Just like thousands of different industries and millions of companies around the world took a major hit due to the COVID-19 outbreak, the sports betting industry too was greatly affected by this global pandemic. With cancellations and temporary holds on all major sporting events around the world, the sports betting industry had to suffer huge losses during the initial few months.
Now that some sporting leagues and events are gradually coming back, the sports betting industry is rushing to recover their losses and keep their business afloat.
Read on to know more about how the industry was affected by the Coronavirus and what the future looks like for sports betting app development companies.
1. What does the sports betting market look like?
Every year, billions of dollars are bet on different sporting events around the world. Even though the exact size and value of the sports betting market is difficult to calculate, research has shown that sports betting makes for about 40% of the total gambling market that includes gambling avenues like casinos and lotteries as well. The US is estimated to be the fastest-growing sports betting market and had a market value of $40bn in 2016 with an estimated growth of $10bn every year.
Due to its high population, the APAC region remains the biggest sports betting market and accounts for around 47% of the total sports betting revenue. Soccer (especially the European leagues) has the highest betting volume around the world followed by American football and the top 3 leagues in the US – MLB, NBA, and NHL. Sports like cricket and horse racing also see a significant betting volume in other parts of the world like some parts of Europe and Asia, and Australia.
2. How Covid-19 has affected the sports betting industry
At the start of the pandemic, most European countries and several major states in the US went in complete lockdown, bringing all major sporting leagues to a complete halt. With events like the Olympics and EURO 2020 being postponed, the industry has to find novel ways to cut costs while waiting for the pandemic to pass. There has also been a direct loss of customers for all sports betting companies around the world, resulting in major financial setbacks.
3. How has the sports betting industry evolved to lessen the COVID impact
Sports betting companies are now coming out with innovative ways to stay relevant in the industry and continue generating income. Virtual sports and betting have gained massive popularity in the past months and are probably what gives ardent fans the same kind of rush.
Sports betting software development companies are capitalizing on this shift by creating online leagues and virtual sports to replicate the real-life betting experience. The global online gambling industry was valued at $45Bn in 2017 and is estimated to steadily grow in the years to come, much to the relief of fantasy sports app development companies as well.
4. Future trends in the sports betting industry
The sports betting industry is no longer shrouded in mystery and the growth of the industry is inevitable. Even though times are uncertain right now, the boom in online betting will help sports betting app development companies ride the storm. If your sports betting software development company wants to make the shift from traditional to online betting, companies like Slavna Game Studio, a full-cycle game development company, can help you design and develop solutions for all your different online betting needs.
From real-time tracking of statistics to personalized user portals and payment infrastructures, Slavna can help you build your technology in the most effective way. Slavna also has created a modern sportsbook that offers solutions for delivering betting odds, scores, real-time settlements and so much more.
With trial and error and experimenting with new formats of betting, the sports betting industry is staying on top of the game and making sure neither their company nor sporting fans are gravely affected by the change in the sporting climate. Even though fans may not be able to attend sporting events in person and cheer from the stands, betting companies are doing everything they can to make sure fans do not miss out on the betting experience. This is a good opportunity for sports betting app development companies to flourish.