Online Sports Betting is Changing the Gambling Industry

Online Sports Betting is Changing the Gambling Industry

Online Sports Betting is Changing the Gambling IndustryThe sports betting industry is booming in the U.S. with no sign of stopping anytime soon. In fact, online Sports Betting is the biggest factor from states that use online bookie software and sports betting apps. Needless to say, Online Sports Betting is Changing the Gambling Industry making gaming analysts rewrite their predictions for the future.

According to the latest gambling reports, sports wagering this year is at a record high in the U.S. For comparison purposes, $310 million in wagers were made during in June of 2018. In October of 2021, the numbers of wagers made was a whopping $7 billion for the month. Even though October is a busy month for sportsbooks and June is the slow season, the difference is quite large.

Taking in consideration that more states have legal sports gambling it should not come as a surprise. However, the numbers are still quite high and beating expectations that no one would have made 2 years ago. According to gambling analysts, the adoption of online sports wagering is is the reason behind these record numbers.

Online Sports Betting is Changing the Industry and Surpassing Sportsbook Venues

Online sports betting is certainly not new and has been around since the early 90s. So why the sudden change in its popularity in the U.S. gambling market?

First off, let’s take a look at some recent numbers by Goldman Sach Groups. According to their research, last October, 84% of wagers made in the U.S. was done online. This is huge and online sports betting can no longer be seen as an add-on to traditional sports betting. Furthermore, in states where sports wagering apps are legal, the difference in the number of wages made is staggering.

Interestingly enough, this development is quite different from the Gambling market overseas.  The UK gambling market has had online gambling available for decades. Yet, it is not quite able to surpass betting shop revenue to the extent of the U.S. Many believe it has to do with convenience and availability since betting shops are at every other street corner. On the other hand, physical sportsbooks in the U.S. are only available in specific venues and location.

The current prediction is that the online gambling market could reach $39 billion in annual revenue by 2033.  For 2021, U.S. gambling operators may reach $4 billion in revenue. For 2022, gambling revenues could be much higher if more states legalize sports betting. Therefore, now is the perfect time to open an online sportsbook as the industry is seeing a tremendous growth rate.

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