A Look At The Booming World of Online Sports Betting
Online sports betting has grown in such a manner that there is always an advertisement, or a pop up on every social media page you visit. Around you, there is a discussion of a sporting event taking place or about to take place. New betting companies are launching every day, and new members’ online enrolments are constantly growing. That is how fast the industry is growing.
Competition among stakeholders means that companies are throwing joining bonuses left right and center to lure more customers. Odds have been boosted, and there are new markets for every sport. It is nothing like the old days. Things are much better.
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Legality and Growth of Sports Betting
Today, online sports betting in Betway, is more popular, and has been legalized across several states globally. It is legal in the UK, Australia, Europe, some parts of Asia and Africa. Punters have a choice of betting on different sports, and across many platforms that have been cleared to operate in these regions. Football, rugby, boxing, cricket, basketball, tennis, hockey, baseball, volleyball, and motor racing are some of the most popular disciplines for many punters, but technology has seen a growth of eSports as a betting option lately.
Going by some recent revelations, the global sports betting industry is valued at $46 billion, which is a lot of money by all perspectives. Even as more states are expected to legalize gambling in the near future, this amount speaks volumes about the direction of the industry. It is expected that the figure could double by the year 2024 if US states could get into the fray and legalize the activity.
One major reason why more countries are expected to legalize betting is that there are substantial returns on taxed revenue which creates income for running economies.
The Hand of Technology in the Betting Industry
First, the advent of the internet saw a surge in betting, thanks to the more convenient online betting. It meant that people would bet on their PCs straight from their offices or homes. The culture of visiting physical casinos to place wagers started to dwindle, and a new way of betting was born.
Enter mobile technology; figures shot up incredibly over a very short period of time. Mobile betting boosted the industry courtesy of some magical innovations, for example, mobile-based apps that made the exercise quicker and more straightforward. The Betway app is a good example. It is designed to enhance the user betting experience by allowing for customization and giving them a more private feel from their mobile phones.
Growth of Esports
Further, eSports has been gaining massive traction over the last few years. With corporates chipping in with lucrative sponsorship deals for eSports tournaments, and more people registering to play in different setups, the industry should witness an even more tremendous surge in future. Consumption of eSports has been consistently on the up, a trend that will be expected to get even steadier.
The Covid-19 pandemic must have played a role in how people view and consume online content. After governments closed down physical sports, much of the focus turned to stimulated sporting events. Betway virtual games became the order of the day, and the industry recorded a huge growth in the number of newly registered members. People resorted to spending more time online, which led them to explore the variety of options presented online.