According to The Business Research Company, the global market for online gaming or sports betting was valued at $96.84 billion in 2023. By 2023, this amount is anticipated to reach $104.78 billion. That’s a CAGR (Compound Annual Growth Rate) of 8.2% for growth. At least temporarily, the Russia-Ukraine conflict hampered the possibilities of a COVID-19 pandemic-related global economic rebound.
Gaming businesses or providers must make sure that their features fit the current online sports betting tendencies if they hope to benefit from this boom and increase their market share.
It might be challenging to identify which patterns are real, though. We’re here to help you by making your job easier. Our team has done extensive research on the most crucial tactics and profitable sports betting developments that any sports advertiser may use this year to increase exposure, broaden brand recognition, and increase profits.
The Top 5 Sports Wagering Trends to Watch
The top 5 trends in sports betting for 2023 are summarized in the list below.
1. Betting on eSports
Wagering on eSports platforms is a game-changer since it enables new data-driven client assets, more precisely, betting incomes, and fewer opportunities for in-game betting.
Whilst FIFA-style online gaming perhaps was popular during the coronavirus outbreak, DOTA 2 didn’t enjoy the same level of popularity though. No matter eSports betting was a significant Internet gambling trend last year, we doubt that it will be so again in 2023. But we left this trend on the list because many things about eSports are speedily changeable.
Esports betting is less popular because gamblers are skeptical about the fairness of computer-based games. As our understanding of technology advances, this might change. However, customers can be more confident in the integrity of eSports betting than in traditional sports betting, which has, if anything, had several corruption scandals.
Smartwatches are becoming very fashionable, whether they are used for gaming, texting, or fitness tracking. Additionally, they are gaining more and more clout. Therefore, it should come as no surprise that a whole new category of interest is gaining ground in the gaming industry, where firms like Playtech previously built and sold specialized Apple Watch apps.
The advantages for providers are plain to see. Users are more likely to play games in the heat of the moment since a smartwatch is more likely to be in their minds than a smartphone (like whilst standing in queues). Because players only view the information necessary for gameplay and aren’t distracted by excessive amounts of buttons on wearable gadgets, gaming is more appealing to them there than on smartphones.
Yet, people prefer to access online venues and laying areas via laptop or mobile, making gambling apps for wearable a small market. In addition, gambling operators find it difficult to cater to all personal operating systems except Wear OS and watchOS. Indeed, even among the same manufacturer’s models, some feature circular cases, others angular cases, or a hybrid of digital and mechanical display elements.
3. Betting on Real-Time Basis (Live Betting)
Mobile apps and live betting, also known as in-play betting, have greatly boosted the appeal of sports betting. However, if sports betting rules and sports associations become more open, this might provide the rapidly expanding online betting businesses greater freedom to pursue their own deals.
Numerous bookmakers, such as Bet365 and many other top online sportsbooks (some of them are listed here) in the past and, have highlighted cutting-edge live streaming technology. If you take things a step further, betting companies like mentioned Bet365 might sign agreements with sports organizations to show events only on their platform. There’s potential in this yet to be developed.
Professional leagues like the NFL and soccer Premier League have in the past negotiated with laying guarantors. This might be the next move.
4. So-Called Social Betting
Gamblers enjoy telling stories and talking about their bets with friends. A variety of community-building features have arisen as a result, with the goal of moving these info exchanges online.
By adding a “main man” to a pool, Sky Betting’s “RequestABet” option enables customers to arrange a wager as a group. Superbet Group provides a popular community platform in which users track, contest, and take notes on bets made by those that are “most vocal”. Users can place bets intimately on BetBull so that others can also place bets on them. This concept dubbed “betting with the herd” was taken over by Betfair who established a “Betfair between friends” product, integrated into the social betting community.
Social gaming has been a successful online gambling trend across all requests, but it has taken a while for it to catch on to some big markets, such as the UK. Betting experts advise online betting leaders to carry out nationwide research to evaluate the initial benefits of various social gambling models prior to spreading out to new requests.
5. Bonuses & Free Bets
Due to rising competition in the sports betting market, bookmakers are now providing free bets and bonus offers to new registrants and loyal users as a form of customer service. This new pattern enables sports bettors to experiment with different bet types without having to risk their money. Sportsbooks offer free bets and a welcome bonus to new customers who sign up.
This trend is almost present in every bookmaker. It’s helpful for both novice and seasoned gamblers to acquaint themselves with any modifications to the rules of the game. However, the free bets have a cost. Before putting down a wager, bettors must familiarize themselves with the sportsbook’s conditions, terms, and wagering restrictions.
Ensure that your online betting adventure is successful by using the strategies outlined above.