As one of the oldest forms of gambling in the world, sports betting has long remained one of the more core components. According to current reports, this side of the market accounts for no less than 70% of all global gaming revenue. Sitting at a worth of 104 billion USD in 2017, a strong 8.83% CAGR has put it on track to hit 155 billion by 2024. While a great deal of this success is undoubtedly owed to prior momentum, just as important in a contemporary sense are the contributions as brought about by the modern online market revolution.
Online Market Expansion
One of the most obvious illustrations of how far the online sportsbook market has come can be found in its more esoteric offerings. A popular example of this in December is the ability to bet on the latest Christmas number 1 odds. Allowing odds on Mariah Carey, Robbie Williams, Jess Glynne, and more would have been unfeasible with smaller services, but today’s vastness of online systems means these opportunities are everywhere.
In prior years, illustrative growth became obvious more towards the slot software and mobile hardware markets. For slots, the move to software over hardware systems gave a level of flexibility above what land-based casinos could offer. From bonus games to features like expanding reels and transforming symbols, these changes signalled an untapped world for slot enthusiasts.
“Smartphone” (CC BY 2.0) by Infinity Studio
The developments brought by mobile phones had a similar effect that they had on other entertainment systems like YouTube. By offering a more convenient option for many users than PC or traditional physical locations, far more were encouraged to play, and many were introduced who didn’t have access before. This holds for both developed and developing nations, both of which have seen significant increases in smartphone adoption over the last few years.
A Combatative Relationship
For many betting games like poker, slots, and roulette, the relationship between online and offline systems is usually one of alternatives. Players can simply select their preferred avenue on a specific day, or whenever they’re experiencing a specific mood, and use that to guide their choice. While the online portions of these markets are growing, they’re still unlikely to act as greater replacements for traditional systems.
Sportsbooks can be a little different, in that online marketplaces can offer advantages beyond what land-based systems can realise. As a reflection of the online marketplace, online sportsbooks often offer much wider access to international markets, an area where land-based systems can struggle.
“Sportsbook at the Wynn” (CC BY-SA 2.0) by leyla.a
As far as online sports betting has come, there is still significant room left for expansion. At this stage, the market is largely focused on Europe, with Asia and Africa specifically offering immense untapped potential. While statistical predictions might not reach further than the next few years, current trajectories of an increasingly online population likely indicate reliable long-term online growth.