Sports Betting Market Will be Multi-billion industry by 2024
Sports Betting has been around for decades. But its popularity and accessibility has only started to soar in the past few years. Thanks to Pay Per Head bookie services, anyone can build their own sportsbook and earn from sports betting. A study from Zion Market Research says that the sports betting market is on its way Up. Estimates set it to grow with a compound annual growth rate of 8.83% (between 2018 and 2024).
The best sports betting software providers are ready for the growth. They have also expanded the wagering options to cater to international markets. We are talking about language translations, support, and even international sports events and local leagues.
Sports Betting Market
The report also names the markets in the US, the UK, France, Germany, Japan, China, Brazil, India, Africa, and the Middle East as growing markets. Currently, the sports betting market on a global level is valued at $104.31 billion back in 2017.By 2024, estimates put the market at around $155.49 billion.
Most of the credit to growth goes to countries opening up the markets through legalization and regulation, most notably the PASPA repeal in the United States. We’re also looking at the digitalization of the sports betting industry as a major contributor to growth. Especially because of the accessibility of wagering options and the payout options are also expanding. A good bookie PPH will offer the most options in a secure system.
Sports betting in a worldwide scale takes up around 70% of the gambling revenue worldwide. The biggest revenue generator is European Soccer. As for geographic revenue, Asia held the lion’s share back in 2017. But the opening of the North American Market may change this.
As more countries allow for sports gambling, and more operators open physical stores, as well as online options, the industry will also contribute to local economies through taxes, licensing, employment and more.
