Sports Betting Industry Predictions for 2022
The sports betting industry has many expectations going into 2022, with investors betting big on the industry’s growth as more states look to join. Grand View Research estimates the global market scale will surpass the $140 billion mark.
There Are High Expectations For The Sports Betting Industry In 2022
Expectations were high for 2021 as the pandemic hindered many sports betting markets across the country, especially in 2020 due to the pandemic. With sporting events being canceled, bettors had to resort to other places that included international baseball, lesser-known soccer leagues, and other sports.
Even though the sports betting industry took a step back, this led to sportsbooks adapting to what users and in-person bettors geared towards. Sportsbooks added more interactive features on their platforms, more live betting options, and offered more promotions to attract new customers and keep current users interested.
Many sportsbooks have adapted the feature of same-game parlays, allowing players the opportunity to win big on one game. Listening to what the bettors want has given the industry a good indication of where the market is trending. However, those major improvements are still a fraction of what the sports betting industry can achieve in the long run.
More states establishing a market and giving numerous approved licenses has allowed bettors to use multiple platforms in states that offer mobile sports betting. States that provide only retail sports betting are also moving towards adding mobile sportsbooks as legislators and many others involved argued that the convenience of online sports betting will generate more revenue.
New York prepares to launch as early as 2022, just in time for the Super Bowl. Sportsbook giants are making big pushes in Florida and California as they view them as very lucrative markets due to having numerous professional franchises, collegiate sports, and being highly populated.
Sportsbooks are Changing Their Marking Tactics
Sportsbook marketing teams understand that many people, especially Gen Z, are moving away from traditional cable and are joining live-streaming services. Fubo Sportsbook, which is currently operating in Iowa, was the first to integrate sports betting with the live TV streaming experience.
Disney is also looking for a sports betting partnership as the company distributes its content through major brands, including ESPN. Their sports streaming platform ESPN+ has seen a steady increase in subscriptions this year. A potential partnership could allow users to place bets through the app.
If companies extend partnerships, work around streaming rights and provide live coverage, more sportsbooks may add the option of live streaming on their platforms. It will allow users to place live wagers on numerous events.
The sports betting industry is very competitive as many sportsbooks offer unique ways to bet. Many sportsbooks also offer different promotions to gain an edge as some states have more than ten to twenty sportsbooks operators in their state.
In 2022, sportsbooks may partner with other competitors to lessen the number of competitors in the expanding market. Sportsbook operators have their own unique workforce, marketing strategies, media assets, and a large consumer base. For example, international sportsbooks must extend partnerships with United States-based companies to establish a market here.
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