This post is by Rida Khan from Visual Capitalist
The Explosive Growth of Sports Betting
In 2022, the sports betting market showed the fastest growth in all commercial gaming segments, with a staggering 75% increase in revenue year-on-year.
This growth is more than that of all other streams of gaming revenue combined. This includes slots, table games, and iGaming.
In this infographic from Roundhill, we explore this explosive growth and the factors that are driving it.
What is Driving this Growth?
Legalization, innovation around the user experience, and other new business opportunities are all factors that are driving growth in the sports betting industry.
Legalizing sports wagering at the state level has been a pivotal factor in this equation.
The federal ban was lifted in 2018. Since then, it has become live and legal, in-person and online, in 19 states as of 2020, and 33 states as of 2023.
Additionally, it’s now legal to bet online but not in person in Kentucky and Tennessee. Hence the entire industry in these states is being driven entirely by digital betting.
This frictionless experience is proving to be quite the appeal to consumers, with 86% of sports wagers now being placed online.
In addition to mobile betting, other features are enhancing the sports wagering experience, such as:
- In-play betting
- Artificial intelligence (AI) and machine learning (ML) to increase prediction accuracy
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