Sports betting is considered the most widespread type of gambling in the world. Now, bookmaking occupies about 40% of the modern gambling market. Surveys show that almost every second adult inhabitant of the planet has bet at least once on one of the sporting events.
Read on to know if sports betting is relevant in 2021, how its evolution process took place, what best online casino games India offers to bet on, and what spheres of betting seem more promising.
When Were the Bets Originated?
According to research, bookmaking first appeared in the British Empire. The offices began to accept the first bets on horse racing in 1790. In its classic form, bookmakers appeared only in 1850. Bookmaking reached the rest of the world only 30 years later, as the laws of many countries prohibited the bookmakers’ activities. The ban on betting in the USA and European countries lasted until the middle of the twentieth century.
In Britain, after the adoption of the law on the betting business legalization, over 10 thousand offices opened within six months. Every year, companies expanded the list of available rates. The most common sports in this area are:
- Boxing
- Football matches
- Tennis tournaments
- Golf
Experts note that the “revolutionary” moment for bookmakers was 1990. Then online betting became available for players via the Internet. In 2000, the turnover of funds in bookmakers around the world exceeded $ 2 billion.
Modern Realities of the Betting Sphere
Due to the activities of many illegal casinos, it is difficult to estimate the size of the capitalization of the betting market today. According to Zion Market Research, the total betting market can be estimated at up to $ 104 billion. Concurrently, it is growing due to the involvement of a wide range of players.
The development of technology has led to increased interest in mobile betting. Companies are progressively developing applications that allow placing bets anywhere and at any time. Soon, the number of bets via mobile apps should reach 40%.
The strict conditions of the legislative sphere and the complicated procedure for obtaining licenses lead to the fact that companies are registered offshore. Many countries do not allow casino activities but allow sportsbook activities. Modern offices prefer to get their licenses from Curacao due to the low documentation fee.
Today, bets are accepted not only on sports but also on several other events:
- Cryptocurrency exchange rate fluctuations
- Weather forecast
- Elections and other political events
Sports Betting Prospects: Rapid Development
Though online offices are quite transparent, players regularly complain about constant refusals to withdraw funds. Bookmakers justify this by technical failures. Based on this, there is a need for a more transparent model of cooperation.
It is expected that soon the majority of bookmakers will switch to the blockchain. This will increase both the transparency of bookmakers’ activities and prevent fraudulent attempts on the part of players. The rapid development of such segments is expected:
- Cyber Sports
- Blockchain
- Virtual Reality
With the help of the blockchain, all transactions will be placed in a special register and will become easily traceable. Also, this technology can eliminate the human factor and attempts to interfere with the bet processing. Thus, blockchain offices will be able to provide more favorable conditions to their visitors. This is what the best online casinos in India strive for.
The eSports niche is also actively expanding. Now, this market segment has already reached a capitalization of $ 900 million. Millions of viewers watch broadcasts of online competitions every day.
The most popular disciplines are:
- DOTA 2
- Counter-Strike: GO
- FIFA
The popularity of these types of eSports is growing, and with them, the bets are developing. It is also possible to participate in virtual horse races. Technology allows you to create the effect of personal presence at the races. All this indicates that sports betting is currently undergoing another transformation. Innovative technologies are changing the approach to betting, and their capabilities are only expanding.