betting industry has existed for centuries, the past few decades have seen a rise in popularity thanks to the advent of online gambling and mobile betting. In fact, the industry was valued at US$14.9 billion in 2016 and is projected to hit $27.9 billion by next year.
Mobile betting and online gambling have made it easier for people to place bets at any time and from anywhere, which has undoubtedly aided the industry’s growth. Interestingly, the U.S. State Department has stated that online gambling and mobile betting are legal in some form in all 50 states, which suggests that these platforms have managed to flourish despite considerable government opposition.
The Biggest Winners And Losers
It’s not just the size of the industry that’s increased – the potential for profit has too. Thanks to the growing popularity of online gambling and mobile betting, there are now millions of people who could potentially become customers, and the betting companies know that happy customers mean big profits.
It’s not all about winning either though – many people enjoy placing bets because it’s a way of life that appeals to many. As with any other market, some businesses will flourish and some will fail. It’s up to you to decide which ones will be which.
The Major Companies And The Way They Operate
The major companies that operate in the industry are located in a number of different countries, which is why it’s important to know where you’re betting from if you want to place bets with the most favorable odds. Here’s a short list of the biggest companies in the industry:
- Paddy Power
- William Hill
- Pinnacle Sports
These are the big-name companies that we recommend if you want to bet online or on your mobile. It’s also important to note that lots of small and medium-sized businesses exist within the industry too, which provides great opportunities for those looking to get in on the action.
Where Do We Go From Here?
Thanks to this article you know a lot more about the betting industry and how much money is being made by those working in it. But what comes next? Do you dive right in, try out the different betting companies, and hope for the best? Or do you do your research and find a reliable source to place your bets with?
If you want to be a successful bettor, it’s important to do a little bit of both. Learn the ins and outs of the betting industry and decide for yourself which companies to trust. If you can do that, you’re pretty much set for life. Of course, you can also look for betting tips and advice on sites like ours so you don’t have to learn through trial and error.