Aside from the different levels of entertainment that sports can bring, they can also be a subject of betting for most people.
That’s the reason why sports betting has continued to grow and has even evolved to cater to the new age of technology – hence the rise of mobile sports betting.
What is Mobile Sports Betting?
The convenience of placing bets on sports has significantly improved in the past few years. Gone are the days when you still had to go to your local sportsbook in placing your bets. Now, all you need is the internet and your mobile phone to place your wager with an online sportsbook. All thanks to various mobile sports betting sites for this convenience. You can now wager online, anytime and anywhere.
Meanwhile, while the launch of online betting in the mid-1990s was quite successful, it’s worth noting that it wasn’t as big as it is today. It’s understandable, though, given the huge leap of technological advancements. It’s becoming more relevant today as more people are engaged with the internet, especially when everything is within the power of their thumbs and their smartphones.
The growth of Mobile Sports Betting
A tremendous boom was projected and is happening in the world of sports betting in various markets. According to reports, sports betting in the global market is projected to increase by $144.44 billion in the years between 2020-2025.
In Great Britain, the UK Gambling Commission said that the gambling industry recorded £5.9 bn total Gross Gambling Yield (GGY) from April to September of 2020. It’s also worth noting that based on the study on online gambling conducted by the commission, mobile phones still remain the most popular way to access online betting, especially among young people.
Meanwhile, Americans spiked their bets at a record-setting $3 billion over just a month. With that, their revenue in sports betting rose by more than 53%, just shy of $240 from 2019-2020. According to Forbes, if sports betting is legalized in all 50 states in the US, the country may generate about $20 billion of revenue every year.
Factors that may contribute to the growth of the sports betting industry
The recent advancement in digital technology has paved the way for online sports betting operators to reach more bettors through live streaming and live in-play betting. The expansion of the available markets is also noticeable throughout the past 20 years.
Also, with the rise of the modern mobile sports betting apps, many experts predicted that the said mobile apps will dominate the market in the following years.
Now that the competition is on between the modern and traditional way of placing a wager, major sportsbooks are offering various sweet deals in order to keep their old customers and attract new ones. With such, sports betting continues to grow in popularity and still continues to do so. Online sports betting remains to be one of the best sources of income among die-hard gamblers and professional punters.
Another significant success of mobile sports betting is that it’s already legal in many countries. In the United States, for instance, any state can already opt to legalize any form of sports betting after the Supreme Court decided to strip off the federal ban on sports betting in the year 2018. Today, Washington, D.C., and 25 other states have already legalized the industry. They have also enjoyed the profit that the industry brought to them.
In fact, the American Gaming Association (AGA) had anticipated 23.2 million Americans had planned to wager just before the Superbowl 2021, or a total of $4.3 billion. Among them, about 7.6 million said they will bet on online sportsbooks, thereby recording an increase of roughly 63% from 2020.
Aside from the United States, chances are high that you can wager on your favorite sports if you live in the United Kingdom, Europe, Canada, Australia, New Zealand, and other western countries.
On the other hand, the ongoing Covid-19 pandemic has also contributed to the significant growth of mobile sports bettors. With many countries in lockdowns, controlled numbers of people allowed outside, and the imposition of the minimum health standards, people are forced to stay at home and access everything online – may it be their studies, jobs, and even their source of entertainment.
With that, millions of potential new bettors are expected to help contribute to the growth of mobile sports betting. In order to reach out to new customers, partnerships were even made between sports leagues, big media companies, and bookmakers.
With the current global state and the continuous technological development, mobile sports betting has ripped its fair share of success in the history of sports betting. Given that it’s still in its early years, more can be expected as more people are starting to appreciate this level of entertainment and money-making.
Read more:
Mobile Sports Betting – How Big Is It Going To Grow
