Ever since the dawn of sports gambling have been a big part of it. Some would argue that gambling was present way before sports events were a thing internationally. A point that is well documented across history. Even The Bible has instances where characters in the stories place small bets on incidents and events.
The point is that gambling has been a huge part of the world for centuries and will be for years to come. The growth of the gambling market has become one of the biggest markets in the world. Many places in the world it is seen as a bad thing and it can be for sports. This article will examine and explain how the gambling market has grown and how it can affect sport around the world. Online casinos, online gambling and online lotto are all part of most people's everyday life and it is therefore important to examine and be informed on the matter.
- Becoming a multibillion marketplace globally
The birth of the internet has made a lot of things easier for everyone. Corporations have used the internet to expand businesses’ and develop new target groups based on the platforms the internet has created for the consumer. Both corporations, consumers and governments have in a sense become closer to one another because of the digitized world, we all currently live in. The world has become smaller, which means that markets can grow bigger. When the space between corporations and consumers becomes smaller, the size of a market has the possibility to grow beyond belief. This is what has happened with the online gambling market. When the whole experience of gambling became available for the consumer to experience in their own living room, the amount of gamblers became exponentially bigger.
So how big is the current and future market? Well, the thing is it is almost impossible to measure. Grandreviewresearch made an estimate in april of 2020 stating that the gambling market will reach 127 billions dollars in 2027 globally. To put that into context, 127 billions dollars are more net worth than a lot of small countries’ BNP. It is a massive market and it is caused by the digitalisation of the gambling market.
- How does it affect sport around the world
When money enters a market it is bound to change - for better or for good. Betting is a cause of human nature and exhilaration of the joy of winning and excitement of being right. The most natural partner in crime for betting is sports. There are live events across the world every second and betting companies have tapped into that potentiel by making it easy and readily available to bet on live sports.
This has had some negative consequences over the course of the century. Many cases of match fixing and other betting related cheating have occurred around the world. To show an example there have been three unrelated match fixing cases in the last 5 years of danish football. One involved one high profile - former national team player - where friends bet on the outcome of his action in a game in the best danish leagues. They were proven not guilty but the fact remains that these cases are more often with the availability of live betting.
It is not all bad. It is a known fact that advertisement and sports go hand in hand financially. Some of the biggest tv-events of all time are sports events and mainly football is something companies love to advertise their products before, after and during. When it comes to the Premier League there are billions of dollars on the line because of tv-rights and ad-money. That is also why the promotion game to the Premier League is called “The Billions dollar Game”. Many of the commercials shown before, under and after a game of football are betting commercials. They spend a lot of money marketing their business, which benefits sport clubs - not only football clubs.
- How does it affect the consumer
As the article has stated, the market has become out of this world. The consumer is part of this and so is the availability of the online gambling opportunities. Gambling is a known problem for many consumers, who can’t control winning and losing money. This can become a problem for a society and smaller families, where a member struggles psychological or financially from gambling.
Luckily, governments around the world have very strict compliance rules, when it comes to gambling. Age-restriction is the primary weapon for ensuring that children don't gamble all of the allowance away. Many other restrictions are made and most of the restrictions are met with great care by the companies. So a good advice is to find a bookmaker who embodies and meets the rules and restrictions made by the country.