The sports betting market is booming, with a global value of USD 83.65 billion in 2022 and an expected compound annual growth rate of 10.3% from 2023 to 2030. It's no surprise considering the recent changes in the global gambling sector regulations, the growing use of connected devices, and the development of digital infrastructure.
Every year more than 2 Trillion dollars worth of assets are betted by individuals on different occasions. It is more than the GDP of some of the biggest major countries like Italy and Germany. Let that thought sink in.
Even though the COVID-19 pandemic has affected the sports industry, it's interesting to see that online sports betting gained popularity during the pandemic, with the rise of eSports and similar forms of betting.
What's more, smartphones have made sports betting more widely available and accessible, with mobile devices contributing to around 70% of online betting revenue in 2020, according to a recent survey by Uplatform, a sports betting and casino operating platform.
Today, We are gonna deep dive into Betting markets and how Web3 is revolutionising the traditional betting industry taking BetDEX as an Example. BetDEX is a Web3 betting app that let you bet on your favourite sports like Cricket, Football and basketball.
So, let’s start with government regulations on betting.
Governments worldwide are easing regulations on betting and gambling activities, creating new opportunities for both operators and consumers. For example, the American Gaming Association reports that as of January 2023, sports betting is now legal in 36 U.S. states, up from 32 in 2021.
In the first ten months of 2022 alone, users legally wagered an incredible USD 73 billion on sports in the U.S. This trend suggests that the betting industry is thriving and that we can expect to see continued growth in the years ahead. As more countries legalize sports betting, the market is likely to expand even further, creating exciting new opportunities for industry players and sports enthusiasts alike.
Due to this high increase in participation in Betting, many new forms of betting have evolved in recent times, one example is e-sports betting. Increase of the internet and technology the whole sector is developed, and become one of the biggest betting sectors.
In 2022, the fixed odds wagering segment dominated the sports betting industry, accounting for over 26% of the revenue share. However, the fastest-growing segment is predicted to be eSports betting, with a projected CAGR of over 14% during the forecast period.
Interestingly, according to DataReportal, around 60% of the world's population has access to the internet, making online sports betting more accessible than ever before. With such a large percentage of the population online, it's no wonder that the betting industry is seeing a surge in growth.
It's important to note that behind these numbers and statistics are real people who are passionate about sports and betting. As technology continues to evolve and betting becomes more accessible, sports enthusiasts worldwide can easily place bets on their favourite teams and players. Whether you're a die-hard fan or just enjoy the thrill of the game, the sports betting industry offers a range of exciting opportunities for both operators and consumers alike.