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Sports Betting Market Size to Reach $182 Billion in 2030
Last updated on May 3rd, 2024 at 02:36 pm
Online sports betting is booming thanks to digital technology facilitating global bookmaking services. Bookies used to be only found at racetracks. However, we can now bet on various games anywhere in the world – from a casino or online. With technology advancing, we can now bet on interactive games like casinos, fantasy sports, and traditional spectator sports. Thus, the sports betting market size has increased in recent years.
The growth of the sports betting industry is not just a result of changing customer behavior but also a testament to the power of technology. The proliferation of cellular connections and improvement in digital infrastructure have played a significant role in this growth. One industry that has seen a dramatic shift in customer behavior due to the proliferation of smartphones is sports betting.
Approximately 6.3 billion people worldwide use smartphones, a number that is rising at a healthy rate yearly. According to bookie pay per head experts, the sports betting market has also experienced a meteoric rise, and one reason for it is the proliferation of sporting events and leagues, all made possible by technological advancements.
Sports Betting Market Size
In 2023, gambling reports showed the estimated sports betting market size at $89.91 billion. Also, experts expect the market size to reach $182.02 billion in 2030.
According to bookie pay per head experts, there is no indication that sports betting’s meteoric popularity will soon diminish. Because of developments in internet technology, mobile devices, and the transition of bookmakers to digital platforms, betting is more accessible than ever before.
When it comes to reasons to bet on sports, most players want to win money. Around 35 percent gamble for the experience, slightly higher than the percentage of players who believe wagering will make the game more interesting.
On the other hand, people don’t engage in sports betting because they don’t want to lose money. Also, 23 percent said it was against their religion or beliefs. Furthermore, 20 percent were concerned it would be addicting.
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