For some people, betting is a way of life and also a major source of entertainment. Some people choose to bet for fun, while the prospects of making money attract millions of other enthusiasts globally. However, sporting betting is getting most of the attention, dominating over 40% of the online casino industry for various reasons. Here’s a look at how the sports betting industry has grown over the last few decades.
History of Sports Betting
Sports betting traces its origin over two millenniums ago, with the earliest punters wagering on the first Olympics organized by the Greeks. The ancient Romans adopted sports betting from the Greeks’ Olympics and eventually legalized it. The Romans mainly wagered on gladiator games, and even when these games came to an end, sports betting continued thriving and spread to other kingdoms.
Some religious leaders tried to make laws forbidding the activity during medieval times, but that only forced the activity underground, where it continued thriving and spreading to new sports. Betting later resurfaced in England and significantly grew in popularity thanks to horse racing. The English introduced the practice to the US, where millions quickly embraced it.
Overall, sports betting is still growing worldwide, with the internet contributing majorly to its popularity. Today, over 60% of people place their sports bets online through sites like Betway, thanks to the convenience and other individual reasons, including:
Why Sports Betting Still Growing In Popularity Today
For years, most people had to visit local bookies to place their wagers, with many bookies operating without any regulations by law enforcement. Many countries also outlawed sports betting activities, but that’s slowly changing with the rising industry popularity.
With the advent of the internet, sports betting has proven hard to tame, with cross-border payment platforms allowing the punter to bet from anywhere in the world. As a result, sports betting has become a global phenomenon, with leading online booking like Betway growing year after year. That’s mostly because there’s no need to visit a local bookmaker to place a wager, and punters can also find more opportunities as sports events unfold, all thanks to Live betting.
Online sports betting makes it possible to wager on virtually any event, meaning you can leverage your current knowledge on any game, be it basketball, soccer, or any other. Even better, modern sports betting sites also accommodate other events like politics, entertainment shows, esports, and more.
A look at the Sports Betting Future
Looking at the humble beginning of the sports betting industry, there’s no reason to believe that the industry will die out in the future. Today, football is the most popular sport among punters, with odds available for almost all amateur and professional leagues worldwide. Nonetheless, other sports are rising in popularity among sports punters, including hockey, basketball, baseball, horse racing, and tennis, to name a few.
With this rise in popularity, you can expect to see more jurisdictions embrace the industry, hoping to get a piece of the pie through licensing and taxation. You can also expect to see hundreds of new sports betting operators in the market over the next five years.