Sports betting has always been rather popular with audiences across the world, and US residents make no exception. It may be because these endeavors tap into people’s inherent passion for sporting activities and can make one feel like they’re part of the competition. The thrill of anticipation and the joy one experiences when one’s favorites win make sports betting undeniably compelling.
However, never has sports betting been such a sought-after activity as it is today. Its popularity has clearly skyrocketed in recent years, with the US sports betting market being estimated at a whopping $13.76 billion in 2023.
Figures aside, it’s obvious from the sheer number of online sportsbooks that there’s an increasing demand for these types of services. Dedicated sites give punters the possibility to choose from a wide variety of competitions and place wagers using both fiat and crypto. With this, people’s interest in the BTC or ETH price has also increased.
Moreover, according to Ben Andrews, head of leisure and travel research for Goldman Sachs Research in Europe, the US sport betting market could develop into a $45 billion business in the near future. So, this leisure activity is not only growing in demand but also developing in ways no one could have predicted, which begs the question: what’s been fueling this stunning evolution?
Regulatory changes
It all started in 2018 when the Supreme Court decided that the Professional and Amateur Sports Protection Act (PASPA) was unconstitutional. Until that point, sports betting was only legal in Nevada, while in the rest of the country, options were limited to certain competitions like horse and dog racing. The restrictions seemed somewhat extreme considering that the normalization of these practices started centuries earlier in most countries on the Old Continent.
After the federal ban was lifted, each state had the opportunity to draw their own regulations regarding sports gambling, leading to thirty-eight states and the District of Columbia giving the green light to sports betting providers, alongside other gambling activities.
But this regulatory shift did more than legalize a form of gambling that was already practiced by many when it was illegal. This was just the first in a series of legal provisions that also allowed for the marketing of sports betting services. A recent study revealed that as much as 20% of each sports broadcast is occupied by gambling advertising, showing that NHL and NBA viewers are exposed to three messages promoting sports betting per minute.
With audiences constantly being flooded with all types of marketing messages in the form of company logos, commercials, and sponsored segments during the games, their appetite for sports betting has increased considerably. This proves that aggressive marketing has played a key role in the normalization of gambling activities involving sports competitions, and it’s largely responsible for their growing popularity.
Tech advances
Another aspect that has contributed heavily to the rapid rise of sports betting is represented by the tech advances of the past decades. Before the internet and the emergence of smart devices, sports betting like all other gambling activities were conducted in person, by going to a gambling facility and placing wagers on the outcome of an event.
The rise of online gambling platforms followed later on by the emergence of sports betting apps have revolutionized the sports betting experience for punters. It all comes down to one major advantage, namely convenience. These websites and apps provide a gateway for people to bet on any and every game and sporting competition they might be interested in, ensuring quick and easy access to a wealth of gambling options.
Anyone can place bets, no matter where they are in the world, with only a smartphone and an internet connection. This accessibility has attracted an increasing number of bettors to online gambling venues and continues to serve as a major incentive for most punters.
The sense of community
Since tech developments have made it possible for people from all parts of the world and walks of life to gamble with ease, sports betting has also become a way for people to connect and encourage social interactions. Therefore, online betting sites are not just some virtual spaces where people who don’t have access to traditional gambling establishments can place their wagers, but they also serve as points of meeting where like-minded individuals with similar interest can discuss about their experiences and exchange tips and ideas.
Online gambling communities connect bettors around the world, and their members find it extremely satisfying to talk to other people who share their passions. The sense of community these online venues create adds another layer of complexity to the current sports betting scene and enhances its appeal.
Maximizing earnings
A lot of people bet on sports because it provides them with the possibility to generate additional income. Obviously, there’s no guarantee in this respect, and punters are as likely to lose as they are to win. But if one takes the time to understand how sports betting works, conducts in-depth research on the games, teams, and players, and stays up to date with the latest events and news in the sports arena, they have a pretty good chance to enjoy substantial returns. Bettors can also take advantage of various tools and calculators to develop their strategies and improve their winning odds.
Last but not least, one can’t ignore the entertainment value that sports betting possesses. Beyond the possibility of earning money, it can’t be denied that betting on sporting events can also be an incredibly entertaining activity, whether one wins or loses.
The combination of looser gambling regulations, the prevalence of online betting platforms and apps, and investments in mass marketing from sports betting providers has produced a shift in people’s perception of sports betting and created a perfect context for this industry to thrive.
