The global sports betting and lottery market has seen unprecedented growth in recent years. According to Safebettingsites analysis, the sector’s market size grew from $172.89B in 2020 to $194.63B in 2021, a jump of 13%. And the trend looks to continue, with projections indicating it will reach $231B by 2022.
Safebettingsites’ investments lead Edith Reads attributes this growth to several factors. Key among them is the sector’s resilience post the COVID-19 crisis. Here is what she said concerning the finding:
“The epidemic led to the grounding of sports activities globally, resulting in lost revenues. In addition, containment measures such as capping numbers in public gatherings led to dwindling business for brick and mortar betting facilities. But the sector has bounced back robustly from those shocks to set the ground for further growth.”
A Thriving Sector
Bar the pandemic-induced shrinkage, the global sports betting and lottery market has been growing recently. A major driver of that growth is the increasing shift towards regulated sports betting and lotteries.
Many countries are legalizing these activities, which has increased the number of people wagering on events and games.
Another driver has been the rapid expansion of the digital age. With more people spending time online, there is a greater demand for activities they can enjoy from the comfort of their location.
The Impact Of Mobile Tech on Sports Betting
As more people use their phones or tablets to bet on sports or play lotteries, the demand for mobile-friendly platforms has grown. This demand has helped to fuel the growth of mobile-friendly online gambling platforms.
Finally, the increasing popularity of esports has also helped to drive the growth in the global sports betting and lottery market. According to a NewZoo projection, the global esports audience will surpass the 530 million mark in 2022. That has heightened the demand for platforms that support betting on such events.
Emerging Trends in The Sports Betting & Lottery Market
Edith suggests that the sports betting and lottery market is poised for strong growth. New technologies will drive innovation and excitement in the sector, increasing opportunities for punters and investors.
Many analysts expect Blockchain technology to be a major driver of the sector’s growth. The technology has the potential to revolutionize the industry by making it more secure and efficient.
Guaranteeing Players Fulfilling Gaming Experiences
The Internet of Things is another major trend that is powering the global sports betting and lottery market growth. The industry can use IoT to improve the efficiency of betting processes by connecting devices faster and efficiently.
Finally, Virtual Reality (VR) and Augmented Reality (AR) will also play a central role in the market’s growth. These technologies can help to create more immersive experiences for bettors. Investors can use both to create realistic 3D environments for players to bet on.