In recent years, the online sports betting industry has seen marked growth, and it’s not predicted to slow down anytime soon.
There are numerous reasons for this increase in popularity; below we’ll take a look at them. We’ll also break down the figures surrounding this increase in online betting. In addition, we’ll look at some bets that people like to make online.
But first, let’s look at how online sports betting works to learn more about why it’s grown.
How does online sports betting work?
Online sports betting has taken the experience people enjoy in brick-and-mortar betting shops and brought it onto mobile devices in the form of apps, and to desktop computers through websites.
While it can’t compete with the feel of a betting shop, there are many perks to betting online. The most obvious one is the ease of use and accessibility.
Nowadays, most betting companies have apps and websites that can be used on the vast majority of mobile devices. This provides a lot more people with the ability to place bets on their favourite sports from wherever they may be located.
Online sports betting sites have invested heavily to make these apps and websites easy to use, which makes them accessible to many more people.
To learn more about sports betting, head here. You can discover the latest odds, deals and offers, and find some previews and predictions to help with your betting choices.
What types of bets can you make online?
There is a wide range of sports and bets that you can make online. Online betting is popular with football, American football, basketball, horse racing and tennis. Interest usually spikes around the time of international competitions such as the FIFA World Cup or the US Open in tennis.
The types of bets people can make online vary, but there is greater choice in comparison to brick-and-mortar betting shops. For example, you can still make all the standard moneyline bets, such as backing a person or team to win.
You can also access proposition bets with varying odds, and more niche options such as over/under bets. However, you have greater control over the bets that you can make. For example, if you make an accumulator bet involving three or four teams, you can see the odds and potential payout before you place that bet. You could also cash out that multi-bet before it’s complete if you don’t feel as if it will win.
Is online sports betting growing in popularity?
According to recent figures, online sports betting is growing significantly. In the next five years, it is predicted to grow by a further 10%. According to a recent report, this growth was spurred on by the global pandemic which forced betting shops to close. This left bettors with no other option than to move online, and it looks to have turned a few people into permanent online players.
A study conducted by Lund University in Sweden found that consumers appreciate the streamlined experience offered by online betting services. In one place they can access a full list of betting markets and can make a range of different bets.
Some sports have experienced greater growth than others. Football, for example, has seen a spike in online bets, particularly in European countries. Some commentators have speculated that the reason for this is that betting companies are sponsoring more football teams. For example, Everton FC is sponsored by a betting company, as are Real Madrid and AC Milan.
Surprisingly, tennis has also emerged as one of Europe’s biggest sports to bet on. This peaked in 2021 around the time of Wimbledon, the biggest international tennis competition.
What are the reasons for this growth?
There are multiple reasons for the growth in online sports betting, some of which we’ve already touched upon. However, another reason not covered so far are the incentives that betting sites offer players to bet online — incentives that aren’t offered in physical betting shops.
These incentives can range from enhanced odds on certain events to welcome bonuses and deals. One of the most popular welcome bonuses is the matched first bet or first deposit. This generous offer sees betting sites credit your account with the equivalent amount you deposit or double the stake of your first bet. Some sites do this for up to £2,000, so if you’re confident in a particular match or fixture, this is a great offer to take advantage of.
