Undoubtedly, the online betting sector is one of the fastest-growing in the online gambling industry. Machine learning, chatbots, artificial intelligence, and other technological wonders have taken over the market. Not to mention that there’s also growth in the number of the female players in casinos and gaming industry in general.
While the law and regulations are the biggest limiting growth factor, several online gaming companies such as Betsafe.com/ca seized the opportunity to present themselves as market leaders when it comes to sports betting, after it was finally permitted in the US by the Supreme Court in 2018. Nevertheless, new online gambling regulations on key markets like North America are expected to further increase the growth of sports betting segment.
Online Betting Contributes to a Noticeable Share
Online betting segment is especially profitable during major sport events like the European Championship or FIFA World Cup. Horseracing and greyhound racing are another two sports which are a popular choice for gamblers. In fact, majority of online gambling companies are using major events to further promote their brand. One example is the Bwin, with their sponsorships to football clubs like AC Milan and Real Madrid. Other companies, like Betsson, are more focused on penetrating key markets and positioning themselves as market leads, either by offering superior service or attracting majority of player base.
North America as the Fastest Growing Region
In the US, New Jersey, Pennsylvania and Nevada are countries where bookmakers can legally operate, with Pensnsylvania being the largest and latest to authorize and control online gambling. The new law permits for sports betting, online poker and online casinos to operate legally.
On the other hand, New Jersey is the biggest marketplace for controlled online betting throughout the country. Canada is massively an unregulated market when it comes to online gaming. Mexico, meanwhile, is assessing its gambling regulation. The region strives to control the online gaming market to align themselves with the rest of the countries of the continent.
The Market is Getting More and More Competitive
Innovators and market leaders have been concentrating on merges during the previous few years. Their goal is to boost its market share and to enhance margins. One example of this is the merge of Bet fair Plc and Paddy power Plc into Paddy Power Betfair Plc. Likewise, Coral and Ladbrokes combined and founded Ladbrokes Coral Group Plc.
A lot of online betting firms today depend on third party suppliers like Playtech, mainly for software. Others prefer to develop their own solutions. For instance, 888poker massively capitalized on making its own online gaming technology and software. However, the major players within the online gaming industry are offering similar or nearly indistinguishable products and services. That leads to a very competitive marketplace with huge emphasis on proper promotions and pricing.
The Market of Sports Betting Is Anticipated to Grow by 8 Billion Dollars by 2025
American multinational bank and financial services company Morgan Stanley presented a high-end bullish estimate. They claim that sports betting would produce 15 billion dollars in revenue by 2025, after all states in the country legalize online gambling. The worst-case estimate is a 2.5 billion dollars market along with only twenty-two states partaking. Senior Vice President of Hard Rock International, Kresmir Spajic, claimed that eighty percent of sports betting transactions within Europe are financed via credit cards, opposed to at least thirty percent in the United States.
