The online sports betting world has been continuously seeing growth since its inception. It is, in fact, amongst the fastest growing businesses in the world. The numbers of investors, developers, owners, and players have seen massive growth. They have all received large profits by being a part of this industry. With the growth in technology, the size and impact of online betting will continue to grow.
Let us have a look at the current scenario of online betting:
It is not possible to determine the exact size of the online betting market. This is so because the rules and regulations of online betting differ from one nation to another. And because no single organization or committee is supervising and handling the affairs of online betting. Because of a lack of record-keeping, it is not possible to paint a verified global picture.
That being said, several attempts have been made to produce some estimates. Sports betting consists of a wide variety of betting. It includes sports like cricket, soccer, football, and card games. Sports betting websites like MaxBet, BetFair, BetOnline, and others account for more than 40 percent of world-wide gambling revenues.
Statista, a data firm of high repute, says that sports betting accounts for 250 billion dollars. This genre has seen a growth rate of 20 billion dollars between the years 2009 and 2016. At this rate, online sports betting are set to have one of the biggest shares in the world economy. Technovio, another data firm, expects a whopping increase of 8.62 percent in the growth rate of this sector.
The Asia Pacific region, with its high population of around 4 billion people, has the highest share and involvement in the world of online betting. Residents of this region occupy 47% wagers of the online betting scene.
Another major region is popular in the world of online betting in the USA. Africa and Latin America are also big contributors. Other areas like Europe and Australia have not witnessed a very high performance in the online betting world, but the statistics here are also seeing steady growth.
The growth in the popularity of online sports betting websites like MaxBet, BetFair, BetOnline can be accounted for by the rise in economic prosperity around the world. As the rich breed keeps getting richer, their disposable income also increases. Leisure activities like online betting seem to reap the benefits of the same.
Along with this, a better internet connection and the availability of low-costing devices have allowed people to access sports information from anywhere in the world. They can get minute by minute updates sitting at the comfort of their homes. They are more involved, so they are betting more.
The huge prizes offered by the online betting websites and the many gaming varieties lure players into this business. These websites are very interactive and user-friendly. Even the beginners can easily get the hang of the same. In recent days, monetary interaction on these platforms has become easier and safer. All of this has contributed to the growth in the online betting scenario.