The world is constantly changing and growing. This is partly down to the advancements we’ve seen in technology in recent years, but also because countries across the world are constantly developing too. As new ideas emerge, and opinions change, we’re seeing laws and policies adjusting with the times. And it’s making life for businesses so much easier to grow.
There are hundreds of markets that now span across the globe, and sports betting is one of them, in more ways than one. You don’t have to be an expert to understand free sports picks and nor will you have to be an expert in business to understand how sports betting is now a global market once you’re through with this article.
So in what ways is sports betting now a global market?
New markets opening up
The first way in which sports betting has become a global market is because of changes in legislation around the world. Depending on where you live, the legal age for gambling will differ, but until recently, even though gambling may be legal in some places, there were still other locations stuck in the past. The United States is one of them.
Whilst it may be famous for places linked to gambling, such as Las Vegas and Atlantic City, sports betting was still banned in many countries. Or at least restricted to the venues these sports took place at. But more states have been changing legislation making sports betting for its citizens more accessible.
What this does for the betting industry, is open up a brand new market for them to expand into. Where they may previously have only offered bets on US sports from abroad, companies can now go into these areas and generate new business by setting up local bookmakers for customers to walk into and place bets. And this is beneficial in two ways.
Firstly, it creates jobs which are great for local areas, which is great in a time when so many have been hit by the coronavirus pandemic. But it also generates revenue for the Government, as in the US winnings are taxable for US citizens, unlike in other parts of the world. So betting companies are flocking to the US to take advantage of these emerging markets.
Sports are more accessible than ever
The other way in which sports betting has become a global market, is because with advancements in technology and the creation of social media, we have more access than ever before. People have always known about great teams around the world, whether that be football teams like Liverpool FC or Barcelona, NBA sides such as the LA Lakers or baseball teams such as the Boston Red Sox. And now we have more access to these teams than ever before.
They’re all on social media, posting behind the scenes snaps. TV rights are now a global business with broadcasters around the globe buying rights and selling sports packages to fans. Some teams even have their own TV channels nowadays too, such as Liverpool whom we mentioned above, so that fans can subscribe and follow their favourite teams every step of the way.
And because of this, fan bases have grown from the thousands to millions over the years. As such, we now have betting companies taking advantage of this, offering bets on new markets for fans. Whether this be on traditional sports or the emerging market of esports. But in addition to offering new markets for people to bet on, it is giving betting companies a global advertisement opportunity.
Many betting companies now sponsor sports teams kits. It is banned in some countries, as is the promotion of alcohol on kits, but there are ways around it. Companies will become official betting partners and have adverts around stadiums. And because sport is now global and watched around the world, millions across the globe see these images, and so the names of these betting companies are becoming more of a household name.
So there you have it, two ways in which sports betting has become a global market. And as sports resume to normal following a turbulent year or two due to the obvious pandemic, you can guarantee we’ll be seeing sports betting growing even more over the coming years.