How Fast is the Online Sports Betting Market Growing?

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Fuelled by the massive expansion of the online gambling sector, the online sports betting market is growing at a rapid pace. To such an extent that by 2023, estimate suggests that the value of the market could grow by another 40%.

A growth rate faster than any other market segment of the gambling industry. 

The fact that more and more online betting companies are entering the mix all the time is furthering the market’s expansion. Increasingly, people who would never normally have considered themselves gamblers are finding themselves caught up in the online movement. Just as those who’ve been betting for years are diversifying their activities and trying new things.

But aside from the convenience of betting online, there are several other factors that are contributing to the spectacular growth of the sector. 

10 of which are as follows:

1.  Firstly, the simplicity end user-friendliness of the best online sports books is making all the difference. No longer is betting online a complex or convoluted process, suitable only for those who already know what they are doing. Even with absolutely no experience whatsoever, it’s a walk in the park to sign up with online bookmaker and get into the action.

2.  Betting online is also nowhere near as time consuming as placing wagers at a traditional betting shop. Markets are open 24/7 and bets can be placed at any time from any connected device. This can be particularly useful for those who don’t live in the vicinity of a reliable betting shop. Punters who until fairly recently had no convenient access to gambling at all.

3. The online sports betting market is much less regulated compared to traditional, land-based sportsbooks. This means that the industry has more freedom to innovate and adapt, without having to worry about the same legislation governing traditional sports betting. All of which results in a far more diverse and innovative sector for those who place wagers online. 

4.  More countries than ever before are legalising online sports betting as a way of raising much-needed tax revenue. This is making a huge contribution to the growth of the sector, as territories that once outlawed gambling are beginning to embrace it. As it’s so much easier to set up and launch online sports books than physical betting shops, that’s exactly what most providers are doing.

5.  We’ve already reached a point where more than 80% of the world’s entire population owns at least one smartphone. Billions of connected devices are providing sportsbook brands with opportunity to massively expand and diversify their audiences. Quite simply, all the sports betting opportunities anyone could ever wish for are sitting right there in their pocket. 

6.  More and more professional teams such as English Premier League Football clubs are signing partnership deals with online gambling operators. Primarily to monetise their brands by running their logos on sponsor boards, which often brings in huge sums of money. This has helped contribute to the rise in sports betting across Europe and other countries where football is popular.

7.  More online sportsbooks are beginning to accept cryptocurrencies, which have become the preferred payment method for a fairly large audience. Crypto investments are a form of gambling in their own right, so it stands to reason that cryptocurrencies are popular among gamblers. Cryptocurrency-only bookmakers often hand out incentives exclusively to those who deposit and withdrawal using crypto.

8.  The popularity of fantasy sports is also on the rise all over the world. Once something of a niche market, fantasy sports has come into its own as a hugely popular sub-segment of the sector. One that’s being embraced by a growing list of major bookmakers and independent sportsbooks. All looking to claim their share of what’s proving to be a seriously lucrative pie.

9.  One of the biggest benefits of gambling online is gaining access to a whole world of introductory bonuses and incentives. Sports betting is no different, with generous rewards up for grabs from most leading brands. None of which you’d be offered when placing wagers at a traditional betting shop, where the average bankroll doesn’t go nearly as far.

10.  Last up, the fact that it is much cheaper and easier to run an online sportsbook plays right into the hands of punters. Online sportsbook providers make the kinds of savings that translate to better odds and margins for their customers. Exceptions occur, but you will almost always find superior odds and margins when betting online. 

Along with the above, there’s also the way in which online sports betting provides access to a much larger and more diverse range of markets. Rather than being limited to the most prominent sports leagues and events, you can bet on just about anything online.

Top Tips for Choosing an Online Bookmaker

If the above has convinced you to give online betting a shot, the first thing you need to do is find a decent bookmaker. There’s no shortage of options available, which if anything can complicate the selection process.

Personal preference plays a role, but you (of course) want to get the best possible value for money. In which case, it’s recommended to prioritise each of the following, when choosing an online bookmaker:

1.  Realistic introductory offers

Don’t just dive instinctively into the first OTT bonus offer that comes along.  Check the T&Cs in full and make sure it’s legit, before claiming any introductory bonus. 

2.  A user-friendly interface

Stick with online sportsbooks that keep things simple and intuitive. Far too many online bookmakers are needlessly overcomplicated – particularly for newcomers looking to learn the ropes. 

3.  Positive reviews and recommendations

Last up, nothing matters more than choosing an online bookmaker with a solid track record. Check customer reviews and recommendations, avoiding those with disproportionately negative feedback.

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