To illustrate the importance of this segment, data provided by a Zion Market Research report indicates that sports betting holds about 70% of the global gambling revenue, which is more than any other sectors, including those of lotteries, casinos, and poker, among other forms of gambling.
As for which sports are the most popular, various games around the world are common among the sport betters, but European football attracts the greatest betting revenue, and is then closely followed by baseball. Of course, it has to be noted that numerous technological developments have helped propel the market to new highs.
The stronger presence of online betting has completely transformed the process of sports betting, making it easier, faster and more convenient to place bets. On the other hand, the strict regulations by various governments are still an obstacle for the online market.
Nevertheless, according to the report, the global sports betting market was valued at around USD 104.31 billion in 2017 and is expected to reach approximately USD 155.49 billion by 2024 while growing at a healthy CAGR of 8.83% between 2018 to 2024.
Despite legal restrictions, regionally and country wise, in 2018 the market had already produced more than USD 48.9 billion in worldwide revenue and is projected to expand past USD 134.5 billion by 2027, according to data provided by Transparency Market Research.
After the landmark Supreme Court ruling in 2018, in which the court struck down the ban on sports betting, all states got the option to pursue legalization. The state of New Jersey was the first to make sports betting legal. Other states followed, but California remains a legal battle ground for this gambling segment. However, a change might be possible this November. State Senator Bill Dodd and Assembly Member Adam Gray have been working on an amendment to the state's constitution that will go on the ballot in November, if it can get through both Houses.
Source: FinancialBuzz.com
