Broadcast sporting events are often considered to be amongst the most popular commodities and leisure for any individual to watch given the immense amount of talent that is so often on display and the overall hype surrounding such events.
Many audiences and related consumers have taken a great intrigue into the sporting landscape and have often sighted an enjoyment in raising the stakes for various outings that may not necessarily revolve around rooting for their favorite team. One of the main ways that most consumers have become further affiliated with the sporting sector is to partake in various betting activities that can include gambling on any related stake for a number of sporting contests or outcomes.
Watching sports events can already be considered an exciting experience by itself, yet adding the sheer thrill and anticipation of sports betting to the intensity surrounding such outings.
A SECTOR THAT HELPS BOOSTING LOCAL ECONOMIES
Nowadays, sports betting is well and truly on the rise as many new active punters have wagered earnings on any given game from their favorite sport, leaving many to question as to what has mainly caused this significant upsurge in the betting player base and what major factors this is likely to introduce towards the sporting world for the foreseeable future.
Main increase source for all active sports punters
Sports are now garnering interest from fans across the world as many more look to confirm their predictions in play for any upcoming contest, such as anticipating who will win the fabled Vince Lombardi trophy in the latest NFL Superbowl Odds on the DraftKings sportsbook.
The main origin point of this sudden increase in sports betting players mainly stems from the US Supreme Court’s decision to overturn the Professional and Amateur Sports Protection Act (PASPA, 1992) in May 2018, which in turn lifted the ban set on several states that restricted their involvement in sports wagering across various outlets and platforms. Whilst some US states have retained a tight strain on allowing punters to bet on any upcoming sporting event, this has not stopped the industry from gaining traction and a developing player base for all appropriate age groups.
Given the fact that many fans of sports have now been granted the opportunity to bet on a variety of sporting contests, depending on their state of accommodation, this has been one of the main driving forces in the continuous development of active players which has since spanned from numerous in-house sportsbook to online webpages and even smart device applications.
The overall number of active online sports punters has drastically increased throughout recent years, with a reported study showcasing that 2022 tallied an estimated total of 19 million players in just the calendar year alone, with the predicted number of players for 2023 expected to rise to 23 million before the end of the year.
The decision to overturn the previously mentioned PASPA has remained as the key reason behind this significant rise in players, as many more punters are now able to wager across various platforms without the restrains that sports betting has been hampered with in the prior years of development.
Benefits that an increase of sports betting punters has brought to the industry
The whole sports betting industry has continuously provided a multitude of integral contribution factors towards some of the world’s most renowned sporting professions. A recent example is the expansion of iGaming regulations in LatAm, and the boosting of international sports leagues such as soccer in Europe and South America, as it has provided fans with a much more exciting method to partake in while watching the sport they love.
Sports betting brings in a vast amount of important revenue numbers, with recorded in late 2020 figures often estimating the industry to be worth in the mist of USD 65-70 billion, which is expected to rise upwards towards USD 110 billion by 2025.
Alongside the aforementioned US Supreme Court overturning of the different betting related acts, another pivotal reason as to why the industry continues to gain traction can relate to the media opportunities that have opened up to players, with betting companies now allowing their users to play from the comfort of their own homes on mobile apps.
These factors have also greatly contributed towards other related segments, like technology and the development of smart hub/phone devices, as more individuals are now likely to purchase such devices to utilize their convenient features.
In sum, sports betting has allowed many other sectors to flourish barring the gambling and sporting industries, which has showcased how much of an integral part these assets are to local economies for developing the wellbeing in their societies.