The global sports betting market was worth 205.6 billion USD in 2015 and growing at a rate of 4.26% to reach around 253.3 billion USD by the end of 2020. The use of a smartphone or tablet has made it convenient for the fans to place a bet on their instinct. With the advancement in technology and improved broadband services, live betting has become more popular. The top four global trends that drive the sports betting market are as follows:
Increase in availability of cash alternative:
The sports betting app development market has several types of games like treasures, line bets, spread betting and parlays in the distinct price range. Rewards are given away in the form of monetary benefits as well as physical goods. In order to reduce the risk related to cash, the sports betting market in the US allows the bettors to use virtual money. The payment via virtual money enables the prize money to be given as virtual currency, which can be redeemed as cash or used to play other games. This helps the vendors to keep a track of the spending history of the customers. The vendors get an opportunity to create personalized marketing plans to attract and retain bettors.
Popularity among the younger audience:
Sports betting and online gambling attract the younger population to earn extra money. The market also reaches the population that is not a big fan of sports and is also accessible in countries where sports betting is illegal. In today's market, it is very important to attract the millennial generation and the global market of sports betting is successfully doing it by offering a range of incentives and games in addition to prize money.
Consumer gambling habits:
In the global retail betting app development market, there has been a significant shift in the behaviour of consumers. Gambling apps and social gambling is becoming increasingly popular and is going to drive the growth of the market. To develop and sell social gambling games, the vendors are making great use of increasing the internet using population and increasing adoption of smartphones and other devices. The number of people who participate in social gambling is also increasing because they have fun while competing with friends and this is the ultimate reason to adopt social gaming.
Increased use of international credit and debit card:
For the online pool betting app development market, the biggest challenge is the legal issues with different countries. Many countries are strict for online sports betting but allow land-based sports betting as it promotes tourism. Online sports betting can never be completely banned as the user can easily visit a foreign website with a proxy server and place bets by using international debit or credit card.
It is assumed by the government that the person carrying on such activity is educated enough to know the consequences or can bear the gambling losses.
Apart from the above factors, the growth in technology also drives the sports betting industry. The player no longer needs to physically visit the betting shop or attend a horse race to place and win a bet. These were the global trends affecting this booming business.