Banking and finance have evolved a great deal in the last few years, and now they’re a part of everyday life. Thanks to technology, mobile banking, and the rise of the sharing economy. People are looking for new ways to bank, and many are choosing to place bets with online betting companies.
The Growth Of Online Betting
Global sports betting markets are valued at around US$16 billion, and it’s predicted that this value will rise to around US$32 billion by next year.
The most popular sports in the world include football, baseball, and basketball, and these sports are the focus of many bookmakers and gambling websites. European football (soccer) is a particularly attractive market for online gambling. According to gaming and betting market research firm IGD, the European market is valued at around US$16.4 billion, while the North American market is valued at around US$14.5 billion. It’s also worth noting that these figures do not include the revenues generated by mobile sports betting apps which are becoming increasingly popular.
The share of the American market that is spent on sports bets was around 29% in 2016, while 22% are placed on European football (soccer) matches. The worldwide share of the total market (i.e. including mobile sports betting) is valued at around 37%.
Why Are People Embracing Online Sports Betting?
People are choosing to bet on sports for a number of reasons, but mainly because it’s less risky than other forms of gambling. What’s more, many people find that betting on sports is more entertaining anyway. It also provides a better feeling of control because you can place bets on the outcomes of sporting events that you know are going to happen (e.g. a horse race or a tennis match).
There are a variety of reputable online sportsbooks where you can place your bets, but finding the best site to suit your needs can be difficult. It’s also important to research the laws governing online sports betting in your area. Some states in America make it illegal to bet online, while other states permit it. Check with the state lottery before you start betting to see what laws apply.
The Challenges Of Placing Bets Online
There are a variety of challenges that you need to overcome if you’re going to place bets online, not the least of which is security. You’ll obviously need to use a trusted and secure method of payment, such as a bank account or a credit card. If you’re mailing in a cash payment, you’ll also have to ensure that the funds reach the sportsbook in a reasonable amount of time. Finally, as a general rule, you should avoid betting on events that you’re unfamiliar with.
Despite these challenges, the number of people placing bets online is rising, and it’s likely to continue this trend. With new technology and the growing sharing economy, there are now more options for people to earn a living or make their hobby a full-time job. As long as people can find ways to profit from their love for sports, we’ll continue to see more and more people placing bets online.