The global sports betting market has been expanding at a record rate. So much so that its ranked amongst the fastest-growing sectors worldwide, providing huge potential for bettors and sportsbooks alike. And thanks to the digital revolution, the betting sector continues to go through massive changes, expanding in developed markets and penetrating new ones.
Today, bettors are turning to online platforms like Netbet Nigeria to access their favorite sports and even make some money out of it. But the question is, what are the forces behind the thriving betting industry?
Before we address this question, let’s first look at how widespread the sport betting market it.
The reality is that it’s hard to estimate the size of the betting sector because of the inconsistent record-keeping and regulations. There’s isn’t any cut-and-dried resource that we can depend on for the same. The available information is too scarce to make out anything substantial. However, one thing is clear – the industry is thriving. Estimates reveal that international sports betting has a market capitalization of $250 billion. Of this revenue, more than $39.7 billion goes to licensed online sportsbooks – according to Statista. The remaining bets are staked at venues like horse tracks, casinos, and other global conduits.
Back to our question, what’s pushing the growth in the betting industry?
Technological advancement
Unlike a while back where people had to go to the nearest casino to indulge in their favorite activity, now they can click a button and access thousands of sporting activities. The casino is now at the palm of the bettors’ hands. The convenience and accessibility that’s brought about by innovation make betting and casino games appealing for many punters.
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New products
The recent past has seen the introduction of cheaper, enticing, and very appealing products. Several factors inspire the existence of these products, namely, fierce competition, the desire to explore and exploit new or emerging markets. Together with favorable costs, these products have managed to increase the traffic of clients.
Favorable government policies
The betting industry pays taxes to governments of the countries in which they operate. These governments have come up with strategies that guide, regulate, and manage how these firms operate. The taxes that these firms pay the government are used to improve sports and support good courses.
Enticing rewards
The betting firms are involved in cut-throat competition among themselves. Most of the firms are forced to introduce low staking amounts and higher jackpots. All these are in an all-important effort to maintain old and net new clients.
All the above factors have contributed to the growth of this industry. However, everything that has its pros has its cons, and this industry is no exception. Several challenges have jinxed the betting industry.
The challenges
All the parties that are involved in the running of a balanced or smooth betting industry must practice a tough balancing act.
Laws
Weak or no laws in the industry will affect the operations of the government and the spirit of sportsmanship. These effects range from economic crimes such as tax evasion and match-fixing.
Socioeconomic collapse
If not done in moderation, betting activities can have terrible effects on the members of society. It can be very addictive, and it the fact that addictions often inspire crime relates events.
