Sports betting market to experience robust growth
A new report shows that sports betting will experience growth thanks to a digital revolution in the industry.
US.- The global sports betting market will likely experience robust growth in the upcoming years thanks to a digital revolution in the sports industry. That statement comes from Hexa Research, which conducted a report that details the market size of sports betting in years to come.
The research says that consumers can have easy access to several online betting platforms due to a high internet penetration and rapid development of digital platforms, which allow consumers to place bets from all over the world. “Rising consumer disposable income, increasing trust on electronic payment method for betting, and high adoption of internet based devices, such as smartphones, are anticipated to stimulate market growth in the years to come. Increasing preferences for gambling due to chances to earn a high return with low investment is likely to have a positive impact on market growth,” says the report.
Hexa Research believes that technological advancements, as well as an increasing trend of virtual sports betting are expected to fuel market growth in the coming years. “Moreover, use of bitcoin for bookmaking is likely to emerge as an important trend in the market.” says the report.
Furthermore, North America is considered the largest market in terms of revenue thanks to a rising popularity of gambling in the territory. Increasing efforts to legalise types of eSports is also expected to boost regional market growth. “New York is likely to emerge highly lucrative in the coming years. Additionally, other states, such as Florida, California, and Texas, are anticipated to exhibit robust growth,” details Hexa Research.
Asia Pacific is also projected by the research company to witness substantial growth in upcoming years due to improving economic conditions, with Macau and Hong Kong being the prominent sports betting revenue-generating regions.
