Believe it or not, the sports betting industry is well-positioned for a bright future.
Sports betting has always been a popular pastime ever since its advent. Las Vegas casinos have always enjoyed big money through various games like slot machines, sports betting, and table games. However, it was a different story altogether in 2020 when the pandemic hit. Brick-and-mortar casinos and sportsbooks were forced to shut down, which resulted in a massive drop in revenue for land-based establishments. Nonetheless, it did open up new possibilities for the online gambling industry.
When Vegas became a ghost town, bingo halls suspended their activities, and sportsbooks shut their doors, the online sports betting industry underwent a revolution. More than ever, people started leveraging their smartphones to tap into online casinos and sportsbooks to wager on whatever sports events were happening.
To a certain extent, this explains why the future of sports betting is online. Nevertheless, a lot of other factors will influence the way people gamble in the future. Let’s take a look at some of the top factors below.
Technology in Sports Betting
Technology is the crucial factor that has resulted in sports betting and gambling going online. A few sportsbooks that entered the sportsbooks have now grown to become the most successful gaming enterprises in the world. Forbes suggests that sports betting could mint nearly $20 billion in annual revenue if it became legal in all 50 states.
Legalized sports betting with its secure playground means a multi-billion-dollar market for tech entrepreneurs. What’s more, the considerable competition happening in the online sports gambling market can lead to more technological innovations in the industry.
Alphabet Inc. (Google) changed its regulation recently in the United States alongside 15 other countries to permit real-money gaming and betting apps on its Play Store. In addition, international Game Technology PLC with offices in the United Kingdom, and affiliates in Europe, Latin America, and the Asia-Pacific region signed a deal with Maverick Gaming’s subsidiary in Colorado to put forward sports betting apps and kiosks at three casinos in the state.
They are also working with Dish Network to enable satellite TV subscribers to wager on sports when watching live television on their smartphones. As a result, mobile technology is growing more accessible across the globe, and so is the sports betting market.
Big Companies are Entering the Game
When it comes to online sports betting, people are always on the hunt to find the safest and reliable platforms. After all, the options are plenty these days, there even exist well-known brand names that have attached to casinos and sportsbooks.
If you are looking to wager online, the first thing you should look for is the sportsbook deposit welcome bonus. This way, you will be well-positioned for success right when you start. Additionally, also look at their offerings. For instance, the best casinos offer everything from slot machines to poker online and sports betting under a single roof.
Whatever it is that you are looking for in an online sportsbook, the chances are that you will find a lot of options in the market where you can bet in a safe and secure environment. If an online casino or sportsbook is regulated and licensed, it can be considered safe to play on.
No matter how you look at the sports betting market, its enormous growth potential is one of the biggest takeaways. Of course, growth also means an increasing number of partnerships.
Currently, various sportsbooks are striking deals with professional leagues and broadcast companies. For instance, DraftKings and the Chicago Cubs have joined forces on a $100 million deal.
Sportradar that currently tracks league data for major sports leagues in the United States have states that their primary goal is to partner with every sportsbook in the country. Similarly, Unibet, an online gambling platform, is also partnering with teams in the NFL, NHL, and MLS. Additionally, working together with the Philadelphia Eagles, they have come up with a blackjack game.
According to ESPN, the commercialization of the sports betting market can be seen on highway billboards, floors inside NBA arenas, and in the outfields of MLB stadiums. In addition, nearly $154 million was spent on local TV ads in the US just in the first three months of 2021. Compare that with the $4 billion wagers places with US sportsbooks in March, and you have a milestone in the industry.
With the NFL season that began in August, the number of wagers increased bi- and tri-fold. American football is one of the popular sports to wager on across the world. Hence, the league announced partnerships with Caesars Entertainment, DraftKings, and FanDuel right at the beginning of this year.
That being said, it is pretty evident that the sports betting companies and the online sports betting arena are walking into a Golden Age.