Betting has changed dramatically over the past few years. Across the globe, it met triumph and defeat. For a while, it was a toss-up as to how the industry would play out. But with ingenuity and technology, it came out on top.
Global Sports Betting Trends: An Evolution Timeline
In gambling and sports betting, the winning plan is easy: keep the players playing. And this simple strategy is how gaming evolved throughout the decades. According to betting market statistics, worldwide betting continued to gain momentum and support for many years until it all came to a crashing halt.
The Past: Yesterday’s Underdog Beat the Spread
The current state of the betting industry has its roots in several key moments of the past few years. Without each of these factors, it wouldn’t be where it is today.
The Ups
The global scale of betting saw a massive uptick thanks to America. In 2018, the Supreme Court ruled the Professional and Amateur Sports Protection Act (PASPA) unconstitutional. In essence, the PASPA banned sports betting throughout most of the country. The new ruling paved the way for an explosion of worldwide odds-making opportunities. Sports betting instantly and dramatically escalated to a level of popularity it had never before experienced.
The Downs
Just as instantly and dramatically, the industry took the biggest hit ever with COVID-19. A globalized shutdown obliterated sporting events as well as places to bet. Online gaming was its only hope, as gambling took a hit of around 40% in 2020 compared to 2019’s revenue. But people were hesitant about it, giving reasons such as:
- Regulation uncertainty
- Increased spamming
- High chances of fraud
- General lack of trust
The Comeback
Prior to coronavirus, sports betting had been on the practice squad for mobile applications. Because there were no other options, it was time for it to move up the ranks and go pro.
Sports betting entered the team’s lineup in grand fashion. Thinking outside the box, creative industry leaders moved to alternate wagering means. “Vogue iGaming action like esports surged, introducing a new generation to betting on a global scale. And as this popularity grew, hesitations about online gambling, on the whole, took a back seat.
The Present: Today’s Surefire Bet
Thanks to the normalization of online gambling and betting, the iGaming industry is booming. Though brick-and-mortar establishments have seen a decline due to mandated closures and sports prohibition, numbers are definitely experiencing a celebrated comeback.
Not only are physical establishments open again, but sporting events are in full swing. Plus, a fresh crowd with gaming available at their fingertips is joining the scene. Now, a new wave of technologically-driven options is available, including:
- Mobile sports betting
- Virtual industries
- Crypto sports ventures
- Live and micro betting
- Fantasy leagues
To the victor go the spoils.
The Future: Tomorrow’s Odds Are Looking Good
The betting market shows no signs of slowing down, anticipating an increase of nearly $145 billion by 2024. This growth, at least partly, stems from the game plan devised to counteract the effects of a global shutdown. Though technology was already finding its place in iGaming, the pandemic gave it the necessary push to knock it out of the ballpark.
Final Wager
Global upheaval didn’t stand in the way of sports betting. In fact, iGaming succeeded because of it. Life handed the betting market lemons, and it made lemonade, squeezing out the juice and sweetening the deal.
Thanks to innovation, technology, and global advancement, the worldwide betting industry found a niche. In under ten years, it catapulted itself into a new league, was on its way to a total shutout, created a new strategy, and pulled ahead to win the game. Its outlook for prospective victories in the long run is pretty much a guarantee.