Despite what the world is throwing at us all now – wars, climate issues, not to mention recession doom and gloom – the good news for the global betting industry is that there seems to be no let-up.
This is based on reports coming out during the first quarter of the year that the sports betting market size (globally) is expected to smash through the $182 billion (yes, billion) barrier by the year 2030 – which is just over a 10% increase on where we are today in 2023.
So, Why Is the Betting World Not Going Bust?
Of course, there isn’t one specific standalone reason why the global betting industry its hitting the buffers, like a lot of other industries.
However, many feel one of the main reasons is the much-improved internet infrastructure that is allowing gaming software companies and sports betting providers to reach out to more players as well as support more products across more countries.
Have Players Got More Disposable Income?
Another theory that experts are putting forward is – believe it, or not – people having more disposable income. Yes, this might seem far-fetched in certain countries, but studies across betting industry players have supported this, while many betting platforms are also offering a wider range of payment methods which makes it easier to get money into online accounts.
Could Lockdowns and The Pandemic Be a Factor – Even Though It’s Long Gone?
There is even talk that the Covid chaos back in 2019 and 2020 has played it’s part too. The reasoning here being that with lockdown a large chunk of the global betting population got used to staying in.
With online betting providers offering games like poker, roulette and slots – the betting fix could be obtained 24/7 – pandemic, or no pandemic.
Okay, there was a period of no big sporting events with racing and football on the sidelines – but all this did was give bettors the chance to explore other avenues to have a wager on.
This led to a marked increase in online gaming activity during the Covid times and even though many sports betting fans have gone back to live events – a big chunk have stayed and have been converted to this sector fully now.
More People Betting on The Big Worldwide Sporting Events
It’s also been a particularly good period of what we’d call the ‘big sporting events’ that go on in the world. We’ve not so long had the FIFA World Cup back in December and, as the name suggests, this was a competition that reached all corners of the world.
Therefore, it’s no surprise that global betting surged during the month of December with betting platforms around the planet offering more markets than ever on the biggest footballing event.
Since the World Cup, football fans have carried on that betting interest to their respective domestic leagues and competitions – like the Premier League and FA Cup. While over in America Super Bowl LVII was an event that reached NFL betting fans not just in the US.
Add in other growing sub-sectors like Esports, with a growing number of younger gamers that have now realized they can bet on their favourite pastime, then it’s easy to why in just under seven years’ time the global betting industry is going to be worth a staggering $182 billion – which is more than most country in the world.