The world of online gaming never sleeps and iGaming operators are always looking for an opportunity to adopt new technology and trends that players love. Let’s check out the top sports betting trends that will make players stick to their favorite game and try something new. Whether you are new in the industry or keen to learn something new, these insights will highlight what’s hot this year!
Global Sports Betting Market: Statistics & Predictions
The global sports betting sector is becoming economically strong day by day, and the current numbers prove the statement correctly. As per a recent statistical report, the online gaming sports betting market is evaluated to be worth $60.6 billion. With such an increase, it can be expected that this market might grow at a compound annual growth rate (CAGR) of 11.1% achieving a total value of $105.2 billion by 2029.
As per the analytical reports, the Asia Pacific region is the largest market accounting for 40% of online sportsbook betting in 2024. On the other hand, North America is the second largest market with a global accounting total of 25% followed by Europe as the third largest market accounting for 20% of the global total.
Top 5 Hottest Sports Betting Industry Trends of 2024
The world of the online sports betting market is evolving within the blink of an eye due to numerous factors. Several key trends are keeping their promise of reshaping the iGaming industry in 2024 as follows:
- Rise of Artificial Intelligence & Machine Learning
Artificial Intelligence (AI) and Machine Learning (ML) are contributing towards the revolutionization of the iGaming industry. These technologies provide operators with highly-dominant tools to amplify the user experience, upgrade operation efficiency, and ensure regulatory compliance. Personalization is a segment where no one can beat Artificial Intelligence. By studying the player’s behavior, preferences, and betting patterns, AI suggests games, and bonuses and delivers messages increasing user engagement and retention. On the other hand, ML algorithms help operators by identifying suspicious activities and preventing any fraud or money laundering activities in real time.
- Expansion of Live & In-Play Betting
The expansion of live and in-play betting plays a vital role in sports betting trends delivering various benefits to operators. With lots of iGaming sports betting options available in an event, the operators get a chance to create more bets per user, raising the overall turnover, and revenue. Live betting will attract new players especially the younger generation helping operators expand their user base.
- Influence of ESports Betting
Esports have made a blast in the iGaming industry by providing a wide range of online games and tournaments. They encourage players by providing them with online betting opportunities across different time zones. As one of the sports betting industry trends, many Esports betting platforms enable crypto transactions & blockchain technology promoting faster transactions & transparency.
With the frequent changes in AR & VR technology, bettors have massive ways of viewing and betting on Esports events. The digital nature of Esports gives access to a vast collection of data allowing sophisticated analysis and betting options.
- Impact of Regulation & Legalization
With higher jurisdictions legalizing online sportsbook in 2024, the operators will get a chance to cover new markets and create a strong user base. Operating under industry standards will help operators gain the user’s trust and boost player engagement and retention rates. Also, legalization comes with taxation delivering a stable and predictable operational environment to the operators.
- Partnering With Affiliates & Influencers
Partnering with well-known affiliates and influencers has become an essential sports betting industry trends iGaming industry. By collaborating with affiliates & influencers, it gets much simpler for operators to reach the potential audience. The affiliates or influencers create high-quality or engaging content promoting the operator’s services through their social media account. Connecting with local affiliates will help operators come across the rules & regulations of local areas.
Final Words
With this complete guide for sports betting trends, one thing has become crystal clear which is that the iGaming scenario is going to modify soon. This rapidly changing sector will become more dynamic and innovative than ever before. The prominent trends that are part of this revolutionization are live betting options, regulatory compliance, and multiple iGaming trends. Operators to stay updated about all of these trends to stay profitable and competitive in the iGaming industry.