Sports betting has always been a big business, but it’s fair to say that it has become even bigger in 2024.
Many around the world have enjoyed combining sports with betting, as it has allowed them to enhance their passion for the sports that they watch and play by upping the stakes a little further and making the experience a little more entertaining.
The sports betting industry is thought to be projected to generate around $45.43 billion in revenue by the end of this year, which is an increase on what had been generated in 2023. Indeed, the expectation is that the figures won’t stop climbing, either, as the compound annual growth rate (CAGR) between 2024 and 2029 is predicted to be 7.47%, leading to a value of $65.14 billion by 2029.
What has helped fuel the growth of sports betting in 2024?
The growth that has been experienced and is expected to be achieved over the next five years has been possible due to several factors.
More people are engaging in sports betting around the world, learning terms and using resources like a margin calculator that can help them get the most out of their sessions. For instance, the market has only recently been opened to bigger population sizes, with the US being a prime example. With Americans known to have a culture that is based around sports, the ability to legally wager on them has helped the market to thrive and grow its revenues. There are other countries that have also experienced the same situation, thus helping the market to expand.
It’s not just the legal landscape that has helped sports betting to become big business in 2024. There have been several different sporting events that have taken place this year that don’t always happening, while some annual competitions will have attracted more interest than before.
This year has seen football have two of its biggest international competitions take place; Euro 2024 and Copa America 2024. The competitions are just a level down from the FIFA World Cup, with each of them designed to crown the best team of their respective continent. The quality of players on show will have piqued the interest of sports bettors who follow the game, as it will have provided them with an opportunity to participate in wagering before the start of the European football campaign.
The 2024 Olympic Games in Paris will have also been of huge interest in sports betting circles, with the events taking place lending their hand to wagering. It’s a highly competitive event and will see some of the best athletes from around the world competing for medals. The very nature of the Games makes it appealing for punters.
How will sports betting continue to grow?
As mentioned, the sports betting industry and market are still projected to continue to experience growth beyond this year, suggesting that it could still become even bigger business than it already is in 2024.
This could be possible due to changes in circumstances regarding the disposable income people may have in the future, the events that take place and the potential of each of them becoming even bigger, or advancements in technology or law.
It’s a popular activity and with people becoming legal each year due to the age requirements in place, sports betting is always going to be new to a percentage of the world and that might be enough to help keep it growing.
