Every professional sport will have betting in it because it lures the crowd as anything else. It has been in practice for centuries and people still prefer it because of the fun and it is also an easy way to make money. Now the type of betting has come a long way from predicting the winner alone. It has found its way into points and even betting on the team that will win the toss. Sports betting is now made legal in several countries and the UK continues to dominate the industry with the largest legal market in the world.
Though it is not legally permitted in some countries such as India and some states in the US, it continues to make $1.8 trillion revenue, most of it comes under illegal wagers. According to a report, more than 80% of the bets are being on the black market worldwide. Although now there are hundreds of websites that offer sports betting. They are developed by professional sports betting app development team and also witnessing an increase in the number of entrepreneurs approaching them.
Illegal sports wagers are expected to reach between $50 to %150 billion in the US alone every year. This is due to the fact that some states in the US do not allow sports betting. The most popular sports in the US are basketball and rugby. So people mostly place their bets on these sports. When it comes to the global market football is the sport with the highest fan following so it automatically holds the majority of the revenue of the sports betting market.
To increase the revenue from sports betting, the companies have started to approach social media giants like YouTube, Twitter, Facebook for promoting their platforms. This resulted in huge user engagement and holds the majority of the user traffic. Social media opens up whole new opportunities for the sport betting companies with their analytic tools for monitoring their user interests.