Grand View Research recently published a report claiming that the global sports betting industry could hit $182.12 billion within the next few years. During this period, the industry is expected to experience an annual growth rate of about 10.3%. But why do you think this could be so?
Well, for those with such questions, you don’t have to stress. This article will explore some of the factors that could lead to this growth, so you may want to stick around. Plus, by incorporating some statistical information, this article will only leave you more informed.
The popularity of online platform
Thankfully, because of the widespread popularity of online platforms, you can place a sportsbet from anywhere at any time. This level of convenience has seen a lot of people join this industry. In fact, you may actually be surprised that because of such factors, some countries, like the US, have up to 39% of their populations betting on sporting events.
Do you know that, according to Morgan Stanley, consumers are willing to spend up to 5% to receive convenient experiences? As if that’s not enough, another study claims that 52% value convenience more than they did in the past, showing just how convenience can help an industry advance. Given that this is what an online sportsbet offers, we could see more people join the industry.
Beyond convenience, online platforms offer an extraordinary way for bookmakers to connect with bettors. For example, as you place a sportsbet, bookmakers can access various data aspects about you – this was not possible in the past. They can tell you your betting preferences, habits and even times. With such information, it becomes possible to provide more personal experiences that may lead to stronger customer relationships.
Mark you: more than eight in ten consumers actually love such experiences. And because many people love personalization, adopting it can really help attract new audiences. A study by WiserNotify that goes along these lines suggests that customizing experiences can actually increase conversion rates by 20%. Now that operators are welcoming this trend, it makes sense to expect the industry to make exponential strides in the coming days.
Increased mobile phone usage
There is a very high chance that you are using your mobile phone to read this content. We are now using our mobile phones to do almost everything, and accessing the internet to place a sportsbet is no exception. In fact, several experts agree that these devices are responsible for over 60% of global traffic.
Now, imagine the pain you may have to endure if you don’t optimize your online platform for this use. Given the growing competition in the sports betting industry, this is not something you even want to envision. As such, bookmakers have been coming up with responsive websites to stay ahead. This web design approach ensures betting platforms automatically adjust to fit multiple screen sizes without zooming or pinching.
Generally, such designs can increase the number of unique clicks among mobile users by 15%. Plus, around two-thirds of users prefer them when transacting on their smartphones, and you can be sure this is no different in the sports betting industry. You wouldn’t want to struggle with website content when placing a sportsbet just because the letters and images were not clear. But since most bookmakers have responsive sites, more people can comfortably bet using their smartphones.
The best part is that many people own these devices, which provides a great opportunity for bookmakers to reach new markets. Actually, as per Exploding Topics, the number of mobile phones exceeds seven billion. And if many of these owners join the industry, you definitely expect it to grow, just like Grand View Research projects.
The growing emphasis on online safety
Of course, no one would be comfortable interacting in an environment that could compromise their safety. That’s why many online businesses – not just bookmakers – have been increasing their security efforts. Remember, the more users an industry has, the more customer data it has. This is why sectors like sports betting have become prime targets for cybercriminals.
In fact, just recently, Enzoic released a report claiming that over 50% of sports betting websites encountered security incidents. Fortunately, bookmakers have also been taking advantage of tech improvements to get ahead of threat actors. Now, with infrastructures like 2FA, they can prevent up to 99.9% of targeted attacks. Others, like SSL encryption, have also become common in this industry.
With such measures, bookmakers ensure you can place a sportsbet on your favorite team with peace of mind. This improved consumer confidence may actually influence many more people to join the industry. Of course, several studies can confirm this. According to Chain Store Age, 86% of users often consider a platform’s security and safety before using it, showing just how the growing emphasis on safety could encourage more conversions.
What is our final word?
It shouldn’t come as a surprise that Grand View Research expects the sports betting industry to make significant strides in the coming years. Just think about it: With a simple touch of a button on your smartphone, you can sportsbet from any place at any time.
You’d expect that with such convenience, more people would join the industry. Other factors, like the growing emphasis on online safety and increased mobile phone usage, have made sports betting more appealing and may positively affect its growth. Â