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The Current State And Future Of The Sports Betting Industry

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The global sports betting industry was already worth around 104.31 billion US dollars in 2017. By the year 2024, this may already make up to 155.49 billion US dollars with a CAGRY of 8.83 percent from 2018 to 2024.

The future of betting remains to look bright due to multiple factors. First is how technology is helping this grow and improve. Another factor is that more and more countries and states in the US are finally making it a legal practice or activity.

In the United States alone, the industry made over 140 million US dollars of tax revenue in the last six months of the past year. New Jersey is now leading when it comes to this. It made over 47 million US dollars while Nevada came in second with 32 million US dollars.

Definitely, the US will become a bigger market for this industry in the next few years as more states finally legalize sports betting. Currently, there are already 19 states that have signed this into law and many of these have already launched it in the last year.

The latest state to be added to this list is Michigan. It signed sports betting into law in December of last year and is likely to have it launched by spring of this year. Michigan is also preparing to launch local mobile betting. However, according to the state’s gambling regulatory, it may have to wait until next year.

According to the spokesperson of the gaming commission, the legislation of mobile betting might take a year to prepare for. The rules that need to be set may take a while to discuss and so onsite betting is what the locals can expect this year.

However, this also means that Michigan will have to wait to earn the potential revenue they are hoping to get from betting. After all, mobile betting is now where the majority of betting revenues are coming. It’s indeed true that this is the present and future of the betting industry.

Punters are now likely to place their bets online and through mobile apps like what Bet365 has. For players who are still transitioning to mobile app betting, NostraBet’s Bet365 Mobile App Guide can be useful as this has what Android and iPhone users should know about Bet365’s free app.

Convenience and accessibility are the main reasons why people nowadays would rather place their bets on their mobile devices. They no longer have to travel or drive to a sportsbook or casino to place their bets.

However, it’s important that punters still check the legislation of betting in their areas. There are some states that will require in-person registration before punters can place their bets with their mobile devices.

Some online casinos and bookies still haven’t released their own mobile apps, but what many of them do is that they create their websites mobile browser friendly. It’s been a trend that websites start looking like apps once you login to them and this is what many site owners are investing in. It makes their website user-friendly for mobile users.

Many sportsbooks are becoming more innovative in terms of their in-app services. Innovation is clearly what will set these bookies apart. It’s simply a battle between which one would release a better version of their apps each time.

Some bookies are now exploring the integration of live streaming in their apps. This is still in the early stages, but it’s already looking like how betting apps will look like in the near future. People nowadays are just more willing to pay for streaming services and this could be an additional income for bookies too.

For now, the apps that are available for many to download can already let the punters see live scores and the schedule of the matches. For bettors that are unable to stream games, audio commentary and visual updates are available in these apps as well.

Even betting on mobile apps is becoming a social happening. Many bookies allow their app users to login with social media platforms like Facebook. This can help punters encourage their friends to place bets. The punters and their social media friends can place wagers together and monitor each other’s activities and achievements.

Overall, with the improvements that app betting brings on the table, punters can have more fun even if they are at home. Betting has surely evolved in different ways. With more and more people choosing to place their bets online, we can only expect that this will continuously improve in the next few months.

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