Why More and More People Are Betting on Sports and What the Future Holds?
India is a big fan of sports and gambling and when combined, it has easily become one of the most popular activities in the country. Sports betting is a multi-billion dollar industry worldwide and in India, it is estimated that over 370 million Indians would place bets on major events each year. Over 140 million would then wager on sports regularly.
When it comes to the most popularly wagered sport in the country, nothing beats cricket. With around 79% of the country’s population watching cricket, it’s no surprise that it’s also a sport that people would love to bet on.
Looking at how punters are now placing their bets, they all seem to do so online. And since India is a mobile country, we can assume that the majority of sports punters here are using their smartphones to bet on sports like cricket. Many sportsbooks are also now ensuring that they deliver the best service by making genuine betting apps in India available to download.
But Why Are People Betting on Sports?
There are different reasons why people are now betting on sports. To some, it could be a great addition to the thrill and excitement that matches bring them. It’s simply a great source of entertainment. However, some people are more serious about sports betting because they are after making profits.
Some people take this to another level by turning sports betting into a professional career. While this may sound enticing, know that it is not a career path for everybody. Sports betting has risks that not everyone can afford. Because of that, only skilled punters are usually the ones who have the confidence to rely on this activity as their main source of income.
What also motivates people to place bets these days is how it has become convenient and more accessible. Thanks to online casinos and sportsbooks, anyone can place their bets anytime and anywhere they are. Technology has also allowed bookies to offer features that they can’t in the early days like in-game or in-play betting.
Overall, just like with any gambling activity, people are naturally thrill-seekers and risk-takers. If they aren’t, they see sports betting as a great way to relax or as a form of leisure. Sometimes, peer pressure can also be involved. Since many people are now placing their bets, many are also sharing their experiences with their friends or relatives. This then makes some people feel like they should also be betting on sports.
Why Bet Online?
So why are many people now betting online and downloading betting apps? A direct answer to this is because of convenience. Whether you bet on the website or with an app, it’s now so fast and easy. There’s no need to drive to a store and line up to place a single bet.
Online bookies are also offering more than just sports betting these days. Aside from betting odds, many of them would also have a regular and/or live online casino. Some would also have horse race betting and virtual sports.
Aside from these, some bookies want to make sure they have everything you need including the live streams of your favorite matches. If you’re also looking for the latest updates most of the popular bookies in India also have all that covered.
With that, betting online is now more than just placing wagers. It’s an experience that many sports fans would enjoy without spending so much time and effort.
The global market value of the online sports betting industry is projected to reach a value of almost 60 million USD by 2026. This is more than double the amount it was valued in 2019 which was at almost 25 billion USD. According to the report made by Market Reports World, the CAGR of the market value since 2019 is at 13.6%.
While Europe still holds the largest segment of online sports betting in 2019, more markets are now considered as the major players in the industry including North America whose market has registered with a CAGR of 15.8%.
Canada also now has a huge online gambling market and this is mainly because online betting is still unregulated there. Meanwhile, India is now also seen by some European gambling companies as the next big betting market.
However, with the recent happenings in states like Karnataka and Telangana, it’s going to be hard to assess whether online betting will be regulated in India instead. Still, despite the strict measures that these states want to implement, the people here are betting online.