The global betting and sweepstakes market has grown at an entirely unexpected rate, based on new Safebettingsites research.
According to the UK industry expert portal, the sector size increased by 13% to $ 194.6 billion in 2021, and predictions indicate that it will continue to expand to $ 231 billion in 2022.
Expert’s Statement
A spokeswoman at Safebettingsites Edith Reads attributes this expansion to several things, including the industry's adaptability following the COVID-19 lockdown. Sports events were stopped as a consequence of the outbreak, costing money.
The expert stated that additional security measures like limiting attendance at community gatherings also resulted in a decline in revenues for brick-and-mortar bookmaker facilities. Nevertheless, the industry has responded forcefully to these upheavals to lay the groundwork for future expansion.
New Tendencies
Despite the pandemic-caused contraction, the global sportsbook and lottery sector has been strengthening recently, according to the expert portal. The change to regulated verticals has boosted the number of people placing bets on events and entertainment.
The rapidly advancing digitalisation is yet another motivator. There is a higher demand for bookie services that individuals may experience from the convenience of their place as more people spend time online.
The necessity for mobile-friendly projects has increased as more users utilise their devices to wager or play, which has fueled the expansion of web gambling choices.
According to the agency, the worldwide markets have also grown as a result of the rising attractiveness of eSports. The portal cites a NewZoo prediction that the international cyber audience is going to top 530 million in 2022, which has significantly contributed to platforms that enable wagering on such activities.
Utilising Innovations
The research indicates that there is room for additional expansion. It states that new technology will spur innovation and enthusiasm in the market, boosting prospects for bettors and investors.
Experts predict that Blockchain will be a key factor in the sector's growth among novelties to be noticed. According to Safebettingsites, the technology can transform the field by enhancing its efficiency and safety.
Another noticeable development driving the globalisation of the sports betting and lottery market is the Internet of Things, based on the report. Businesses may use IoT to boost the effectiveness of gambling operations by quickly and effectively linking devices.
The agency predicts that VR and AR would be crucial to the market's expansion. More comprehensive betting interactions for players may be created with the use of these technologies. Both could be utilised by investors to build realistic 3D wagering settings, opening up more market opportunities.
Further Predictions
Although there are differences in the exact numbers, various recent gambling analyses and estimates indicate that the worldwide betting business is poised to continue extending.
According to a report by Delaware-based Transparency Market Research, the global industry is forecast to grow at a CAGR of 9.8% from 2022 to 2023, with real output of $ 653.5 billion predicted by 2031.
Based on the company's estimate, the sector of sports gambling is expected to rise as it is gaining popularity around the world. Some of the major bookmaker platforms globally have seen an increase in traffic as a result of the widespread use of the Internet.
Businesses in the sector use strong advertising strategies, such as:
- risk-free gambling for a predetermined period;
- sign-up bonuses to entice sports fans to bet.
In the upcoming years, the boom of the sportsbook business is anticipated to be fueled by such marketing campaigns.
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