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The evolving landscape of the sports betting industry

Online betting industry is on an upsurge streak and is on the verge of becoming a leading industry in the gaming sector.

Sports betting industry has taken the gaming industry by storm. It is one of the fastest growing industries into the gaming sector globally and has changed the overall landscape of the gambling industry. Over the recent years it has emerged into a very lucrative multi million dollar industry and the market for it is estimated to grow by USD 144.44 billion by 2024. The momentum for the sports betting industry will witness a rapid acceleration due to constant increase in popularity, user base and technological advancements.

Online betting industry is on an upsurge streak and is on the verge of becoming a leading industry in the gaming sector. Though not as welcomed by some legislations and countries across the globe, sports betting has still accomplished itself as a popular choice amongst the users. The phenomenal rise in sports betting industry can be acclaimed to the following reasons:

Legalization

One of the major drivers of the growth and popularity of the sports betting industry is the recent legalization in the US. Sports betting is legal in a few states of the US, the UK and other European countries. Not only this but several governments across the world are also on their way to legalizing online gambling and the sports betting industry. Thus, creating a huge potential into this industry and paving way for new growth opportunities for market vendors. These legalization will depict a prodigious rate of growth and have evolved the landscape of the sports betting industry.

Growing Participation in Australia

Australia is one of the leading nations in the sports betting industry. The growing participation of the Australian audience is one of the crucial drivers that has fueled the growth of this industry. As per a survey in 2015 that claimed that half a million Australian adults regularly placed bets on sports. The demographics represented that most of the bettors were men aged 18-49. The Australian market is consistently witnessing a rise in the market size and the user base for the sports betting industry.

Emergence of Machine Learning

The growing technological advancements and more & more efficient use of technology is giving a major boost to the online betting industry. The advent of machine learning in sports betting and the growing success of esports tournaments would further accelerate the growth of the betting industry. With the proliferation of data and technology the industry is marking a growth like never before. The unique gaming opportunities and secured algorithms have stimulated the user base and acceptance towards the industry.

Rising Popularity in India

Over the past few decades, the Indian sports betting industry has come a long way, making it a spectacular entertainment source. A plethora of online betting sites have become exceedingly popular and have created a huge craze among the Indian users. However, betting on cricket or on other sports except horse racing is outlawed in India. But seeing the popularity and increasing fan base there’s a chance of sports betting being legalized in India. A population of 1.3 billion people with one of the largest youth populations and a GDP of $2.4 trillion, India is an emerging market for sports betting. The three major reasons that are pertinent for the rise of sports betting in India are:

Probability of being legalized

The gambling industry is a widespread market but is a grey area in India. Despite the prohibitory laws against it, the online betting industry always has a huge fan base. The gambling market has a huge potential in India and is estimated to grow at 41 percent annually. As per the Indian constitution the states can decide the laws related to betting in their region. Hence 13 states and 5 union territories have sanctioned government run lotteries. While horse racing is legal in 6 states and casinos are legal in Goa and Sikkim. Sikkim till date is the only state to legalize sports betting. The rise in popularity and increasing fan base it is possible that India might be on its way to legalization of sports betting in the near future.

Easy and cheap availability of internet

One of the major reasons that has aided the emergence of the online gaming industry is easy and cheap availability of internet. With increasing access to affordable broadband mobile and greater choice in smartphones, the mobile gaming industry has seen a growth in the last few years. In addition to that, India has the cheapest data globally that has provided a huge opportunity for operators across the globe to develop successful and scalable businesses across the platform.

Staunch cricket and football fan base in India

Cricket in India is a religion to many. The love for the sport has ensured an upsurge in the fantasy industry. The popularity of the sport has been on a rise from young teenagers to grown up adults. The craze for sports doesn't end at cricket alone. With rise in popularity of other sports like football, basketball and kabaddi the Indian audience is relishing the fun of these sports leagues as well. Hence, giving a huge rise to Indian sports betting industry.

The bottom line

With legalization to be foreseen in the near future, propelled by increasing craze of the sports fans, a brave new world of sports gambling seems to be emerging. The sports betting industry is set to transform the mainstream and generate a significant value for the sports betting ecosystem. Fortunately, we at Vinfotech can help you take the plunge and start your own sports betting business and leverage the full potential of this growing industry. Our customizable white-label software, pre-loaded with top-notch features & backed by a super powerful admin panel will help you mark your entry into the thriving sports betting space.

About Vinfotech

Vinfotech creates world’s best fantasy sports-based entertainment, marketing and rewards platforms for fantasy sports startups, sports leagues, casinos and media companies. We promise initial set of real engaged users to put turbo in your fantasy platform growth. Our award winning software vFantasy™ allows us to build stellar rewards platform faster and better. Our customers include Zee Digital, Picklive and Arabian Gulf League.

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