According to a report by Grand View Research, the global sports betting market was valued at $66.98 billion in 2020. The San Francisco-based syndicated research reporting company believes that changes in the regulatory framework, along with the development of digital infrastructure, will positively impact this market, helping it grow at a compound annual rate of 10.1% through 2028. Technical consultancy, Technavio, agrees with these projections as it also states that the global sports betting market share will rise to $106 billion by 2025.
Technoavio lists the same reasons for expanding this sector as Grand View Research. However, he also adds that the increase in cryptocurrency betting is a significant factor that will play an increasing role in the player pool of this expanding industry in the coming years.
So what follows is an explanation of what cryptocurrency gaming sites are and why they lure players to test their sports betting knowledge with digital forms of money rather than fiat money.
Is sports betting thriving everywhere?
When it comes to online sports betting, for more than two decades, most gambling sites and https://bitcoinbookies.net/anonymous-betting-sites/ including those offering these services have been based in countries such as Curaçao, Antigua and Panama and so on. This happened because these territories were the first to legalize online gambling as a way to attract foreign investment. They tried to use this sector to develop their local economy. A strategy that has paid off, as Curacao alone now has hundreds of gambling and betting operators offering their services around the world.
However, in recent times, countries around the world have realized that they are losing tax revenue from their residents by betting on these foreign platforms, so they have decided to allow this pastime as well. In other words, they have allowed operators to create online casinos within their borders, services that their citizens can use. This is an undeniable trend almost everywhere. Therefore, it is fair to say that there has been a boom in online sports betting in recent years, as governments try to fill the budget deficit by allowing the sector to grow in its own territory.
Here are some examples of regions where sports betting is thriving.
Great Britain
The UK is arguably the largest gambling market in Europe. This was regulated in 2005 when Tony Blair's government decided to pass the Gambling Act, the law that established the UK Gambling Commission in 2007, the strictest regulator on the Old Continent. The UK typically generates gross gaming revenue of around £14bn. And UKGC is known for implementing player safety measures that most players dislike, such as low maximum betting limits, advertising restrictions, etc. However, in 2016 it made cryptocurrencies the equivalent of fiat money, which allowed sports betting sites Bitcoin work in UK from UK.
Sweden
Sweden is probably the second most regulated online gambling/betting market in Europe. Its controlling/licensing body, the Swedish Gambling Authority, was founded in the 1990s and oversees this market which generates around SEK 24.690 million annually. EMS follows many of the security measures put in place by the UKGC, which means it also has restrictions and restrictions that many Swedish online players don't experience on Curaçao regulated sites.
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