Why Betting Makes Watching Sports More Interesting
By: Edward Roesch, Staff Writer
July 15, 2022
Introduction
Sports betting is a form of gambling that involves placing a wager on the future outcome of a sporting event. The prize money is calculated by multiplying the stake by the odds offered by the sportsbook. Odds are determined by a number of factors which combine to affect the chances of a particular end result taking place.
The most popular wagered-on sports include soccer, football, basketball, tennis, and cricket. They combine to form the global sports betting industry estimated at $3 trillion, for both legally and illegally-run enterprises. The general gist of online casinos and sportsbooks are the same. Check out Crikeyslots for the best No Deposit casino bonuses.
Benefits of Sports Betting
Gambling on sports is no longer the taboo subject it used to be. Legalisation and all the efforts that have gone into regulating the industry have gone a long way in making betting socially acceptable. Even though a few illegal operations still exist, there are licensed bookmakers for all those bettors who would like to wager legally. A few benefits enjoyed by the players include:
1. Entertainment Factor
The average punter looks to betting on his/her favourite team as a hobby and an activity to entertain oneself. It is a recreational activity whose main aim is to have fun even in the event of a loss. A bettor who keeps his stakes as low as possible can use sports betting as a cheap form of entertainment.
For sports enthusiasts, watching a game at the local pub with friends and family, while betting on their favourite players is the ultimate weekend plan. The thrill of betting on the outcome of a real sporting event is one of the major factors for preference of sports betting versus playing games in online casinos.
2. Potential Financial Gain
Sports betting in the U.S. generated $4.33 billion in revenue in 2021. Globally, the online sport betting market was valued at $76.75 billion in 2021, and is anticipated to grow at a compound annual growth rate of 10.2% from 2022 to 2030. This phenomenal growth has been catalysed by a developing digital infrastructure coupled with wide-spread penetration of mobile devices.
These numbers are a clear indication of the potential for bettors to make money. However, a winning strategy is required to see success in sports betting. Research into the teams’ statistics and their general health will form the data for team analysis. Professional bettors who can make correct picks and choose accurate predictions have no ceiling in terms of the profit they can amass.
3. Convenience/Ease of Access
The time and effort required in placing an online sports bet is negligible, with one being able to place several wagers in a short time. In comparison, doing so at a physical establishment will take a much longer time, including travel time and waiting in line.
According to a study done by the Ericsson & Radicati Group, there are 6.64 billion smartphones in 2022, totalling to 83.72% of the worldwide population. Access to online sports betting sites has never been more accessible to so many people. It is also quite easy to get started, with most platforms requiring a deposit of only $5.
The risk of losing money in sports betting is something bettors should always consider and provision for. Sportsbooks will always have the odds biassed in their favour, making it difficult for the most accurate of punters. There is no guarantee that one will make money consistently even with up-to-date knowledge on sports.
Conclusion
Sports betting does not only provide a fun and entertaining hobby, it also provides a platform for sports organisations and athletes to develop a rapport with their fans. This close relationship develops into deep fan engagement that can be commercialised to generate new income streams.