Are you a newbie gamer looking for more insights about online games? Or are you an online entrepreneur in search of new opportunities to explore? Whether you’re a gamer or entrepreneur, online games and virtual sports betting might be a potential option for you.
In this post, you’ll learn what this is all about, the current performance of this market, and what the future holds for this industry.
Online Sports Betting: In a Gist
The sports betting sector has been around for decades. But like many other industries, it took new form when the computer and internet revolution began.
Experts often point out that the arcade technology sow the first seeds of what we now know as virtual sports betting. The first arcade games were often races. This eventually evolved into something more as online games get equipped with more features, such as team racing, virtual gear upgrades, and rewards convertible to cash.
At virtual sports game, wagerers take a look at a given randomly-generated game simulation. They place a bet based on the profiles and histories of the players in the teams. Then, a computer algorithm chooses the outcomes of the games to ensure there’s no bias involved.
Virtual sports come in two main forms, races and games. Races include cycling, greyhounds, trotting, horse racing, speedway, and motor car racing. Meanwhile, tennis, football, and basketball fall into the games category.
Market Projections for Virtual Sports and Online Betting
The virtual game betting is but one aspect of the online wagering market. However, a research by Statista Portal shows that the virtual sports segment eats a huge chunk of the market. Specifically, sports betting (69%), football pools (57%), virtual horse or dog race (51%), greyhound racing (43), and horse racing (48%) are currently the most-played options.
The Zion Market Research reports that the sports betting industry is projected to reach around USD 155.49 billion come 2024. This is way higher than the market’s value in 2017, which is at USD 104.31 billion. The income of the industry on a global scale might be challenging to determine, considering the various government regulations.
Key Drivers of Growth
Experts expect the growth of the market due to a lot of factors, mostly technology-based. Specifically, the following are the three key drivers of the industry’s growth:
- Augmented and Virtual Reality – These two factors make the games more immersive and the gaming experience more engaging.
- Cross-selling – Virtual sports betting operators could also partner with providers of other related wagering options (e.g., online casinos) to give customers more variety. Gaming products may also be pitched on these sites.
- Low physical risk, or none at all – Customers often point out the low physical risk of this wagering option. Gamers can do this at the comforts of their own home.
Areas of Opportunities for Growth
As per projections, the market’s growth will continue alongside technological innovations. Especially for entrepreneurs and betting service providers, focusing on the following areas might bring in more customers and income:
- Addition of different sports types – Find ways to launch more options for the wagerers. This will reduce their likelihood of transferring to other platforms.
- Mobile-friendliness – Majority of tech users today prefer mobile devices. So it matters to ensure all features and services are available on mobile.
- Addition of betting and payment options – Opening up more payment and wagering options can help customers to stick to the platform. Yes, the gaming experience matters, but convenience is equally important.
- Market expansion – In the US, 69% of core wagerers are men, says the American Gaming Association. 45% of the bettors are within the age bracket of 23-24 years old. In the UK, 22% of online bettors aged 18 to 24 years old place their bets while at work. And 35% of wagerers place bets once each week at a minimum. With these numbers, it’s easy to tell that there are still more people to reach out.
Virtual sports betting could be a potential weekend pastime for people of all walks of life. For entrepreneurs, this market could be the source of a lucrative project. The best thing is the fact that online betting aligns with digitalization, which is currently the leading driver of change and growth.