The sports betting industry is huge, there’s no doubt about that. But just how huge? We’ve answered this intriguing question right here.
Sports betting has been around for absolutely years, centuries in fact, and the industry has grown to become one of the biggest of them all. On a global scale, the betting industry is expected to reach above $155 billion in revenue by 2024 with a year-over-year growth rate at 12%. Even if you don’t bet yourself, there are some phenomenal facts about this industry which we would like to share with you. Just read on for five interesting facts about the betting industry.
1. Betting as a lifestyle in the UK
It is estimated that as we proceed into 2020, the sports betting industry in the UK is going to be worth more than £15 billion, and no you didn’t misread that – that’s Billion! Sports betting has become a lifestyle in the UK, with both men and women placing sports bets on a regular basis. An interesting fact supporting the lifestyle phenomenon in the UK is that bettors in the UK make a higher number of bets, but at a lower £-value per bet. Studies show that the single bet size in the US is 41% higher than in the UK.
Higher bet sizes are generally considered high-risk gambling behavior which tells us that the bettor in the UK prefers to play with fewer risks. Still, the country has encountered criticism for the way that they promote gambling within the media, but with major operators located in the UK, the country is a real hot spot for sports betting.
2. 20% of people have made a bet on sports
There are billions of people on this planet, and out of these billions, it is estimated that 20% of people have actually placed a sports bet at some point in their life. Making it easier to find a bookie definitely increases the number of first-time bettors. Without any difficulties, one can easily make safe bets today through a local bookie, at self-service betting kiosks, or via online platforms built for the local market like Australia-Casino and similar. Regardless of where and how people bet, twenty percent is a staggering figure!
Among the big sports betting nations, we find the USA, Australia, the UK and several other countries in Europe. Interesting though is that Sub-saharan Africa is one of the fastest-growing regions, especially Nigeria. The fact that on a global scale 20% of people have made a bet on sport is simply a phenomenal figure. This means that well over 1 billion people have actually placed a bet in their lives.
3. Why Sports betting is so popular
There are a few characteristics for why sports betting has become so popular. On a personal level these may be the chance to make a quick buck and to feel a bit of extra adrenaline watching the odds. Studies show that 45% say the bet on sport because it makes it more interesting to watch but it doesn’t explain why people wager more today.
Behind it all are leading betting companies combined with increased accessibility around the world to advanced smartphones and fast internet. In fact, the betting industry is an excellent example of how technology, infrastructure and entrepreneurship have worked together and pushed the industry to enormous growth.
Further, for an industry to continue to grow around 10% a year there must be a willingness by the public to want more. The leading betting operators have successfully made betting into a lifestyle and managed to remove the negative stigma of gambling.
The result speaks for itself, $3 trillion in wagers every year. About $6 billion was spent on bets on the Super Bowl 2019 and we bet it will increase this year.
Looking at these figures we realize betting accounts for a gigantic proportion of all the money that exchanges hands throughout the world, never mind about money spent on just one particular industry. When we first saw this fact we were extremely surprised, and it just goes to show that the sports betting industry is going nowhere anytime soon.
4. Single events can pull in millions in sports bets
Usually, when you have a large sporting event taking place, there are going to be thousands if not millions more people that fancy placing a sports betting wager. Just look at the bets on the Super Bowl mentioned above. Other examples of this include the World Cup final, major boxing fights, and the Champions League final.
Of course, sports betting is legal within many countries around the world, so people are making bets from each of their respective countries on these larger events. All of this accumulates together to the point where millions are actually spent on the particular event. There will inevitably be winners and losers for the sports bets here, but as the major betting operators invest not only in the event, but also in live streaming and more importantly, are big sponsors of the youth sports movement, the real winners will always be the sport.
5. Sports betting originated before Christ
Whether you are a religious person or not, it is still a commonly used measure that Christ was around 2020 years ago. We don’t even need to do any math to realize just how long sports betting has been around when we use this measure, and it really does make it one of the oldest pastimes in the world.
Of course, back then, people weren’t placing bets on the World Cup final or Champions League football, but they were still betting on the sporting events of their time. Some examples of these events could include gladiator fights, fighting between animals, and other obscure sports that are no longer around today.
Nowadays we prefer the more controlled and less violent sports, but while the violence might have decreased, the curiosity and engagement with sports betting have increased like nobody would have believed. Now that sports betting is readily available on mobile apps for many of the top bookmakers, we can only think that this trend will continue to increase in the coming years.
When done in a controlled way, enjoying the thrill of a little wager on your favorite sports games, can be a real joy!