Rising Government Initiatives for the Legalization of Sports Betting
Sports betting is the activity of predicting sports results and placing a wager on the outcome. Sports’ betting is placing a wager, commonly referred to as a bet, on the outcome of a particular sports event. Now days sports betting is gaining popularity across the globe. The sports betting industry is growing rapidly and can have positive impact on the global economy. As per CMR’s recent published report, Global Sports Betting Market size is expected to reach at USD 587.57 Billion by 2030.
The rising government initiatives for the legalization of sports betting with an aim for the generation of revenue. For instance, in 2018 sports betting for the first time was legalized in New Jersey. New Jersey generated a total of USD 12.13 million in tax from sports betting in September 2022. Furthermore, the inclination of governments of various developing countries such as India and Brazil among others to tap the potential of revenue that the sports betting industry holds is considered to be a prime opportunity for the market to grow in the near future. More than 60% of all the sports bets made are done using a smartphone. As a result, online sports betting market is expected to show fastest growth in the near future.
Furthermore, the increasing inclination of governments of various developing countries such as India and Brazil among others to tap the potential market of sports betting industry. For example, in 2018, the Law Commission of India stated in its report the recommendations for legalizing sports betting in the country. Traditional sports betting are legal in many parts of the world, including Australia and Western Europe, with the largest legal market in the UK. Football betting leads to the global sports betting industry.
The legalization of sports betting in countries like India and United States is expected to create opportunity for new entrants in the coming years.
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With a work experience of over 8+ years in the market research and strategy development. I have worked with diverse industries, including FMCG, IT, Telecom, Automotive, Electronics and many others. I also work closely with other departments such as report writing, content writing, product development, and marketing to understand customer needs and preferences, and develop strategies to meet those needs.