Seven crucial sports betting Stats for 2021
Sports betting is entering into a wholly new domain associated with the modernization of the Internet, massive data collection, and the availability of access to a 24-hour news cycle. All you need to place a bet is a mobile device from just about anywhere in the world.
Then there’s that whole legality issue thing.
Nevertheless, if you’re in the U.S., U.K., Europe, and other western countries, there’s a good chance you’re able to wager on your favourite sports teams and games.
As a matter of principle, the freedom of sports betting—especially online—is one of the hottest trends going into the third decade of the 20th century.
Sports Betting Industry Key Takeaways
One of the major key takeaways of sports betting in 2021 is the ongoing COVID-19 pandemic. While the worst is still not over for many countries, sports took a hard hit last year, with basically everything grinding to a halt.
However, the online world proved its worthiness. And since betting has been crawling back to life, numerous record-breaking sports betting statistics have resurfaced for the Super Bowl, March Madness, and the future of gambling in general.
There have also been many partnerships between big media companies, sports leagues, and bookmakers. This bodes well for the future of the industry.
Access is key. Reaching out to new users with the commercialization of products and services by advertising to millions (if not billions) of potential new bettors seemingly has been one of the biggest winners in the wake of last year’s brutal downturn.
There are a plethora of top online sportsbooks to be considered along the way.
Secondly, there has been a tremendous boom happening in the sports betting industry.
The betting market in Great Britain reportedly gave rise to $3.36 billion in 2020. In October, Americans bet a record-setting $3 billion on sports in just one month, per the American Gaming Association (AGA).
Revenue in sports betting increased by more than 53%, landing just shy of $240 million from 2019-2020 in the U.S.
New Jersey, one of the most crucial states for sports betting in the country, ended the year by setting national records for five months straight in terms of sheer volume. December saw nearly $1 billion wagered in bets for the Garden State.
Less than three years after the Supreme Court sided with New Jersey in 2018 to overturn the federal ban on sports gambling, nearly half the country has legitimized the industry at the state level.
The industry as a whole is expected to generate $2.5 billion in revenue in 2021. The forecast looks bright.
Seven Sports Betting Stats for 2021
Although many statistics are not easy to come by when it comes to the worldwide gambling market, approximately 30% – 40% of the industry as a whole comes from sports betting.
- How big is the sports gambling industry? The annual gross gambling yield for sports betting is estimated to be worth more than $400 billion.
- The online gambling market was valued at $58.9 billion worldwide in 2019. That figure is expected to double by 2023.
- One-third of the gambling gross comes from Asia, in the U.S., half of the adults have placed a bet at least once in their lives.
- Sports betting revenue in the U.S. is predicted to increase by four times between 2021-2025. The most popular sport in America to bet on is football.
- In the U.K., remote betting remains omnipresent among the populace. However, sports betting is a growing trend across America due to new legislation. Some of which, has been designated to be altered in time for the start of football season at the end of the summer.
- In addition to football, Americans can gamble on basketball, baseball, hockey, golf, NASCAR, and more. Data collection associated with these sports is also quickly becoming a profitable industry, forecasted to be worth $4 billion by 2023.
- Sports betting in 2021 is undoubtedly an unstoppable force that’s set to grow exponentially, just within the next few years.
Technology in the Sports Gambling Industry
Technology in sports betting is at the forefront of significant partnerships between bookmakers, professional leagues, and broadcast media companies. Big data is hugely dominant in the U.S. market.
For example, Sportradar collects and analyzes data for the NBA, MLB, and NHL. The data that’s aggregated from thousands of league games translates into innumerable proposition bets.
The company also uses in-game data to update odds for hundreds of bookmakers continually. A Fraud Detection System (FDS) has even been put in place in tandem with law enforcement agencies and sports leagues to preserve the integrity and prevent match-fixing.
Increased fan engagement seems to be the main goal in the sports betting industry during the coronavirus pandemic. Gambling companies have been taking advantage of the fact that many new potential customers spend more time watching content from their TVs and mobile devices.
Sports betting stats are observable from many different platforms across the industry due to the wide availability of technology. Personalized data among players and gamblers alike seek to enhance users’ experiences much more than any of the negative connotations associated with gambling as a vice and privacy concerns.
The benefits outweigh the risks. And with responsible collaborations between companies, leagues, and customers, the sports betting industry is set to become one of the more profitable marketplaces in countries that are in desperate need of revenue boosts.
Predicting future events based on previous databases is a formula that only gets better with time. It’s an exciting transition period to be a sports bettor, especially as the world enters into recovery mode over the next few years.
There is certainly a new era of sports gambling in the offing. While the industry was growing before the pandemic hit, digital markets now have a chance to reinvent themselves, especially when it comes to data collection.
Sports in the U.S. are a major part of the culture. Likewise for the U.K. and Europe. As Asia leads the way with gambling volume, the worldwide sports betting industry can only be expected to pick up its pace in the months and years to come.
With the world more interconnected than ever before, studying the pros and cons of gambling can help the industry evolve into something that works for anybody with a mobile device, bank account, and internet connection.
Sports betting is set to expand, perhaps more so than anybody can predict right now. The odds are highly favourable that 2021 will be the year when the industry turns the corner on the coronavirus pandemic.
And then things can finally get back to a new normal among bettors around the world.
No comments yet