We all know how gigantic the sports betting industry has become. Its growth has been steady for several decades. But the biggest spurt of that growth has actually been in the last three years or so. But how big is it exactly? For some perspective, we can look at just the financial side of things. In the US alone, the projections say the gambling industry will be worth nearly $2.75 billion by 2023. Moreover, remember that this prediction accounts only for the 20 states where sports betting is currently legal. As for a more global scene, the regulated gambling industry is worth about $150 billions currently. And yet, it would not be too surprising to see it grow threefold in the next two years. For entrepreneurs, the ground is yet ripe with opportunity. If not actual gambling platforms, tech think tanks surely have their eyes on social media platforms for gamblers and gambling advice. But what about you as the gambler? In this article, we will look at the current trends of the gambling world, and how to best take advantage of it now.
The New Types of Sports Betting
As the gambling industry shifted its gears online, sports gambling was quick to catch up. In fact, sports gambling is actually a step up online. Sure, live dealer blackjack is great when you try it first. But once the novelty wears off, you realize that the ambience and experience of a real casino is hard to recreate. Sports betting, on the other hand, has only benefited in the digital world. Gone are the days of seedy underground bookies. It is now much more transparent and accessible. Never to forget, the proliferation has also led to many new developments of different categories. If you were ever on the fence about getting into sports betting, now is probably the best time. Because there is competition between bookmakers, promotions and bonuses are plentiful. There are whole new types of betting, as well as improvements of older popular bet types.
For the most famous example, take a look at live betting. Traditional betting used to be all about fixed odds. One would bet before the match actually begins and cross their fingers. But in-play betting lets you imbibe dynamic sports like football in all its explosive glory, while also putting your quick decision-making to use. It completely changes how betting works. And on top of that, in-play betting allows for a far greater number of factors to wager on. An easy example is a wager on which team will score next. Live betting has only been around for half a decade, but it already rivals traditional pre-match betting in popularity.
For something completely new and even more game-changing, however, you have to dabble in exchange betting. Although quite simple in principle, exchange betting represents a hope for a newer, more consumer-friendly betting market. When you go to a sportsbook and cast your money on a wager, you are essentially betting against the bookmaker. Thus, by extension, your goal is to out-guess the bookmaker. In an exchange betting market, however, the bookmaker is as good as absent. The betting platform still regulates the whole thing, but you bid against other bettors. You do not wait for the bookmaker to slip on a value bet so it can cash out money. Instead, bettors directly back or lay wagers put up by other bettors. Naturally, a completely self-regulating betting market still does not exist. But the point here is to explore these options. Like in-play betting, exchange betting is also a whole new way to approach handicapping and wagers.
The best way to capitalize on the growing industry is to diversify your betting horizons. Other than the betting pool and dynamics, the world of sports itself is evolving. E-sports has been knocking on the world sports stage for a while now. Given how big it is getting rapidly, many major sportsbooks have started to also include whole new E-sports sections into their arsenal. Esports is only due for even greater popularity in the coming decade. So if you were looking to try out some new betting market, this is what you should keep your eye on.
Finally, one must also not forget the predatory side of the sports betting industry. Just because something is hip and lucrative does not mean it is profitable. Take a look at simulation sports juggernauts like DraftKings or FanDuel. They market themselves as the next big thing. Financially, their success is indubitable. But they are also a very ill-advised way of gambling if you want to make steady profits.
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