Many sports fans around the world look for the best way to show their support and loyalty to their favorite team or athlete, especially when important events happen such as the World Cup or the Olympics. And one of these ways is through sports betting. However, they do not always manage to do it successfully, since in many countries it is an illegal practice, and when they want to do it through a specialized platform on the subject, they find they cannot register. Anyway, it is a topic of great interest to many people, constantly checking for the next updates about it.
The good news is that laws are constantly changing and, in many countries, the situation is becoming more and more normal. But, there is still a long way to go. For this reason, we will analyze what are the challenges and opportunities that the legalization of sports betting offers to a country, and which countries are making some progress on this matter.
Sports Betting Market
The sports betting market across the world is only expected to rise in the near future. Recently, the market is only experiencing an upward trend, and there is no looking back. Experts say that the market will only grow, because of increased fan-following and the interest of people. Thanks to technology, that has made it possible for people to bet online on their favorite sports.
Several online betting platforms introduced, have made it possible for the industry to grow. The industry is expected to rise further, due to several other reasons. We will find out more about it, in this article.
What are the challenges for a country in terms of sports betting?
Before starting to work on the regularization of sports betting in a country, the reasons why these restrictions were implemented should be considered in the first place. Let’s name some of the most commons worldwide:
Religion: In many cultures, vicious activities are considered immoral and therefore prohibited.
Match-Fixing risks: In many societies, people don’t have enough confidence in the fact that games could be played honestly if betting is involved. Therefore, it is chosen to prohibit gambling to avoid scandals that damage the image of the most prestigious teams in a country.
Gambling disorders: In order to protect the most vulnerable people from suffering from addictions or other types of disorders, the safest way that some governments find is to prohibit this type of activity.
And what are the opportunities?
More and more countries are regulating the sports betting market due to the number of benefits it can bring to the nation. Such is the case of sports betting in the US explained in this article from sportsgossip.com, where little by little each state has been modifying its laws, mainly to have an increase in tax revenue and generate more and better employment opportunities for the population.
Also, if betting is regulated, more security could be provided to those who decide to gamble, such as the case of accessing legal systems to resolve disputes or recover funds.
Governments Are Now More Lenient
In several countries, governments have played a major role in the growth of this industry. Online sports betting industry has obtained several benefits from the relaxation of betting rules in several countries. Numerous governments have legalized wagering on sports and relaxed numerous laws, which once prohibited people from betting on their favorite sports. This further allowed several sports operating bettors to penetrate into new betting markets. The emergence of several new markets, when it comes to sports betting, has resulted in significant growth of the industry.
Contribution Of Technology
Technology is responsible for the substantial growth of the sports betting industry. Without the contributions of technology, it wouldn’t have been possible for sports betting to reach the place where it is today. The introduction of numerous online betting websites is a great invention, witnessed by the betting industry.
More punters started to join the betting bandwagon since technology made it more accessible. The best part is that the bettors were able to easily access betting websites from the comfort of their home. The ability to bet through mobile devices also had a significant impact on the growth of the sports betting industry.
In which countries is it already legal?
Even though each country has different regulations, these are the countries in which sports betting is currently legal: South Africa, the United Kingdom, Australia, New Zealand, the Philippines, and part of the US.
What is the Future of the Sports Betting Industry?
The future of wagering on sports is optimistic. Although the industry has gone through several advancements and has reached a new height, it is believed that the best is yet to come. As technology advances, expectations of the punters increase and they expect high-quality customer service from the betting websites. Furthermore, more governments will relax the betting laws in several other states and countries. It will soon become legal in several other jurisdictions and the residents can then enjoy gambling.
Sports betting is fun, and the industry also has several opportunities to grow further. Such sites will also be able to provide enhanced security and an immersive betting environment to their consumers. This industry is already generating a good amount of revenue, and it is expected to generate more in the future. The industry has also witnessed an increase in the sports betting operators. International sports events are rising much more than the national ones and thus punters are also enjoying the relaxation in betting laws.
The question that comes to mind for all of us is: will sports betting be legalized in every single corner of the world? The most sincere answer is that it will be a process that will take a long time, but that in the end, all countries will end up adopting since on a financial level it would bring more benefits than losses. This industry is delivering a considerable amount of revenue and the government is attracted towards it. That being said, they are relaxing the prohibitions imposed on betting. Thus, the sports betting industry will continue to grow in the future, and technology will remain one of the driving factors responsible for the significant growth.