Advancement in the sports industry has led to higher profit and enhancing growth of the sports betting software development companies. Today, Virtual gaming business is emerging as the most popular business due to the huge sensation in the market. Rapid adaptation and players enthusiast is the reason behind the booming revenue of this industry.
In the sports industry, gambling is not a new concept, but a major issue that has occurred in online gambling is the legality of this game. Every person has an inquisitiveness to know whether it is legal or not? By the way, it is legal in various countries, you have to get ensured from your regional legislative rules regarding the legality of this business. Previously, Gaming was limited to outdoor playing games but the frequently updating online betting trends have changed the way of betting.
Current Scenario of Betting Industry:
Online gambling market is expected to rise at a CAGR of 8.77%, during the forecast period (2020- 2024).
- Online gambling is the fastest growing sector during the forecast period. Artificial intelligence and machine learning have dominated the market. The increase in the number of females in casinos and ease of cashless mode of payment during the gaming are likely to lift the online gambling market.
- Gambling companies are likely to spread out their sport betting options after sports betting was legalized in the US by the Supreme Court in 2018, which is further supporting the market’s growth. However, rigorous regulations related to online gambling are expected to block the market growth rate.
If we talk about the market share of different sports then we will find that online betting games that are popular at this time are football, Esports, Horse racing etc.
Also Read: Create Your Own Fantasy Cricket App For IPL & T20 World Cup 2020
Future growth of Sports betting industry:
Start from Asia- In India, Dream11 an online Fantasy game (betting app) has become a popular site in two years after its relaunch. The government of India did not authorize the betting industry but looking at the publicity and value of money, somehow the government considered legitimate online betting as a fantasy game.
Sports Betting in The UK- UK is the world’s first country which legalizes online gambling and it is the most developed and strictly regulated gambling market in the world. In the UK, online gambling industry growth is 73% YoY and the total revenue is close to £14.5 billion in FY17-18.
After granting the new norms, online gambling becomes more fairer, safer, for toddlers by postulating the operators to perform identity verification checks before the customers have actually deposited money into their accounts.
Factors that can affect the growth of ESports Industry:
- Technology like Blockchain that makes the transactions faster and simpler
- Available on smartphones and other devices
- High user intensity
- Robots’ Dominance
- Legal support by the government and more.
Significance of starting Online sports betting website:
- Online betting websites provide convenience, it means betting can be done anywhere.
- Betting sites offer to earn a handsome amount of money by betting online.
- You can offer more and more betting options and variety of games at a single platform
- In 2020, you can take advantage of live matches anytime, anywhere.
- There are a huge number of payment options that you can choose as per your ease.
As you can analyse, there are a lot of opportunities and benefits in the ESports app development market. The major challenge is to design a website that can generate profit for your business, for this you have to find the best Sports betting software development company that helps to fulfill your dreams in a cost efficient manner.
Mobiweb Technologies is an offshore Mobile App Development Company that possess numerous years of experience in the gaming platform development sector. You can hire our talented developers for your igaming project. We can provide superior quality services by using modern tools and techniques. We always feel good to provide prompt support to everyone who contacts us.