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Sports betting is an activity of placing a wager on the outcome of any sports depending upon the predictions. Sports betting can be placed on any sports like Football, Cricket, Basketball, Baseball, Mixed Martial Arts, Car Racing, Cycling, Hockey Boxing and many more. Sports betting can be held on non-athletic activities like cock Fighting, Greyhound Racing, Horse Racing, Bullfighting and so on. Betting can be held on non-sports activities like Elections, Awards, and on Entertainment events. Still after all these trending demands majorly sports betting is facing challenges worldwide.
Sports betting was also famous in ancient times. In ancient times, people used to bet through Dice, Chess, card games, and one of the most famous tricks that we use until now, Head and Tail. Betting was also practiced between masters and slaves. Most sports betting startups are coming up with an extensive range of features that can easily enchant sports enthusiasts.
Asia is the biggest market for gambling and sports betting. And according to a Statista survey, almost 50 % of people 18 years and older in the United States have placed a bet on a sports event at least once in their life. Betting makes up about 30 to 40 % of the global gambling market, which also includes lotteries, casinos, poker, and other gaming. The global gross sports gaming/gambling yield amounts to more than 400 billion U.S. dollars each year. (source)
Types of Sports Betting
In this section, we will discuss different types of sports betting. Some of the sports betting types are comparatively new. Other types have been in the industry for a lot longer, and some of them have even been around longer than the internet itself.
- Exchange Betting
Exchange betting is comparatively new in the field of sports betting industry. It has grown in popularity in recent years. A lot of people choose exchange betting to bet or wager on any sport. In exchange betting, there is no need for a bookie. In exchange betting, bettors place wagers between other bettors who are gambling Industry opposite to each other. For example, if you are placing a bet then basically you are placing it against the other people who are playing against you.
- Fixed Odds Sports Betting
Fixed-odds sports betting is one of the conventional forms of sports betting. Most of the people are also familiar with this type of betting comparison to others. In fixed-odds sports betting, both the parties agree on the odds when a bet is placed. Even if the odds have subsequently moved, it is paid out at those agreed odds when a wager wins. It is a very straightforward type of sports betting. Like a gambler wagers on a match or on a team about winning or losing the game.
- Point Spread Betting
In the United States, point spread betting is so popular, especially for Football. The concept of the point spread betting is different from other types of bet. Here a gambler does not place a bet directly on a team or participant about heir winning or losing the game. This betting type works on the method of “cover the spread” where a bookmaker will create a spread. By the points awarded or deducted, the size of the spread is determined.
- Live/In-Play Betting
Live betting or In-play betting is a form of the fixed-odds sports betting. In this type of betting, the same method is used to place a wager, there is only one difference between these two betting types. In fixed-odds betting, the wager is placed before the start of the event. But in live or In-play betting gamblers are allowed to place a wager at any time during the event, until the event is about to be over. This type of sports betting game is relatively new but in the market from the last few years.
- Pari-Mutuel Betting
Pari-Mutuel betting is the oldest betting method apart from fixed odds betting. It was developed by Joseph Oller in the late 19th century. By getting frustrated to see the margins that were bookmakers making. He found a better way to place the wager for people. The result was Pari-Mutuel betting, this method removed the need for bookmakers. The working principle of Pari-Mutuel betting is so simple. Even with the involvement of complex aspects, it is a relatively straightforward betting method.
- E-Sports Betting
As we all know, E-sports or online betting is the newest type of sports betting. E-Sports got so much popularity in recent years. The betting is not placed on traditional sports but on a new form of sports that is video gaming. Video gaming has gained huge popularity in recent years. Since the introduction of the internet, a lot has changed. The games on E-Sports betting is placed are
- Call of Duty
- Counter-Strike: Global Offensive
- League of Legends
- World of Tanks
Challenges Faced by Sports Betting Industry
With the rise in technology and the popularity of sports betting, it comes with new challenges and adversity. Here we will discuss some problems with the sports betting Industry.
- Modern Demands
With the coming new generations, now it has become difficult for the sports betting startup to develop new ideas while protecting their existing revenue. We have seen many changes and movements in strategies in many places where sports betting hasn’t been before. In the form of the Millennial, there is a new type of player that came in the form and they have a different point of view regarding what good looks like and whatnot.
- Building Trust
Having a solid brand identity cut down all the competitors who are facing a lack of loyalty and trust. Because the identity of a brand is extremely important. Without any identity, no business or industry can reach the heights that they imagine. If there is so much clutter in the market, then it is more difficult for a brand to cut out that clutter. A business needs to have the consistency to clear it out so that it can try to build trust among users.
- Technology Integration
Advancement of technology has become another challenge for sports betting startup. Keep up the pace with the advancement of technology is a difficulty today’s time. It is the demand of the time to be updated in technology and integrate new features and technologies into the business to attract more customers.
With the growth of the sports betting industry, the chances of fraudulent get higher. Stolen or fooled identity data is still the biggest threat to the sports betting industry.
According to the ThreatMetrix Gaming and Gambling Cybercrime Report, one in every 20 new account creations is fraudulent. One man in England lost nearly 12,000 pounds when fraudsters using stolen identity credentials made 110 fraudulent transactions at an online gambling website. (source)
Each country has its own rules and regulations regarding betting and gambling. There are some countries where gambling and betting are legal and on the other hand, there are some countries where gambling is illegal. It means both sports betting companies and the gamblers need to keep a close eye on the recent changes in the regulations. Countries where gambling is legal, betting industries require a domestic license to regulate it.
The world of sports betting is changing constantly. Sports betting is an evolving business. There is a lot of progress to be made in the sports betting industry. Sometimes because of sports betting and gambling, some problems were faced by sports persons like people accuse them to be involved in match-fixing. There are some countries where sports betting is not legal like United Arab Emirates, Singapore, Qatar, North Korea, Lebanon, Cambodia and so on.
Now the feedback coming out for sports gambling are positive. Many sovereignties where sports betting is legal are growing rapidly, their revenues are expanding drastically, and the states are making more money by putting more tax on these activities. It would be beneficial for the sports betting industry to study trends and try to predict future trends like what will be the most popular in the future and how it will drive the sports betting industry. By analyzing the current trends, sports betting app development company can enhance the future of sports betting which help sports betting industry to grow more prosperous and wealth.
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