Online Sports Betting Is on the Rise: What Does It Mean for the Future?

Image of sports betting on a computer online

Online sports betting sites are everywhere. From BetMGM to FanDuel and DraftKings, fans are spoilt for choice when it comes to betting platforms that they can use, with many of these platforms having millions of users. Ultimately, this is why the online sports betting market is expected to achieve a revenue of $49.96 billion in 2024.

Who Are the Biggest Sports Betting Companies?

Courtesy of Gamble-USA, here are the biggest sports betting companies right now:

  • DraftKings
  • FanDuel
  • Ceasars Sportsbook
  • BetMGM
  • Bet365

The two market leaders are FanDuel (45%) and DraftKings (32%). These companies have dominated sports betting in the US and other parts of the world for a long time. Many industry experts believe that they have a monopoly on the gambling industry and that it will be extremely difficult for any rival company, such as BetMGM, to surpass them.

Why Online Sports Betting Is On the Rise

Online sports betting has been on the rise ever since the late ‘90s. However, since 2020 and the global pandemic, online sports betting has reached new heights, with more people than ever taking part in it. Specifically, there are over 19 million active sports bettors in the US (according to Statista), which is the largest number in history.

So, what’s caused this incredible rise in online sports betting? There are several factors behind it. These factors include a growing number of online sportsbooks, increased smartphone usage, and the explosion of sports streaming.

Now, people enjoy spending their weekends at home streaming games from the NFL, NBA, MLS, Premier League, and other popular sports leagues around the world. While watching, they also like to grab their smartphones and place bets on the action. Not only because it’s fun but because it also allows them to put their sporting knowledge to the test.

The Future of Online Sports Betting and Entertainment

Because the rise of online sports betting shows no sign of slowing down, it’s going to have an incredible impact on the future. Here’s what you can expect to happen:

  • Online sports betting will be legalized in more states
  • Mobile gambling will replace traditional in-person gambling
  • More online sportsbooks will hit the market

Not to mention, there’s also the exciting prospect of VR technology. With VR headsets currently flooding the market, it won’t be long before sportsbooks adapt and start offering virtual reality sports betting. This will take the sports betting experience to heights never seen before and will likely result in another sports betting boom — one that’s even bigger than what’s taken place between 2020 and 2024.

Summary

Whether you’re a regular sports bettor or a complete beginner, make sure that you always gamble responsibly. The future is definitely bright for the sports betting industry, which is why it’s important you practice safe gambling methods and only ever use officially licensed websites and apps. If you don’t know where to start, use sites like FanDuel and DraftKings, which are two of the most popular options used today.

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