Online sports betting has exploded in recent years. The relaxation of gambling laws throughout the U.S. has spurred 25 states to legalize the practice. This has opened up a brand-new market for sports betting companies.
But why is online sports betting becoming more popular?
Is Online Sports Betting Growing?
According to Bloomberg, the global sports betting market is expected to reach $140.26 billion by 2028, with the main driving force being online sports betting. Although Europe dominates the major segment of the market, the U.S. is expected to make up for lost ground in future decades.
The fact that attitudes toward sports betting have softened has led to a general increase in accessibility. Gamblers no longer need to visit the black market or go to a physical location to place bets on their favorite teams.
This is the primary reason the market is growing, as opposed to existing sports betters wagering more money.
Of course, there remain concerns about the potential for gambling addiction, but nearly every legal sportsbook has put in contingencies to prevent sports betting problems from arising.
Looking up the best deals, like Betrivers betting odds, has never been simpler, with regular gamblers able to hold accounts with all the major sports betting brands.
The COVID-19 Pandemic
Perhaps the most significant event in recent years to impact the online sports betting industry is the COVID-19 pandemic. With millions forced to stay home, many people have turned to sports betting as a form of entertainment.
In the same way, many have given video gaming a try, and others have added some spice to watching their favorite sports with online betting.
Sports betting apps have never been simpler to use, with bettors able to place their wagers at the click of a button.
Another reason online sports betting has grown in popularity is the advent of in-play betting. Rather than being restricted by simple pre-game bets, it’s now possible to bet as the big game plays out.
Some sports betting companies even give gamblers the chance to cash out their bets early to preserve their profits.
In-play betting has turned sports betting into a fast-paced piece of entertainment, attracting more and more people.
Online sports betting in the U.S. is still in its infancy. Half of the states still don’t allow online sports betting operations, but there are campaigns within these states to overturn their prohibitive gambling laws.
The U.S. is the market sports betting companies are most excited about, as it’s already the home of some of the biggest sports leagues on the planet.
Yet, the legality of online sports betting is not just an issue for the U.S. Many European countries are already looking into transforming their existing gambling laws.
The gradual opening up of the industry is providing new markets to explore and exploit. Millions more sports fans now have legal avenues to bet on their favorite teams for the first time.
More Options to Play
Traditionally, in areas where sports betting was legal, most people had access to one or two outlets with set odds. It gave them little choice in terms of maximizing their profits, but all that has changed.
There are now countless online sportsbooks to take advantage of. A higher level of competition has meant introductory offers and one-time deals have become more lucrative.
The irresistible temptation of a free bet is often more than enough to encourage people to wager some of their hard-earned dollars on the outcome of a sporting event.
In short, there are now more marketing opportunities for online sportsbooks to encourage people to gamble. While this may not be great news for sportsbooks that need loss leaders, it’s fantastic news for bettors.
Online sports betting is an industry that’s on a hot streak. For the first time, millions of people of all ages can place bets on their favorite sports. Innovations like in-play betting, online streaming, and exotic bets are spurring more people to give online sports gambling a try.
While there will be a ceiling that sportsbooks need to confront at some point, the highly restrictive gambling laws in place in markets like the U.S. mean that there’s no sign this will come anytime soon.
If you’re lucky enough to live in a state where online sports betting is now legal, why not place your first wager and benefit from lucrative introductory deals