Mobile & Crypto Drive Sports Betting Growth
August 23, 2019
The global sports betting market is expected be valued at an incredible US$608 billion by the time 2027 comes around. This is according to a recent report published by Transparency Market Research. The drivers behind the massive boom and rapid growth? Mobile technology and cryptocurrency.
Even so, the levels of growth and expansion currently pushing the scales of operation and capital expenses to a heated breaking point are bound to shake things up globally. Major market players are battling it out and not only against one another, but very much against the system too. The industry is going through a laborious process of finding its balance in the global scheme of things.
The Big Guns
When looking at the list of global sports betting market leaders and players, it’s a matter of “no surprises there”. Market leaders include UK bookie giant William Hill, Bet 365, Paddy Power Betfair (now Flutter Entertainment), The Stars Group and GVC Holdings. These are the big guns driving the industry and the growth within the industry ever forward.
The specific share of the market enjoyed by each of the global sports betting leaders is determined by a number of factors. These include a focus on in-house development, mergers and acquisitions (M&As) and a commitment to coming up with new innovations.
Needless to say, positions on the leadership rungs are currently shifting and by on means static or stationary for a too long at any given time. Mergers and acquisitions play a giant role in the global sports betting market, with Paddy Power’s 2016 decision to merge with Betfair being the perfect example of the shift that takes place in the global marketplace when two giant players pool their resources.
The US Paved The Way
The part that the US has played in bringing sports betting to a position of international focus and new awareness must be seen and credited for what it is. This gave rise not only to an exemplary regulatory model now followed by many other countries across the world, but it also provided to global markets as permission of sorts that virtual sports betting may now finally be fully embraced.
Sports betting was once frowned upon for the most part by world authorities. But what America has managed to do is to present to governments a workable model and a very successful and effective one at that. Economies are benefiting from this model and approach and governments are finally beginning to see that betting on sports, when property regulated, isn’t the social ill that it was previously considered to be.
Europe, Asia – The World
When talking emerging markets, the focus shifts to the European continent. And the reason for this, even more than available technology and cryptocurrencies, is football. Europeans love football. In fact, Europeans live football. And so it makes perfect sense that football now officially contributes as meaningful a share of high-value to European markets as does any other sport, including cricket and rugby.
Football is the reason Europe is fast becoming the new home of sports betting. But that doesn’t mean that Europe has surpassed mega sports world regions the likes of Asia, India and China. Granted, India appears to be more focused on cricket, but as for Asia and China, these are the two regions where football is making its mark in the global sports betting scene. True original hubs of big-tech, China and Asia Pacific are leading the way in terms of mobile-driven virtual bets