The sports betting industry continued its upward trend in 2020. Sports betting companies like Betway registered more new members, which essentially translates to more revenue. Despite the challenging times in 2020, the sports betting industry remained resilient as the operators harnessed technology’s power. So, how was the sports betting industry like in 2020?
Mobile Betting Was On the Rise
Online betting is the most preferred way of betting globally. Moreover, studies investigating consumer trends have revealed that most punters prefer betting on the go. In 2020, more betting fans installed mobile betting apps like Betway on their devices.
The availability of more economical smartphones also enhanced the rise in mobile betting. Since more people can afford smartphones, their ownership penetrated to the remotest areas of the world. This smartphone penetration, in turn, increased the catchment area for the mobile betting operators.
Major Markets Continued To Open Up
Initially, sports betting faced a lot of rejection in many parts of the world. The USA was one of the major markets that had limited the operations of sportsbooks. However, in 2020, more states became open to the idea of having online sportsbooks operate in their jurisdiction.
Also, other emerging markets followed suit by relaxing restrictions against sports gambling. Some pundits argue that the revenue generated by betting companies was high enough to tempt governments to relax their regulations.
Players Adopted New Forms of Betting
In 2020, more punters embraced in-play betting. In-play betting allows bettors to wager in games while they happen. Many betting fans argue that it is a more thrilling form of betting than the others.
For instance, when you wager on a football game, you don’t wager and go home to wait for the outcome. In-play betting encourages fans to watch the games and place their bets based on what is happening.
As a result, having live betting options has become a selling point for online sportsbooks. Many have included live betting in their platforms to cater to this emerging consumer trend.
The Emergence Of More Tipster Websites
In 2020, the number of tipster websites increased significantly. This growth must have been motivated by the growing demand for sportsbooks. These sites offer their clients tips on how to bet, usually at a small fee.
However, not all of them offer correct predictions. Therefore, industry experts warn punters against paying tipsters for betting advice.
Instead of paying tipsters, you should do your research. You can read analysis and tips from free websites if you need a second opinion. But, if you must use a tipster, choose carefully.
Betting Sites Offer Live Streams
Competition among online sportsbooks like Betway is tight. As a result, they have to find different ways to keep their clients motivated. One innovative way is to offer their loyal customers a chance to watch some top-rated games free from the app.
To keep their clients, the sportsbook make their online platforms a one-stop-shop. Punters can find betting tips, streaming services, among other benefits.
The sports betting industry had a good year in 2020. From now on, you should expect to see the industry grow further. Also, technology will be the key driver of the future of this industry. As a result, only operators who adopt technological innovations will remain relevant.