The sports betting industry has experienced dramatic growth in recent times. Emerging markets, such as in the US, have led to an increasing amount of people discovering the benefits of supplementing their sports viewing by placing some sports bets. Simply put, it’s a fun and entertaining activity to enjoy alongside supporting an MLS powerhouse or tuning in to a massive NBA game.
In the US, Las Vegas is thriving, but so too are casinos across the country; with sports betting and iGaming on a similarly upward trajectory. More and more states throughout the nation are beginning to realize the benefits surrounding the legalization of sports betting also. For example, after going live on January 8, New York is the latest state to launch sports betting and saw record numbers of customers joining the 4 sportsbooks which launched in the state on January 8. Given the evident success New York is witnessing, other states will surely follow the Big Apple’s lead in the not too distant future.
With sports betting becoming a go-to entertainment option for many Americans in 2022, below is a look at some emerging trends which could ultimately improve its offering further in the years ahead. These trends, coupled with investment in the space, have led to the likes of Grand View Research estimating that the global market size will reach over $140 billion by 2028.
Legalization means more growth
We’ve touched on it already, but New York’s recent move to legalize sports betting could lead to a huge wave of sports betting momentum in other states in America. Alongside New York, additional newcomers, such as Florida and California, are also experiencing an increase in sports fans placing bets and discovering the delights of betting on the big games. The fact that these types of services can be enjoyed with ease through apps makes betting a convenient and easily accessible activity to sample. With 30 states now legalizing sports betting and another 10 considering plans to join what is a growing industry in the country, sports betting and its impressive package will surely win over more consumers in the near future. 2022 is certainly expected to be a massive year for sports betting in America.
Sports gamification is arriving
Another trend that is expected to develop further in the year ahead is the gamification of sports, with sports, media and mobile gaming expected to join up in 2022. Just how this particular area might develop remains to be seen but sports betting certainly lends itself to a range of opportunities for fans. The potential to add game mechanics into non-game environments will surely appeal to the live sports industry, for instance, especially when factoring in the falling viewership figures and the desperation for some innovative thinking in the space.
Consolidation could occur
As pointed out by a number of states legalizing sports betting, there is plenty of room for the existing operators in the sports betting arena to improve their all-around offering and expand. But what could easily happen is a period of consolidation, particularly as major players in other territories around the world aim to gain a slice of the American market. For example, the European market is about a decade ahead of its US counterpart, therefore leaving American operators with a real need to stop them from taking over. Growth is certainly expected overall, but in order for US operators to gain a stranglehold on the American market, we could also see a period of consolidation.