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The rise of sports betting

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The rise of sports betting

Sports betting is everywhere at the moment, whether it’s on social media, discussed during the morning work meeting, or advertised on television and YouTube. In this article, we’ll be exploring everything you need to know about sports betting and how we think the space will continue to grow and evolve moving forward.

It can be so hard to find your way online in this ever-expanding sports betting industry. When you look online, every gambler has their own recommended online sportsbook, but knowing where to look for the best odds can give you the best returns and the most fun. While a minority can use gambling to make money, it’s more important that you enjoy yourself and have fun.

What’s the state of sports betting in 2022?

Sports betting is a massive global industry, valued at around $250 billion in 2019 alone, and by the end of 2024, we think this figure will increase to almost $400 billion. This 60% increase alone demonstrates just how popular the industry has become in such a short space of time, and makes clear why companies are pouring so much money into online gambling and sports betting.

Online gaming and how accessible it is has made it even easier for people who want to place bets on their favorite sports, sporting teams, and gaming/sporting events. Contributing to this, we’ve seen fantasy sports feed into the whole sports betting scene, with people being more likely to place a bet if they are already logged in to their account and editing their fantasy team.

According to a report by Goldman Sachs, the number of people who are interested in sports betting has doubled over the past five years. In the United States alone, there are now more than 60 million people who place bets on sporting events. We would expect this figure to increase significantly moving forward as sports betting becomes more accessible and more sports and events begin to integrate betting.

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How has sports betting become so popular?

There are so many reasons why sports betting has risen to the height we’re able to see today. One of the most notable factors that have contributed to this increase in interest is how global and connected sports betting has become, with gamblers based in Samoa, Mongolia, and Croatia all being able to bet on NFL games at the exact same time.

This is exacerbated by events such as the Olympics or the soccer World Cup. Fans from all over the world, who all have a vested interest in the sporting outcomes, can back their favorite teams and athletes to come away with the win. Sports betting has connected gamblers unlike any other thing and will no doubt be one of the main factors.

Sports betting has become much more mainstream in the past decade, with sporting broadcasters like ESPN and Sky Sports making sports betting a key part of their channels and programs. People are seeing betting absolutely everywhere, and it’s become almost impossible to ignore, with official sporting leagues even pushing their own fantasy leagues.

It’d be remiss to touch on the rise of sports betting in our current age without mentioning the huge influence social media has had on how the industry has evolved and exploded in popularity. Your favorite sports influences on Twitter and Instagram have likely started to publish sponsored posts for betting companies, giving you exclusive offers and better odds.

Why is sports betting growing in popularity?

Sport is a great connector, especially in this modern age. We can see fans from across the world be united by their love of their favorite sports team, irrespective of nationality, political views, and gender. There are very few things that make people as happy and willing to collaborate as having a shared love for a sports person or team.

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This growth has been propelled by huge sums of money being thrown into the industry, with gambling companies recognizing the aforementioned reasons as to why people love sports and identifying opportunities to make money. This has seen sports betting apps become a mainstay for any gambler, making it easier than ever to bet on any sport in the world.

What innovations are there in sports betting?

As we just mentioned, mobile betting has no doubt been a reason why so many people have given betting a try and are now obsessed with finding the best odds and looking for their lucky break. With an entire world of sports betting now sitting there in your pocket, it’s become so easy to log into your account and make a bet in a matter of seconds.

In-play betting has come largely as a consequence of mobile betting, with real-time access, meaning you can choose when you want to pace your bet and when to take your winnings home. There’s definitely an art to this; if you can time it right, you can cash out your stake when the odds are best and come off better than most other gamblers.

You can leverage your unique knowledge of the sport to pinpoint events and identify changes that others may not be aware of. If you see a soccer player be substituted on who is more likely to score with their head than any other player on the team, you could, for example, place a bet that the next goal scored will be a header. It can give you an extra edge.

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Innovation is key if any industry wants to survive, and sports betting is a clear frontrunner here. We’ve seen a growing involvement of analytics in sport, as seen with Billy Beane’s Moneyball, Oakland Athletics and Matthew Benham’s Brentford FC, and it was only a matter of time until sports gambling also embraced this. Bookmakers can now back every bet with well-researched data.

This means that any gambler who’s confident with their stats and data can use this to level the playing field and turn the tables on the bookmaker, increasing the likelihood of you beating the house and coming away with a good return. This isn’t the easiest thing to do, but if you are good at math and can easily see the bigger picture, it might be for you..

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