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Please provide me with an assessment of trends in the sports gambling industry.
Trends in the sports gambling industry include its ease of play, low cost of entry, availability of cash alternatives, popularity of online sports, penetration of international cards, and changes in consumer habits. Below you will find a deep dive of my findings.
EASE OF PLAY
In the past, people would have to drive to a casino to wager on the results of a game. With the introduction of online gambling, this barrier has disappeared. Today people wager on their phone or on mobile devices. This is a trend that the market of daily fantasy sports has been able to take advantage of by facilitating the ability to place wagers on a variety of outcomes. When playing daily fantasy football, a player is able to choose players that are set to play important matches in the coming days. Some players spend thousands of dollars per week playing with different teams in the league. Players that are serious make more money in the long run.
COST OF ENTRY IS LOW
The low cost of entry is another factor that is growing this industry.
Daily fantasy sports give players the option to bet just one dollar in a game, which eliminates what used to be a significant barrier of entry to gambling. Any person that is interested today can wager as little or as much as they like. For this reason, the industry has grown.
TECHNAVIO'S TOP FOUR TRENDS
According to Technavio's research analysts, the top four key trends that are propelling the global sports betting market are the increased availability of cash alternatives, the rising popularity of online sports gambling in younger demographics, the increased penetration of international credit and debit cards, and the shift in consumer gambling habits.
INCREASED AVAILABILTY OF CASH ALTERNATIVE
Online gambling markets in the US allow players to use virtual money, and this has decreased problems with respect to cash. Payment in the form of online real cash and virtual money allow for the return of prize money as a virtual currency, which can later be used to participate in other games or to redeem money. Online gambling also allows for greater scalability.
GROWING POPULARITY OF ONLINE SPORTS
Younger demographics are attracted to online sports. Its reach covers a gambling demographic that does not follow sports, and it is available in countries where betting might be illegal. On average, the age of a land-based bettor is 45, and the age of an online sports bettor is 38.
INCREASED PENETRATION OF INTERNATIONAL CARDS
It is difficult to ban online sports betting due to the increased penetration of international cards. Through the use of proxy servers and international cards, players are able to get around legal issues in their countries of residence.
SHIFT IN CONSUMER HABITS PERTAINING TO GAMBLING
The greater availability of gambling apps and social gambling will lead to growth in the industry. Companies are producing new social gambling games that allow players to compete with friends. Competing with friends is one of the top reasons why people adopt social gaming.
CONCLUSION
To conclude, the sports gambling industry is driven by trends like ease of play, low cost of entry, availability of cash alternatives, popularity of online sports, penetration of international cards, and changes in consumer habits.