According to a report by Grand View Research, the global sports betting market was estimated to be worth $66.98 billion in 2020. Digital infrastructure will have a positive impact on this market, helping it grow at an average rate of 10.1% to 2028 by 2025 will grow $106 billion.
Technoavio cites the same reasons for expansion in this sector as Grand View Research. However, he also adds that rising cryptocurrency betting is a key factor that will play an increasingly important role in the pool of players in this expanding industry in the coming years.
What follows is an explanation of what cryptocurrency betting sites are and why they attract players to test their knowledge of sports betting with digital forms of money rather than fiat money.
Is sports betting thriving everywhere?
When it comes to online sports betting, most of the gambling sites offering these services have been in countries like Curaçao, Antigua and Panama for over two decades. This is because these regions were the first to legalize gambling with monero to attract foreign investment. They tried to use this sector to boost their local economies. A strategy that paid off, as Curaçao alone now has hundreds of gambling and betting providers offering their services worldwide.
Recently, however, countries around the world realized that they were losing tax revenue to their residents by betting on these foreign platforms, so they decided to allow this hobby as well. In other words, they allowed operators to create online casinos within their borders, services that their citizens can use. This is an undeniable trend almost everywhere. Consequently, it is correct to say that the online sports betting boom has occurred in the last few years as governments have tried to fill budget gaps by allowing this sector to grow on their soil.
Here are a few examples of regions where sports betting is flourishing.
United States of America
In 2018, the U.S. Supreme Court struck down PASPA, the federal law that banned sports betting in the United States. This opened the door for U.S. states to legalize the hobby, and since then, thirty have opted in, and eighteen operators have allowed online betting. However, bitcoin betting is not suitable for sports betting in the United States. Expect record cryptocurrency betting for the 2022 Champions League final? Already explained in this source.
United Kingdom
The United Kingdom is arguably the largest gambling market in Europe. It was regulated in 2005 when Tony Blair's government decided to approve the Gambling Act, a law that in 2007 created the UK Gambling Commission, the strictest regulator on the old continent. The U.K. typically generates about 14 billion pounds of gross gaming revenue. The UKGC is additionally known for enforcing player safety measures that most players disapprove of, for example: B. low maximum betting limits, advertising restrictions, etc. However, in 2016, it converted cryptocurrencies to the equivalent of fiat money, allowing Bitcoin sports betting sites to operate in the UK from the UK.