When it comes to online betting, sports betting takes the majority share of activities. The sports betting market makes up 40.3 percent of the online betting scene and 32.1 percent is from online casinos. Online lottery, poker, bingo, and other real money games take up the rest of the whole scheme. With that, the global online sports betting market is already valued at over 66 billion USD.
Based on reports, the value of the online sports betting market will reach up to 93 billion USD by 2023 with a CAGR of 11.5 percent. This is not impossible to attain now that more states and countries are starting to be more welcoming towards this activity.
The United States already has over 20 states with legal sports betting since the US Supreme Court has stricken down the Professional and Amateur Sports Protection Act of 1992 in May 2018. The online sector of the sports betting industry is also gaining more popularity in countries like India, Canada, and United Kingdom.
Why Sports Betting is Becoming More Popular
Gambling, in general, is becoming less of a taboo subject these days. Technology has allowed this activity to be more accessible and the more people gambling, the more it has become a common activity. Also, let’s face it, sports and gambling just go well together.
India is one of the countries that love sports so much, particularly cricket. Cricket is played and hugely followed in the country and this is why it’s not surprising that the biggest cricket tournament worldwide is the Indian Premier League (IPL). Despite the strict regulations of the country when it comes to gambling, the locals still find ways to place their bets and the most legal way that they can do this is online.
IPL betting from 10CRIC India and any other online bookies and casino sites are technically allowed in the country. The Public Gaming Act of 1867 is the basis of gambling regulations in the country and it is too old to mention anything about online gambling. While India already has The Information Technology Act of 2000 that regulates online activities in the country, there is still no mention of betting nor gambling.
As long as the sports betting operator is located outside the country and they would allow Indians to transact with the local currencies, they should be able to offer their services to them. However, as of 2020, Indian states Telangana and Andhra Pradesh have already banned all online gambling activities in their territories.
Still, this hasn’t stopped the growth of online betting in the country. Just like in other countries and states in the US, online sports betting is becoming more popular because of its accessibility. It’s so easy to place online bets nowadays. The rise of mobile phone users has also contributed to this and this is why sportsbooks are now releasing their native apps to accommodate mobile bettors.
Canada is also reported to be one of the next big sports betting markets out there. Canada has already legalized single-game sports betting in June and this could boost the local sports betting industry scene. While only the state-owned Ontario Lottery and Gaming Corporation are accepting such bets, for now, it is expected that more private operators will have a presence in the Ontario gambling scene in the coming months.
The Rise of Mobile Betting
In the US, not all states with legal sports betting allow online wagers like New York. However, times are changing and the rise of online betting is becoming more apparent that New York is now on the move to also allow online betting in the state.
States like New Jersey prove that mobile or online sports betting is now the preferred option of many with reports that this state’s online sports betting handles are at around 80 to 90 percent monthly. Meanwhile, there are also states that only allow online sports betting like Tennessee.
More states are likely to follow the states with legal sports betting soon. So far, only the state of Utah is showing no interest in moving towards any sports betting legislation. What’s sure here is that the more states allow sports betting, the bigger the industry will get in the US.
The same applies to countries like India. It has been reported that sports betting operators are already eyeing India as the next big betting market. After all, India’s love for sports, fondness for gambling, and an online population just really make it have a huge potential to have one of the top sports betting countries.