Online Betting Reaps Rewards of Sport’s Resumption
In recent years, thanks to relaxation of laws and regulation across the globe for online gambling, the industry has seen strong growth in demand and popularity. In addition to the ease in regulation, the increasing popularity of online gambling is attributed to several factors, such as advancements in the field of digital marketing, wider availability of modern technology as well as easy-to-use systems. In recent years, the global online gaming market has expanded to represent one of the fastest growing segments of the gambling industry. Despite several major legal restrictions which are still in place, regionally and country wise, in 2018 the market already produced more than USD 48.9 Billion in worldwide revenue and is projected to expand past USD 134.5 Billion by 2027, according to data provided by Transparency Market Research. FansUnite Entertainment Inc. (OTC: FUNFF) (CSE: FANS), DraftKings Inc. (NASDAQ: DKNG), Boyd Gaming Corporation (NYSE: BYD), Scientific Games Corporation (NASDAQ: SGMS), International Game Technology PLC (NYSE: IGT)
From the various segments associated with online gambling, it is the sports betting segment that is expected to expand at a substantial pace. The most significant boost to the sports betting segment is attributed to the usage of smartphones, which allow bettors to bet at anytime and anywhere. Over the last three to four months, the online sports betting segment had to overcome a lack of sporting events due to social distancing and quarantine measures. Now, sports are coming back and online betting is projected to make a strong come back in states where the activity is legal. According to an article by Barrons, “sports betting sites in New Jersey were aggressive in offering attractive odds to bettors on the opening games for Major League Baseball on Thursday, according to an analysis by Morgan Stanley analyst Tom Allen… New Jersey has the largest and most important online sports betting market in the country and operators have been aggressive in the state in attracting and retaining customers.”
SOURCE FinancialBuzz.com
