The decision by Supreme Court to allow sports betting all across the casinos both offline and online in the US grabbed a lot of attention. This keen interest in taking sports betting online will clearly prove to be a boon for casino, sports leagues, media companies and online gambling companies. Although the casinos would be required to frame stricter regulations to verify the player age and carry out massive payment processing, this is not something that the online gambling industry cannot manage. After all, it has come a long way in all these years.
Growth of online casinos
Over the years, the change in the law has allowed for greater freedom to access online casinos making gambling industry quite an open gaming platform. As per the report published by researchandmarkets, the global online gambling market is expected to generate revenue of $74 billion by the year 2023. High revenues can be expected because of the increasing availability of cost-effective mobile applications across the UK, the US, China, Italy and the SAR countries. Easy access and advent of internet applications have fueled the demand for global online gaming market. This would further be boosted with sports betting finding a place in the online casinos.
Sports betting to generate revenues
Online sports betting present a substantial opportunity to online casinos to drive their revenues. Over $95.6 million was invested on sporting events in the month of August in New Jersey. Over $21.7 million was bet via mobile phone apps and through online casinos. This hints that sport betting has the potential to become the dominant player in the industry if all the legal hurdles are cleared.
Scope for growth
The surge comes with more and more companies willing to join the burgeoning market. As per research by PwC, heightened value of media rights and increased sponsorship opportunities are set to elevate the growth of sports betting in the years to come over online gambling market segment. The research hints that new inventory pertaining to uniform rights, digital media platforms and gambling can play a vital role in enhancing the value of sports betting in the online market segment.
Tapping the potential in North American market
PwC research brings into lights that the value of sports betting in North America would swell to $80.3 billion by 2022. This may be due to the hike in media rights and with increase in the sponsorship value of the leagues. Media rights still remain the strongest asset of North American sports. Liberalization of sports betting can further boost fan engagement. Although, there are online casinos that offer sports betting, it is entirely dependent on the region from which the casino is operating. With clear laws being defined by the regulatory bodies, online casinos have sensed the immense potential and have decided to reap from offering sports booking over their platforms. Although the casinos would have to revise and consider certain factors based on the governing laws, addition of sports booking can make a massive difference and drive revenue for these casinos.
The changing face of online casinos
With gambling becoming more accessible in the recent years, the online casinos can take massive advantage from offering sports betting apart from their many offerings like online roulette, blackjack and their other niche based oferings. If online casinos keep including variety as well as accessibility, they can expect an increase in gambling participation from players all over the world in years to come. Digital advertising, easy access and promotions have lured many players to turn to online gambling instead of land-based casinos in the past decade. The addition of sports betting is certainly going to revolutionize online gambling market and thereby driving their revenues significantly.