Many entrepreneurs have begun to understand how profitable it is to open a business in the gambling industry. In fact, the global gambling market is expected to be worth $172 billion by 2030, and in the US alone, sports betting generated $4.33 billion in revenue in 2021 alone. So now could be the perfect time for you to start your own betting business.
The betting industry has grown at an extreme pace in recent years, thanks in part to the Supreme Court’s decision to overturn the federal ban on the activity in the country in 2018. Something that quite obviously led to more and more Americans seeking the opportunity to bet on Super Bowl and other major national as well as international events.
Super Bowl odds and odds on other sports tournaments are already offered on a number of platforms, but with the increased demand, the market can definitely accommodate more operators.
Here are some reasons why now may be the perfect time for you to start a betting business.
The value of the market is only expected to increase
The main reason behind why now might be a good time to start your own business in the online betting sector is simply that it is constantly growing. Statistics suggest that the industry will continue to expand in the coming years, based on its steady growth rate.
In countries around the world, including the US, gambling has been legalized (but heavily regulated) in recent years, indicating a significant rise in revenue over the past few years.
Many investors see potential in the industry
Another reason why the gambling industry is a good place to start your own business is simply that more and more investors see potential in it. And as you probably know, more investors lead to more money and therefore more opportunities for operators.
According to some figures, the US gambling market alone has raised a total of $23 billion through investments alone, which says a lot about how lucrative investors consider it to be.
Technology is evolving at a rapid pace
No one can deny how much digital technology has changed over the years and how much it has impacted societies around the world. This is especially true for the gambling industry, where technology has definitely been to iGaming’s advantage. Sportsbook apps have been in development for quite a while. For example, Kentucky sports betting is set to be approved very soon, and many sportsbooks are preparing for launch. We doubt that this development will slow down, and therefore the industry is only expected to grow even more in the coming years.
So it is not just if your business idea is unique enough that you can establish yourself in the highly competitive market. With the right strategies, you will be able to expand your business in line with technological developments and achieve the success you have always dreamt of.