Sports betting is a profitable industry that attracts gamblers all over the world. Due to advances in technology, sports betting is available 24/7, making online platforms for placing wagers extremely popular. Here are 5 reasons why launching an online sports betting platform is worth considering.
1. Market growth
The sports betting market is growing fast. According to some expert estimations, it was worth $104 billion in 2017, and is expected to reach $155.4 billion by 2024. Also, experts predict that the industry will grow at a compounded annual growth rate of 8.83% between 2018 and 2024.
It is also important to note that the sports betting market accounts for around 70% of total global gambling revenue, -which is more than what other gambling sectors such as lotteries and online casinos generate.
2. Future development
The sports betting industry has a very promising future, as there is still room for development with the help of innovative technologies. For instance, one hotly anticipated technology is virtual reality, which could make sports betting significantly more exciting by providing a new wagering experience for punters. VR could be used to recreate the atmosphere of the real event, so betting on a favorite sports team will become more engaging.
3. Improving legislation
Online sports betting is legal in a large number of countries, which allows operators to attract a wide range of audiences from a variety of different markets. For instance, in Europe, online betting is mostly regulated at the state level by local authorities. In the US, sports betting is not legal in all states, but this year has seen more and more of them allow sports betting platforms to operate. Sports betting licenses are often issued by gaming regulation authorities in such famous jurisdictions as Curacao, Malta, and Gibraltar.
4. Sports betting popularity
It is important to remember that sports betting is a popular type of gambling with a large demand. Punters enjoy sports betting because of the variety of sports disciplines to choose from and the possibility to place bets on their favorite local teams. Another thing that makes sports betting very attractive is how online platforms are compatible with different devices, allowing punters to place wagers at any time. It is estimated that 20% of sports betting now takes place via mobile, while by the end of 2019, this figure is expected to reach 45%.
5. Easy launch
Finally, launching an online betting platform is relatively easy today, despite how complicated it might seem. A successful sportsbook needs to provide a wide range of data, such as statistics, event calendars, streams, and live scores, all presented by an engaging design. But developing a betting platform is in fact very convenient, as there are many solutions that provide ready-to-launch platforms with all the necessary data and odds already integrated.
Entrepreneurs thinking about starting an online gambling business should consider launching a sports betting platform, as the industry is developing fast and attracting new audiences every year.