The sports betting market is one of the fastest growing industry in the online wagering business. The dynamic growth of this sector continues its uptrend path with better delivery of services and upgrade of its software and hardware parameters. The improved setup attracts more bookmakers to do the business and punters to choose among the best betting platform sportsbooks can offer. The mobile betting devices involvement to the sports wagering market even amplified its reach to more players from all over the world. Sportsbook companies and their bookies are scrambling to have a piece of the pie in these enormous sales potential.
The global sports valuation of the sports betting industry has a rough estimate of about $250 billion. Reputable betting companies like IDSCA has a market estimate of $41 billion in this wagering business revenue. The remaining market share are with the online casinos, horse racing, and other international sporting events.
America made it to the list as the most dynamic in sports betting business growth; its market valuation in 2012 was $20 billion which doubled its figure to $40 billion by 2016. The US market capitalization grew to an estimated $60 billion to $73 billion today with an average growth calculated at $10 billion per annum. The United States has the biggest share of the global market capitalization in the gambling arena. Fifty percent of its citizens admitted to having placed a bet at least once in their life.
But the biggest market in the world comes from the Asia Pacific (APAC) regions. The APAC area has a combined population of about 4 billion people, owing the area 47% of the world’s punters in the gambling industry. APAC Regions includes Southeast Asia, East Asia, South Asia, and Oceania.
Southeast Asia consists of the Mainland Southeast Asia namely Northeast India, West Malaysia, Vietnam, Laos, Cocos Islands, Myanmar, Cambodia, and Thailand. The Maritime Southeast Asia are East Indies and the Malay Archipelago, Taiwan, Cocos Islands, Andaman and Nicobar Islands of India, Christmas Island, Brunei Darussalam, Indonesia, East Malaysia, East Timor, Philippines, and Singapore.
East Asia has China, Hong Kong, Taiwan, South Korea, Japan, Macau, Mongolia, and North Korea. South Asia consists of Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka.
While Oceania composes of Australia, Papua New Guinea, New Zealand, Fiji, Solomon Islands, Micronesia, Vanuatu, Samoa, Kiribati, Tonga, Marshall Islands, Palau, Tuvalu, and Nauru.
Europe holds the largest market share for online gambling and contributes to about half of the market share in the world. The continent has a market share of 45% in 2012 which grew to 48% in 2015 with respect to gross gambling Yield (GGY) with a compound annual growth rate (CAGR) of 12.3% from 2012 to 2015.
These countries are the extensive reach of the gambling industry claiming the biggest share of the world gambling market. In addition of players using their mobile betting devices to gain access to the sportsbook betting platform of their choices, sportsbook companies gained more profits and moved towards productivity and growth.
Growth of the Sports Betting Industry
What made the phenomenal growth of the sports betting industry in these areas? There is one fair answer to that question and that is the spur of economic development and technological accessibility. Betting enthusiasts have extra money to indulge in conventional and online gambling. The influx of mobile betting devices encouraged the entry of another niche of gamblers, those using their mobile betting devices with access to online sportsbooks and casinos.
Mobile Betting Devices: Changing the Mode of Online Gambling
Statistics show that about 60% of the planet’s population are using mobile phones and an increase of half will be using mobile devices by the year 2019. In 2015, mobile users took over internet connections by three is to one over desktops. The estimates of these rise in 2019 will soar to 83% in the use of smartphones as mobile betting devices. The Juniper Research, a mobile, digital and online market research specialists, providing market intelligence, consultancy, data, and forecasting, reported that mobile betting devices were 64 million in 2013 and grew to 164 million in 2018.
The growth of the mobile betting devices has a projection at 45% in the year 2021. The growth of the gambling industry in 2009 is at 10%; but with the inception of mobile betting devices to the industry, the growth spiralled to 45% towards 2021. Europe already reached over 50% of the betting industry market share with the influx of new bettors using their mobile betting devices.
Betting Convenience propelled by Mobile Betting Devices
Bet placements are sent on time and wherever a stable internet connection allows transmission for mobile betting devices users. The convenience spurred growth for bookmakers and betting companies that constantly find innovations to lure punters in their wagering platforms. Online betting businesses continuously develop their app so its compatibility covers all mobile betting devices. As long as there is stable internet coverage, even the farthest corner of the world will be able to gain access to betting sites.
For deposits and payouts, secured gateways and facilities offer safe money transmissions to punters. Millennials prefer multiple paying facilities for added ease in placing and receiving payments from the sportsbook company. These facilities are factors that makes mobile betting services attractive to online gamblers further increasing the industry’s market share.
Reports from Research Markets: Worldwide Gambling Market from 2016-2022 states that the compound annual growth rate for the said period will reach up to 5.7% and will sum up to £495 billion. Mobile betting devices evidently pushed the valuation of the world gambling market. Mobile betting will prosper and continue to be a part of the gambling industry in the future.
IDSCA already is in the position to accommodate the niche of mobile betting devices users. At the moment, about one third of gamblers are using their mobile devices to place their online wagers as reported by Mintel: Deloitte – Future of British Remote Betting and Gaming. Our company is at point for the mobile betting devices.
Visit our website at www.idsca.com and call us at (866) 255-5437.