Report: Global Sports Betting Industry Will Grow by 8.26%
January 31, 2018
The global sports betting industry will grow by 8.26 percent by 2022, according to the Global Sports Betting Market 2018-2022 report.
The report published by the India-based company, Technavio, analyzed several major sportsbooks like William Hill using several factors. One of which is the growth of the esports gambling market—a sector that has seen immense support from players, game developers, and online sportsbooks
Growing Esports Industry
Technavio previously conducted a study on the Global Esports marketthat said this sub-category of sports betting will see a compound annual growth rate of 32.28 percent from 2017 to 2021.
Esports is a trending sports betting market since a majority of its audience grew up with the video game industry. A significant part of the esports audience connects with esports games than traditional sports. Esports audiences will continue to grow in the next four years. Most of these people are young adults who will have disposable income by then.
Esports audiences are on the rise because of how the games can connect with young viewers. A market study from Newzoo’s Global Esports Report, there is an estimated 58 million esports audiences in 2012. These numbers have jumped to 145 million in 2017.
Leading game companies and service providers have also helped popularize the esports scene. Streaming services like Twitch allow for a live broadcast of popular esports tournaments. Blizzard and other companies have made several sponsored tournaments that have attracted both esports fans and non-esports audiences that play their games.
Bookmakers benefit from the rise of the esports industry. By offering both sports and esports betting market, operators can attract a wide range of punters from various markets across the globe.
Technological availability helps the sports betting industry attract various punters. Operators can benefit from this when applied in areas that have a strong sportsbook market audience.
The most important factor in the growth of the sportsbook industry is internet availability. This also includes other aspects of technology that are now open to most people.
Previously, punters need to visit local sport betting shop or a bookmaker in the neighborhood to make wagers for a match. Local sportsbooks often only have sports betting markets on matches that are happening in the country, while neighborhood bookmakers can be risky in certain places.
With access to the internet, any punter can easily reach a sportsbook site at any time. The sports that most gambling sites offer include Premier League and Super Bowl matches.
New payment methods also allowed punters to make bets with less frustration. One such payment method includes cryptocurrencies like Bitcoin which offers fast transactions and anonymity.