Since 2020, sportsbooks have seen a surge in demand. For millions of consumers, betting on sports has become an accessible form of leisure, a great way to pass the time thrillingly. By nature, humans are attracted to risky activities. People have been gambling since the dawn of history, but now, thanks to online platforms, this pastime is a tap away.
Betting has a few advantages over iGaming. Online casinos are built on random number generators — pure chance. In comparison with the astonishing NetEnt games in casino, sports betting is more rational. Participants need to make informed predictions, not just spin the reels (on the downside, there are no million-dollar jackpots).
The Most Impressive Growth
The most popular sport to watch is also the most popular sport to bet on. Football is the ultimate leader, and it has even regained popularity in the US due to the pandemic. The American Gaming Association (AGA) estimates that fans placed $4.3 billion worth of wagers on Super Bowl LV.
This was unprecedented — a 63% rise since the previous year. Almost 8 million people wanted to capitalize on the event. Basketball — specifically, the college type — was the runner-up. The number of people wagering online has doubled since 2019.
The Global Sports Betting Market: Key Trends
After the coronavirus outbreak, the global industry was at a standstill for about a year. Since the beginning of 2021, growth has been spectacular:
- In January alone, American bookmakers registered revenues totaling around $378 million.
- In comparison with 2020, the year-over-year increase reached 174%. Domestic sports betting is also expanding.
Across the Atlantic, the trend is similar. In 2019, under half (41%) of revenue in digital gambling came from sportsbooks. By 2024, the market is projected to grow to 94 billion dollars. The highest GGR (Gross Gambling Revenue) is observed in: the UK, Italy, France, Germany, and Spain.
Online wagering is also expanding in Latin America. There, bookmakers are still available through traditional brick-and-mortar casinos. Clearly, sports betting is becoming an unstoppable force around the world, and no other country accepts more bets than China. The Macau administrative region is the heart of world gambling. Local bettors particularly like European football and American basketball.
Modern Technology
Technological solutions drive the gambling industry, and sports betting is no exception. Many bookmakers have had to take their business online. This is true for all top gambling operators. Mobile access makes the activity instantly accessible.
Meanwhile, more conventional providers are upgrading their services. For example, thanks to the partnership between Dish Network and DraftKings, subscribers to satellite television can bet on sports through live broadcasts, right to their smartphones.
Why Do So Many People Love Sports Betting?
This activity speaks to our natural inclinations. On the one hand, humans are excited when their activities involve some degree of risk. On the other hand, everybody loves rewards. When a bettor realizes that their prediction was correct, dopamine is released in their brain. It is a rush that makes them feel good. Few people can resist instant gratification, especially when it requires little effort.
Due to this brain chemistry, the experience is fascinating. It is also potentially addictive. On the upside, sports fans need to research to make informed predictions, so they do not entirely rely on luck. For some people, gambling is only a hobby, a fun way to spend their spare time. Given the diverse choice of games, bonuses, and promotions, it is clear why so many people bet on sports worldwide.
Stay tuned to Chat Sports on YouTube for NFL betting chat this fall!
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