Sports betting is one of the most popular types of gambling, generating a considerable amount of money yearly. This system has been used since humanity’s beginning, specifically in ancient China and Rome. Since then, it has become an enormous industry that generates immense amounts of money only in the United States.
In fact, due to the upcoming World Cup event in Qatar at the end of this year, the State of New Jersey is one example of how the sports betting market is aware of the impact that this event will entail on the industry.
Recent studies have shown that the market is expected to grow with a CAGR of 10% until 2032. The main force behind such a surge in the sports betting business could be the legalization of sports betting in America. Numerous reasons can be attributed to this industry’s growth and future outlook, which we will briefly analyze in this article.
A total of 8 states in the United States have decriminalized sports betting already
According to a report by Grand View Research, Inc., the global sports betting market experienced a growth of 5% CAGR from 2017 to 2021. This growth was driven by the legalization of sports betting in several countries across the globe. For example, eight states in the United States have decriminalized sports betting since the Supreme Court overturned the Professional and Amateur Sports Protection Act (PASPA) in May 2018.
AI and blockchain in sports betting – How apps have a crucial role in this growth
The increasing demand for online sports betting applications has led to a surge in the development of blockchain and AI-based platforms for sports betting records.
How is the sports betting industry benefiting from it? For example, blockchain technology can store sports betting records and player data, which will help ensure that they comply with regulations and maintain transparency between players, operators and regulators. And the use of AI is also helping in analyzing player behavior by using historical data to predict future performance, which will give an advantage to operators who can utilize it to their advantage.
Sports leagues and events are fuelling the sports betting market
A couple of years ago, a study was released that the global sports betting market would grow at a CAGR of 5.6% between 2020 and 2024. And the predictions have been assertive.
In fact, another reason the industry is experiencing great fortune is the number of sports leagues and events in demand. This fact is driving the sports betting market thanks to bettors now having a more excellent range of options, becoming more significant opportunities.
As a result, the industry expects a growth of US$ 225.65 Million by 2032
It’s a fact: the sports betting industry is growing. A combination of factors such as the regularization of the sector worldwide, the presentation of new leagues and sporting events, and the use of new technologies fuel the exponential growth of sports betting. Thus, the growth is expected to be US$ 225.65 million in ten years.
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