The World of the Online Betting Industry
The world of online betting is undergoing tremendous change, setting it up to flourish in the years to come. The market is worth $67 billion today and estimated to reach about $93 billion by 2023—growing at roughly 11.5% per annum.
There are two trends that are bringing about this growth. First, more of our activities are taking place online, a trend that extends to betting as well.
Second, is loosening regulation. The U.S. Supreme Court uplifted the Professional and Amateur Sports Protection Act in May of 2018 to legalize sports betting on a federal level. Since then, over two dozen (plus Nevada) have followed through, taking the state tally to 25.
The Most Popular Online Betting Activities
Online betting activity breaks up into a few unique categories. Casino is a big one, making up 32% of all online betting activity. It appears traditional casino games like blackjack carry the same thrill online. Bingo’s popularity is a lot more modest at 4.5%.
But the most popular activity by far is sports betting, which makes up over 40% of the total online betting market—and the $66 billion in value it encapsulates.
|Online Betting Activity Type||Share of Total|