The sports betting industry is growing exponentially and there seems to be no sign of slowing down. Most of the countries have regulated and legalized sports betting, which is one reason behind this growth. However, technological advancement has a crucial role in the swift expansion of the sports betting market. Here we mean sports betting app development. With the emergence of sports betting applications, more and more people have started betting on sports. The reason? Added convenience and fun. People no longer need to visit the stadium to bet on their favorite sports. They can bet on different sports from the comfort of their home while also enjoying rewards and loyalty points.
Seeing the massive response to online sports betting, many entrepreneurs and gambling businesses wish to launch their own sports betting software or application. But, many are still in doubt regarding the scope of online sports betting in the upcoming days. Will my sports betting application get the same response? Will people remain enthusiastic about sports betting in the future? Many such questions are bombarding their mind. If you are one such individual, this article will be of great help to you. In this article, we will help you understand the scope of sports betting so that you can make a wise decision.
Current Sports Betting Market Scenario
- The current value of the global online sports betting market is around $46 billion.
- Around 70 billion dollars are spent on legal sports betting globally.
- Currently, Sports betting accounts for more than 40% of global gambling revenue.
- As per the legal sports report, the sports betting industry is now legalized and regulated and in 13 states of the US.
- The APAC part is responsible for 47% of global sports betting.
- Over 50% of US inhabitants admitted placing wagers at a sporting event at least once in their life.
All these revenue figures and stats prove sports betting to be a promising and lucrative industry. There will be immense opportunities for businesses in the upcoming years.
List of Sports Popular for Betting
It is important to know which sports are most popular in the betting arena. Not all sports are legalized for betting and not all receive the same benefits and popularity. Here is the list of sports you can consider for sports betting software development in 2021.
- NFL Football
- Basketball
- Baseball
- Soccer
- Hokey
- Golf
MoreoperBowl, MLB World Series, NBA Playoffs, and WWE Wrestlemania have grown significantly in recent years.
What’s in The Future?
As per the research report of Technavio, the sports betting market is expected to grow by $144.44 billion between 2020 and 2024.
This means in 2021 and upcoming years, many new and existing operators will get an immense response to their sports betting platform and attain success. Seeing the recent and future legalizations in the sports betting market there will be plenty of opportunities for new operators across the world.
The latest technology trends such as Blockchain, Cryptocurrency, AR/VR, and more will have a positive impact on the online sports betting industry and will lead to its exceptional growth in upcoming years. Also, many pro leagues are in support of online sports betting and are looking for opportunities to make the most out of it. As per the statistics, the online sports betting market is expected to grow at a CAGR of 8.77%.
What’s the Scope of Sports Betting App Development?
Mobile sports betting acts as an extra source of revenue for the sportsbooks and provides the next level of convenience to the bettors. Also, many states will decide to permit mobile wagering. Therefore, mobile sports betting is expected to witness a tremendous demand in 2021-22. Thus, if you are looking to make a sports betting app with a unique idea, you are on the right track. As the number of mobile users keeps on increasing exponentially, you can expect a massive response to your application.
On a Final Note!
Observing all the above information, we can say there is a tremendous scope of sports betting now and in upcoming years. However, the key to succeeding in this competitive market is to come up with a powerful software or application. A reliable sports betting software development company can help you build an innovative sports betting application that can bring you enormous success.
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