The online sports betting business has seen an unprecedented surge in popularity globally, but especially so in the US. As per market research, the global legal online sports betting business, which was worth $104 billion in 2017 is expected to grow to $155 billion by 2024. Of this, bets in the range of $2.5 billion to $10 billion are places for sporting events such as the NCAA championships in the US alone.
This widespread growth and the soaring popularity of the betting business is the sports arena can be attributed to a variety of factors. Here is a look at some of the key factors driving this change:
The US Supreme Court Overturned Prohibition of Sports Betting
The biggest underlying factor behind this sudden boom in online sports betting is the 2018 Supreme Court ruling that overturned the prohibition imposed on legalized sports betting in 1992. In the wake of this judgement, 18 states have already legalized online sports betting. A majority of others have either recently passed or introduced a bill to this effect.
Wondering where is online sports betting legal in the US? All states except Wisconsin, Utah and Idaho have either passed or introduced legislation to this effect. So a majority of people today can place bets on their favorite sport or team without worrying about is online sports betting legal in their area or not.
The Emergence of Peer-to-Peer Betting
The coming up of online betting platforms, be it sites or apps, has paved the way for peer-to-peer transactions, eliminating the bookies who are notorious for stacking the odds in their favor through hedging. In online sports bet, people can place bets against each other for a small fee. It also opens up avenues for unusual and quirky bets that traditional casinos wouldn’t facilitate.
Ease of Access
Today, you can simply download an online sports betting app on your mobile or desktop and start placing bets. Besides, who doesn’t like making a quick buck if the stakes aren’t too high or there is no risk of being caught on the wrong side of the law? Being able to place and win bets, anytime and from anywhere, enhance the ease of access and overall appeal of these platforms. That’s exactly what these online platforms deliver.
These online sports betting platforms have been designed keeping in mind the fact that real money exchanges hands here. As such, great emphasis is laid on ensuring secure payments through safe gateways. With features such as biometric verification, bettors can rest assured that the money place or raise in bets is not susceptible to risk.
The Celebrity Allure
With online sports betting business booming, companies launching these platforms are going all out to capture the public imagination. In addition to running exhaustive social media and online campaigns, they’re also roping in celebrities – from the sports world, in particular – for endorsements. This adds to the allure of this up and coming format.
As legal online sports betting gains a strong footing not only in the domestic but also international markets, big data and analytics will become the new gold mines in this area. All most all key players will focus on capitalizing on data insights to build upon user bases as well as profit margins.