5 Trends Driving Business Growth in the Sports Betting Industry

The digital sports betting market will grow by $189.3 billion from 2024-2028, reporting a 12.02% compound annual growth rate. This revenue growth is backed by changes in consumer behavior towards the sports betting market, economic prosperity in emerging betting markets, and several tech trends. Here are five trends influencing revenue growth in the digital sports betting industry in 2024.

The convergence of media and sports betting

Online sports betting is now live and legal in over 60% of the world. That has attracted media companies looking to be part of the action and share the revenue. This convergence of mainstream media and sports betting companies has increased investments in the market, with partnerships between operators and broadcasting companies on the rise.

Media companies are increasingly partnering with sports betting operators, leading to more market exposure and revenue generation. For example, DraftKings acquired Vegas Sports Network in 2021 to increase its exposure in the American market. The partnership has helped this leading sports betting operator dominate the American Market with the increase in exposure.

The media exposure has also helped DraftKings to deliver lucrative bonus offers to their players and you can get a brief preview of what to expect on SportyTrader. That has made DraftKings among the best operators listed here for American punters.

Virtual Reality: The next frontier in sports betting

Successful sports betting requires leveraging the latest information about the teams, players,  weather conditions, and more. That makes a significant difference for in-play punters, but accessing all this information from one place without attending the match can be challenging. However, virtual reality allows bettors to access in-depth information without being in the venue.

Virtual reality is also helping sports betting operators penetrate new markets and increase their revenue by changing how players place their bets. Additionally, sports bookmakers are using virtual reality and artificial intelligence for targeted marketing campaigns. These technologies can simulate different 

Esports betting

The esports betting industry is worth over $2.5 billion in 2024 and it's expected to reach over $3.5 by 2029. As such, market experts project the market will report a 6.72% annual growth rate from 20240-2029. This growth is driven by the increasing integration of esports betting into the mainstream sports betting industry, creating a diverse market with multiple revenue streams for bookmakers.

Esports gambling has contributed to the diversification of games and betting markets, appealing to different types of players. This betting segment appeals to a younger generation of sports punters who are tech-savvy and familiar with digital platforms. 

Artificial Intelligence and responsible gambling behavior

There are increasing concerns about gambling addiction with the growing adoption of the sports betting industry in different jurisdictions. Fortunately, the rise of artificial intelligence and machine learning algorithms is helping operators develop effective systems to curb the issue. These technologies analyze player patterns and behavior, helping to create a more sustainable sports betting market.

Social media marketing

Social media market has become a virtual part of the sports betting industry as different operators strive to outrank their competitors. The ever-growing market competition is seeing many operators partnering with popular social media influencers to expand their market reach. These influencers help operators penetrate new markets and increase their revenue by leveraging their existing fan base on social media channels.