Betting Industry To Be Even More Valuable By 2025Jake Cooper | 02 Sep 2020
The ongoing legalisation of a global sports betting market may very well lead to a global industry within the next five years valued well in excess of the 2019 value estimate of US$85,047 billion. This according to a recent new report added to research portfolio ResearchAndMarkets.com.
The industry is expected to witness incredible growth during the period 2020 – 2025, and primarily as a result of an inclination on the parts of world governments to fully legitimise the industry, opines the mentioned report.
This growth trajectory is obviously stimulated even more and to a greater extent by the emergence of a spate of new legal online sports betting operators and platforms in several developed world countries.
Sports, Players, All Play A Role
But not only is the industry primed to grow because of legalisation, because even the rising popularity of international high-end events in sports such as cricket, soccer, and baseball, is seen to be having a superbly positive effect on the market overall. These sports have according to the authors of the aforementioned report, gained a great deal of momentum in recent years – all of which combined have resulted in a significant hike in sponsorship deals inked alongside clubs, teams, and even professional sports players and personalities.
A massive increase in investments made in terms of marketing and advertising have played a leading role in the increase in revenue and overall success also. Since visibility and knowability are significant factors in terms of fan-engagement, advertising within the content of high-profile sports, is basically liquid money and right-ready revenue. Commercialisation, therefore, continues the report, has led, and will continue to lead, to an ongoing increase in value-adding revenue being generated.
More Alliances – More Money
Another significant contributor to the rising trajectory that can now be seen in terms of market value has been that of consumer expectations – and in particular, forever-rising consumer expectations, continues the report.
This tendency has in turn resulted in an increase in big corporate sponsorships and partnerships, collaborations between big corporations and teams and franchises, and the launch of several new big-gun operator platforms. All of these of course having been absolutely necessitated by a rise in demand.
A stellar example of ongoing success created by legalisation, an increase in consumer engagement, etc. is that of UK bookmaker William Hill’s February 2020 inking of a major new partnership in association with federal North American Indian tribe the Grand Traverse Band of Ottawa and Chippewa Indians (GTB). Partnerships such as this, and numerous others just like it, are clear indications of what to expect of the industry over the course of the next 5 or 10 years, concludes the report.