Online sports betting is rising in popularity in the wake of the pandemic and global shutdowns. An absolute record amount was wagered on Super Bowl LV – $4.3 billion. Leading online sportsbooks accepted eight million bets, which is up almost 65% year-on-year.
In the US and elsewhere, there seems to be no end to sports betting growth in sight. More and more states are legalizing this practice. This trend is also present in other countries.
According to global research firm Technavio, the sports betting market will increase by almost $145 billion globally in the next three years. A substantial portion of this amount will come from online sports betting, which is why there are so many brand-new online casinos in the USA.
In 2020, market research firms predicted the total gaming revenue in Europe would reach 24.7 billion euros. The total revenue includes earnings not only from sports betting but also from online casinos and online lotteries.
The highest revenue was recorded in France, Italy, Spain, Germany, and the UK. In 2019, sports betting accounted for almost half of the earnings from online gaming in Europe. In two years, Europe’s online gaming market is predicted to reach $94 billion.
Europe might be leading the pack for online gambling worldwide, but other continents are treading in its footsteps. This isn’t to say traditional sports betting is going to disappear. In South America, for example, many sportsbooks are still accessible this traditional way.
Macau Leads In Asia
The Asian country with the highest gambling rates is Macau, which is also recovering from the pandemic. More specifically, it is a Chinese administrative region and not a country. While it has only two legal sports betting operators, people living in Macau have access to sportsbooks worldwide. The most popular sports to bet on here are basketball and European football.
Why Is Sports Betting On The Rise?
The decline in COVID-19 cases isn’t the only reason for this trend. College basketball and other high-volume sports attract a lot of fans and bets. In the first division alone, there are hundreds of teams, and bookmakers don’t always manage to keep track of them. For this reason, weak lines can appear, and linemakers can make mistakes. The shrewd punter can make a profit from the high number of teams and games.
Great Odds & An Action-Packed Season
The regular season of college basketball betting is quite impressive. In November, there are lots of excellent preseason tournaments. Bettors love the early action. Most focus on the popular teams because it’s much harder to predict the winners in the pack of hundreds of others. Oddsmakers know this, and getting good odds on the favorites is hard due to that fact.
Not Just Sports Betting
Online gambling is also on the rise. The global market is predicted to pass $81 billion in 2022, up from $73 billion last year. The compound annual growth rate is more than 10%. Recovery from COVID-19 is the main reason behind these numbers. Gaming and gambling operators are getting over the impact of remote working and other containment measures. This market is expected to pass $115 billion in four years.
Last year, the Asian Pacific made the biggest contribution to the growth of online gambling. Eastern Europe is expected to be the fastest-growing region in this period, followed by North America and Western Europe.