The consistent and sustained growth is hugely defining the global online betting market. According to statistics, there was a projection of $95.05 billion in revenue by this marketplace to be generated before 2023 ends. This revenue is expected to grow at a CAGR of 8.54% in the subsequent four years. Research shows that the global market will have a value of $131.90 billion by 2027, a growth that the newly regulated markets will fuel.
Esports betting is becoming a key driver to the market growth too especially as the football betting market is expanding exponentially. So, what are the key trends shaping sports betting in 2024?
Increase Usage of Mobile Betting
An exponential rise in mobile usage has shown the growth of esport bet in recent years. Studies show that about 50.5% of bets placed in Europe alone were done using a mobile phone.
This figure is expected to skyrocket to 61.5% by 2026. The increasing smartphone penetration rates and continued development of more sophisticated devices are shaping this marketplace.
In 2024, most states are embracing and legalizing mobile sports betting, especially through dedicated native apps. These apps are making it convenient for online gamblers and are ensuring their safety and security.
Live Betting is Skyrocketing
The rise of mobile sports betting has led to growing demand in the play betting marketplace. Many sports betting sites are offering innovative in-play wager types and betting markets across various sports categories.
These markets are combining comprehensive live-streaming platforms. This is paving the way for an instructive and immersive in-play betting experience across desktop and mobile devices.
In 2024, you will see new esports betting sites entering the marketplace. There will be an increased usage of live, better data analytics to help players make better selections.
More People Will Move to Esports Betting
The betting market has led to significant growth in the eSports sector. By 2022, the market size of the eSport was around $671.78 million with a CAGR of 26.16% in the next five years. This growth is projected to reach a global market value of $2.709 billion generating impressive revenue boosts to betting platforms throughout the globe.
This year, you will experience great growth in remote sportsbooks to provide eSports betting. Most operators will establish new wager types and markets across various competitive games.
Blockchain Technology
The high technology growth of blockchain will shape the future of esport betting across the world. Blockchain technology allows the use of decentralized digital currencies with first-generation tokens. Most sportsbooks accept these coins but harm transaction speeds.
The industry is accepting third-generation cryptocurrencies that handle scalability problems. As a result, transaction fees are minimized and new opportunities are created to design transparent blockchain casinos.
In 2024, new markets will penetrate the market of esport bet. This growth will continue expanding in the next many years which will increase the market share of online betting.
Many states are now legalizing esports betting due to the convenience it offers online bettors. They are creating a regulated online sports betting marketplace to accommodate most players.