It has been a rough 2018 for the global betting industry as a whole. Year-on-year, bets, and in particular, online bets, were on the decline. But as the dust settles, it’s clear that while the industry might be on the road to recovery, it won’t be returning to 2015 levels any time soon. And while there are a number of contributing factors, including the increased acceptance of esports and A.I. betting, what is clear is that the traditional pool betting market simply does not have the same allure for recreational and professional gamblers that it once did.
The Demographics Behind The Trend
It is well established that the age demographics of recreational and professional gamblers have shifted. With more people living longer, healthier lives, there is a clear demographical trend towards an ageing population which favours hand-held and online gambling. This trend will only continue as technological innovation and the ability to provide convenience allows for increased leisure time and less time spent working. The industry has adjusted, and with new, innovative platforms such as CashBet and LuckBet, aimed at the Chinese market, operators have created new products which capture the interest of this audience. But is this audience really interested in pool betting, and will they continue to fuel the industry’s growth?
The Decline In Residential Pool Gaming
Residential pool gaming has been around for a long time and has previously been a popular choice for leisure and social gatherings. But over the last few years, the industry has shifted from a ‘party’ environment to a more professional setting with increased regulations. If you are planning on hosting a pool party this summer, you might want to consider hosting it at a friends’ or family’s house, rather than renting out a hall or getting guests to gather ‘virtually’.
Changing Attitudes Towards Sports Betting
Sports betting is another industry which has seen significant change. After years of struggling with the stigma surrounding the industry, many larger bookmakers have moved towards a more open – albeit cautious – approach. The introduction of new, innovative products, like the ability to bet on any sporting event, anytime, anywhere, has also played a role in changing the industry’s social status. As open-source betting frameworks, such as BetMGM, allow for much greater transparency and competition, consumers are able to get much more value for money. While this might be good for consumers, it has also resulted in decreased demand for traditional sports betting as an entertainment option. This is due mostly to the increased availability of entertainment options, such as TV, mobile phones, and the internet. What does this mean for the future of sports betting? Well, it depends on whether or not the industry continues to adapt. If more operators continue to enter the market, bringing their own unique brand of innovation, then there is no reason why the market can’t continue to grow. But if the industry sticks with the same old, same old, then it may be back to square one for the betting market.
The Changing Face Of Gambling
While we’re on the subject of the industry’s changing face, it is worth bearing in mind that gambling, as we know it, is evolving too. In previous decades, casinos were the kings of the hill, offering people the chance to win big prizes by playing dice or card games. While this might still be a popular choice for an evening out, the industry now offers much more. With technological advancement and a better understanding of consumer preferences, gambling can be an entertaining and educational experience as well. This opportunity to learn more about odds and probability has resonated with a new audience, attracting more and more people, especially young people, to the exciting world of gambling. It’s time to evolve with the times and provide consumers with a richer experience. What does this mean for the future of gambling? More choice. More opportunities. More fun.