What is the Scope of the Sports Market in 2020?
The sports industry
continues to be one of the growing industries in the world. There are various
sports businesses available in the market from which sports betting is
predicted to be the most growing industry which is rising by 11% in 2020 and
estimated to rise by $ 144.44 during the forecast period 2020-2024. The
growth of the betting industry has risen by more than $ 500 billion with a
growth rate of 5.9% by 2022. The sports betting market is increasing with the
commercialization of sports events and with the legalization of sports betting.
The investment in sports betting software is also increasing with the growth of the
global sports betting market. According to research, almost 50% of people above
18 years have placed a bet on sports events. Betting makes up 30-40 % of the
global gambling market that includes casinos, lotteries, pokers, and other sports.
Demographics according
to sports betting
- According to experts, young bettors are actively involved in sports betting and they found it comfortable to bet. Soon the bettors found it as mainstream in the sports market.
- According to the data of the American Gaming association 69% of bettors are men who placed bets online. In the past 12 months 45% of bettors are of the 23-34 age group.
- Sports betting majorly influencing a demographic of young males in the market.
- There are majorly two kinds of sports bettors available in the market; casual bettors who bet with friends, family through pool or league. The other one is core bettors.
- As per the research by the American Association, there are nearly 32.8 million core bettors available in the market.
- The
survey shows the figure of 61% Americans that are lacking interest in
sports betting which is a sign of growth in 2020 as there are many states
in the US where sports betting has become legal.
Legalization in Sports
Betting Industry
United Kingdom
- The developed companies such as the US are now paving their ways in sports betting whereas since 1960 sports betting is legal in the UK.
- As per the research by the experts, the most developed laws in sports betting is developed by the UK. The earliest sportsbook laws started in the The UK.
- The LCCP(License Conditions and Code of Practices) the UK gambling commission has published new norms and regulations for iGaming operators in the UK.
- According to the UK gambling commission, they implemented the following changes in their regulations:
·
Development of standards
of ADR
·
Enhancement in
transparency standards
·
Measures for customer
protection
·
To deal with gambling
harm, the commission is collecting voluntary funds
United States
- The states which were prohibited from sports betting are now legalized; this could be a great opportunity for businesses to develop sports betting business.
- There are many states in the US where people are interested in sports betting. Investors found this opportunity profitable to enhance the growth of their business and redefine the revenue generation model.
- The recent states where the sports betting is legalized are Lowa, Nevada, New York, Mississippi, Rhode Island, Pennsylvania, West Virginia, New Jersey, Indiana, etc.
- New Jersey and Delaware were the first states to grab this opportunity and generated major revenue. New Jersey generated revenue of approx 385 million dollars in a month.
- According to a legal sports report sports betting is legalized in 13 states and other states will also surely follow them as per their state legislatures.
- The
legalization in states will generate more interesting developments in the
upcoming time.
Germany
- Land-based and sports betting licenses are planned to be granted in 2020.
- The Darmstadt Regional Council, gambling licensing authority has developed minimum requirements that have to be fulfilled by the operators to launch a sports betting business.
- The requirements include documents and declarations that covers the following aspects:
·
Information of
applicants and representatives
·
Payment processing
·
Gambling representatives
·
IT security
·
Minors protection
Scope of Sports Betting
in Upcoming Time
The legalization of
sports betting will surely uplift the sports betting market in the future.
Various partnerships are coming in the market that shows a contribution to the
current betting market and leads to a major boost to the overall revenue of the
industry. The future aspects of sports betting industry include the following
scenarios in the upcoming time of 2020:
- The globalization of the sports betting market
When sports betting was not legal in the US,
there were approx 97% betting placed illegally. The new scenario of
legalization in the US shows the upcoming opportunities to bookmakers in 2020.
To enhance the business and attract the audience, the operating way of sports betting
is also developed globally by the operators.
- Profitability
to sports leagues
- Online
Betting Platforms
Over time, the number of mobile users increases
that will generate huge opportunities in the upcoming years. People prefer
online betting as the easiest way that enables operators and entrepreneurs to
invest in the industry.
- Rising competitiveness among companies
Many high-tech companies will enlarge their
business in wagering due to legalization in sports betting. The business in
digital platforms is also shifting to sports betting that shows the upcoming
competitiveness in 2020. These companies will compete and expect to extend
their market share.
- Developed
scope for new and existing operators
Due to legalization in
sports betting the upcoming years will be determined as a growing year for the
sports betting industry. It is highly beneficial for investors to opt for the
ultra-modern sports betting software. The investors need to consider the
following aspects to develop sports betting business:
- Market
research
- Analyzing
audience
- Determining
the operation
- Searching
for sports betting software provider
- Research
for industry
- Create
requirement sheet
- Develop the sports betting business through software development
Conclusion
According to the
research, sports betting is on a tremendous level of growth in 2020. The above
statistical records indicate that investing in sports betting can be beneficial
for entrepreneurs. To expand the business and rebuild the revenue generation
model, sports betting can be a great investment for the operators. As stated
above legalization in various countries shows the upcoming future and
opportunities of sports in the market. The upcoming years will analyze
potential changes in market trends. Thus, the scope of the sports market is
rising in the sports betting industry and can be a beneficial aspect for the
operators.
