Sports betting is the fastest growing sector in the gambling industry. Worldwide, it is estimated to be worth $200 billion and growing fast. In India, the statistics are not very clear because the industry operates in a gray area. The 1867 Public Gambling Act has never been repealed to allow gambling. But online betting companies operate freely. Online sportsbooks like Leovegas are growing in popularity with sports fans backing their favourite teams and players. Online betting is changing the world of sports in different ways.
Higher Adoption of Sports Betting
The availability of mobile sports betting apps has changed the way people access sports bets completely. Today, you can download gaming apps and start betting in a few minutes. In the past, placing a sports bet was problematic. You had to deal with street bookies, who operated illegally and were always at the risk of being arrested.
Mobile sports betting has brought convenience in sports betting. Even people who were not traditionally associated with betting, like middle-class moms, are now using sports betting apps. You can place a bet anytime and from anywhere, provided you are connected to the internet.
Different sports are seeing growing numbers in their fanbase. New bettors are learning as much as they can about their preferred sport so that they can make winning bets.
More Variety in Games
Online gamers now have more variety in games than ever before. In the past, online betting was limited to casino games. Sports betting has given online gamers more variety, including new segments like eSports. Any credible online sportsbooks today will have over 20 sports.
Perhaps the biggest growth has been in the eSports category. eSports like League of Legends and DOTA 2 have gained a massive following, and sportsbooks are offering betting markets in these sports. eSports tournaments are attracting thousands of players and big prizes. These fans are ready to back their favourite teams with real money bets.
The annual DOTA 2 championship has grown a prize pool of more than $30 million, while Fortnite World Cup has solo championship prizes going up to $15 million. With these kinds of prizes, competition is fierce and bookmakers have jumped in to offer opportunities to bet on competing teams and players.
Bigger Sports Sponsorships
Sports teams have become the biggest beneficiaries of sports betting. Sports betting companies are ready to spend millions in sponsorship deals that give them exposure. 7 of the 11 Indian Super League (ISL) teams are currently sponsored by sports betting companies.
Dafanews is perhaps the biggest spender in sponsorship deals. This brand is a subsidiary of the betting giant Dafabet, headquartered in the Philippines. Dafanews is currently sponsoring Mumbai City FC, Bengaluru FC and Chennaiyin FC. PariMatch News is by PariMatch, a betting company from Cyprus. PariMatch News is sponsoring Kerala Blasters FC and Northeast United. SBOPTOP.net is a subsidiary of SBOTOP, a betting company from the Isle of Man. The brand is sponsoring ATK Mohun Bagan in the 2020/2021 season.
Sports betting sponsorships are win-win arrangements for both sports teams and betting companies. The betting companies need an endorsement from teams. By carrying the betting brand on their jerseys, the teams communicate the brand is to be trusted by millions of fans.
Sports teams need the money to spend on various budget items. With this money, they can attract better technical staff, buy better players, and spend more on training resources.
Sports betting is changing the way people follow and enjoy sports. It has pulled in more fans to sports and brought variety to the sports industry. Full legalization of sports betting will help fans and teams even bigger benefits from this industry.