The sports betting industry has experienced a huge growth in recent times. Emerging markets, such as in the United States, have led to more people discovering the benefits of completing watching sports by placing some sports bets. Simply put, it is a fun and entertaining activity to enjoy along with supporting the power of MLS or tuning into a massive NBA game.
In the United States, Las Vegas is booming, as are casinos across the country; With sports betting and iGaming on a similar upward trajectory. More and more states across the country are starting to realize the benefits surrounding legalizing sports betting as well. For example, after going live on January 8, New York is the latest state to launch sports betting and has seen record numbers of customers joining the four sportsbooks launched in the state on January 8. Given the apparent success that New York is experiencing, other states will surely follow in the footsteps of the Big Apple in the not too distant future.
With sports betting becoming an entertainment option for many Americans in 2022, here’s a look at some of the emerging trends that could ultimately improve their offering even further in the coming years. These trends, along with space investment, 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 already touched on it, 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. Besides New York, newcomers like Florida and California are seeing an increase in the number of sports enthusiasts betting on betting and discovering the fun of betting on the big games. The fact that these types of services can be easily enjoyed 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 a growing industry in the country, sports betting and its impressive package will surely win over more consumers in the near future. 2022 is definitely expected to be a huge year for sports betting in America.
Sports are coming
Another trend that is expected to develop further in the coming year is the use of sports, with sports, media and mobile gaming expected to join in 2022. It remains to be seen how this particular region can develop, but sports betting is definitely giving way to itself. A range of opportunities for the masses. The possibility of adding game mechanics to non-game environments is sure to appeal to the live sports industry, for example, especially when you consider declining viewership numbers and the desperation for some innovative thinking in the space.
Consolidation can happen
As pointed out by a number of countries that legalize sports betting, there is plenty of room for existing operators in the sports betting arena to improve and expand their overall offering. But what could easily happen is a period of consolidation, especially as major players in other regions around the world aim to capture a slice of the US market. For example, the European market is about a decade ahead of its US counterpart, leaving American operators with a real need to prevent them from taking power. Growth is certainly expected overall, but until US operators can dominate the US market, we could also see a period of consolidation.