An exciting era for sports betting
In recent years, technology has transformed many industries, and sports betting is no exception
FOR SPORTS ENTHUSIASTS or those involved in the industry, there has never been more sport at our disposal. The recent Olympic Games in Paris reminded the world of all the different sporting disciplines people around the whole world are partaking in. However, while sports like gymnastics and shooting were cheered on by billions worldwide, they unfortunately do not come close to featuring amongst the mainstream sports that are capturing the imagination of people by the day.
More action by the year
It is sports such as soccer, tennis, Formula One, American Football, basketball, and baseball that are commanding the most attention, with soccer arguably the most watched sport on a global scale. From a fan’s perspective, there are seemingly matches and tournaments around every corner, covering every time zone around the clock.
There are more televised sports than ever before, more teams and franchises taking their brand international, and revamped tournaments involving more participants. NFL teams are playing more matches in overseas territories each year, with markets and imaginations in countries such as Germany, the UK, Brazil, and Mexico already captured.
The Champions League in Europe has introduced an expanded format this season, there are more Formula One races than ever before, and the FIFA World Cup, which will be coming to Canada in 2026 has also undergone a makeover, which will see 48 teams compete for the trophy.
Lucrative gains
With all this action, there are other industries getting in on the action, none more so than sports betting companies. Sports books have taken off in recent years, fueled by an increase in online activity and the general recognition of the potential of sports books from a financial point of view. From a Canadian perspective, regulators took a big step in April 2022 by legalizing iGaming, which includes sports books as well as online casino action.
This has been immediately rewarded with revenue numbers up to CA$588 million in sports betting alone. We can also whisper quietly under our breath that online casino brought in CA$1.8 billion. The iGaming industry as a whole is thriving, not only in Ontario and Canada, but on a worldwide scale, and the markets here are just an example of the coverage sports books offer nowadays. If we take tennis as an example, not only can a user bet on an outcome of a match, but they can also follow the action and place wagers on the live action.
Much improved usability
Sports books are able to operate at greater speeds and capacities, with some even offering live streams of sporting events. The advancements in software in particular make it easier for a new provider to get a product into operation. For users, they are equally rewarded with quicker verification for signups, and quicker deposits and withdrawals, and the possibility to even use cryptocurrency on some platforms.
Providers and users each also experience a lower level of risk when entering the sports betting industry, with the established nature of the industry cementing the target audience for newcomers, while users themselves can be confident they are entering a more secure gambling environment due to stricter preventative measures implemented on sports books under the direction of regulatory bodies, such as the Alcohol and Gaming Commission of Ontario (AGCO) for that particular province.