This year has been a hard one not only for sports but also for the sports betting industry. The pandemic has affected sports that were quite a shock to everyone. The cancelations of many major sports events like the NBA, the EPL, and the IPL never really happened before this year and the sports betting industry just wasn’t ready for it.
March was when many sports events started to take a break because of the lockdowns implemented by different countries worldwide and since then, betting companies had a hard time looking for betting odds that they could offer to their customers.
It was only in June when sports started to make a comeback. Major sports events like the EPL, the NBA, the IPL, the Championships League, and many other more started to make announcements that will be able to push through with this year’s seasons. Even the Big Bash League is also set to return and now, you can easily look for Big Bash League live odds on many sportsbooks.
Since then, there have been reports that the sports betting industry is now recovering from the negative impacts that the pandemic has given in the first and 2nd quarter of the year. Recently, a report has also been released by Data Bridge Market Research that sports betting businesses would even continue to grow until 2027.
The report stated that the betting market should be able to grow with a CAGR of 9.99 percent during the forecast period that starts this year until 2027. There a few factors considered for them to come up with this data, but what seems to stand out is the rapid growth of online and mobile betting.
According to the report, the rapid adoption of the internet and mobile devices like smartphones and tablets maximize the interaction time that operators have with their end-users. Through these devices, they can engage with them with online gaming and betting. This is why mobile devices play a significant role in this forecast that concerns sports betting.
Currently, there are already around 4 billion smartphone users worldwide and while this is already a high number, it is still expected to grow. This means that more people would have access to video streaming and instant messaging services that could fuel online and mobile sports betting.
Currently, there are already plenty of sportsbooks apps that people could download and app developers are in competition when it comes to the features that they can offer to their customers. Improved smartphone apps could help boost the betting market.
The application of 5G networks in many places around the world could also encourage online gambling or betting as it could make this activity faster and easier. The growth of the 5G network is already starting any many countries are now starting to make it available for internet users. As this grows, the potential of mobile apps could also be more developed.
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