For over 2,000 years since the Greeks first gambled on the Olympics, sports betting has been enjoyed worldwide and that trend is strong even today according to a new report titled, “Global Sports Betting Market Size, Statistics, Trend Analysis, and Forecast Report, 2022 – 2032.”
According to this report, the global sports betting market is financially thriving, and it estimates its size at $84.6 Billion in 2022 (year-end adjusted data) and includes an optimistic forecast for the future, saying that global market could reach as high as $288.2 Billion by the year 2032.
That’s good financial news for a wide arrange of interested parties – bettors, sportsbooks, sports teams and athletes, beneficiaries of the tax revenue – since that growing market means everyone spends and makes more money as interest in sports is fueled even further.
Sports Betting is a complicated market to track given that it exists in retail and mobile form with countless betting types to choose from on an endless list of sports that exist in various regions and countries in the world, all operated by dozens if not hundreds of sportsbooks, big and small.
That’s where technology comes in.
Once computers began to connect via the internet in the early 90’s, a “global digital revolution” erupted and in the sports betting world, and operators raced to keep up with all the latest technological advances that made handling odds and bets easier than doing it by hand.
According to this recent report:
The global digital revolution has boosted the Sports Betting market as there has been a surge in commercial and retail online transactions due to growth in digital infrastructure.
That has certainly proven to be true in the new legal US sports betting market that officially launched in 2018 when the Supreme Court overturned PASPA and allowed voters in each state to decide if they wanted their own market instead of having to travel to Vegas or Jersey to bet.
Now in over thirty US states and DC it is legal to place sports wagers in various ways, and in all of those markets what’s proven to be true is that the mobile option has been more lucrative than the retail version since it’s far easier to place bets from your couch than drive to a casino.
Sports betting is a global phenomenon and there are larger markets than the US.
The emerging legal US sports betting market accounts for approximately 10% of the global market, but the largest share belongs to the Asia Pacific, which, according to that international report, holds 30% of that global marketplace, the largest share of all.
Expect that to change as the US market becomes more sophisticated and as more states join in the legal sports betting fun, with California voters about to weigh in on the issue in November and a few other states – Kansas, Massachusetts, Maine – still working out the details.
The sports betting market continues to thrive despite enduring a variety of timeless challenges – inflation, pandemic, elections, wars – a success derived, no doubt, from our insatiable thirst for excitement, and even a dollar bet on your favorite team makes life more thrilling, if just for a day.
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Mike Lukas is a retired standup comedian turned freelance writer now living in Dallas, Texas, originally from Cleveland, Ohio. His love for the game of football and all things Cleveland Browns turned Mike into a pro blogger years ago. Now Mike enjoys writing about all thirty-two NFL teams, hoping to help football gamblers gain a slight edge in their pursuit of the perfect wager. Email: [email protected]More info on Mike Lukas
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