Numbers will build a stronger case than any other indicator when looking at any expected growth in a specific business or economic sector. The gaming industry is just starting to show some of these expected numbers, and growth is an essential aspect of the industry’s performance.
Whether the provider is mainly based as an Online Casino or a sports betting platform, growth is expected on either side. Some strong factors are building and supporting what could become a sudden leap of the gaming industry as a significant worldwide market.
Over a $90-Billion Market By 2023
The gaming industry is not coming up short of exponential growth. Online casinos and sports betting sites are expected to reach and exceed a $90-billion market value by 2023. That’s in less than two years. Major expansion will be a vital determinant of this outcome.
With the U.S. on the positive end of the gaming industry, much is to be expected from exponential growth. Dozens of licenses are being evaluated every week by local state authorities. With the U.S. gradually opening up to the industry and becoming more accepting of sports betting, most competitors are just waiting for a green light.
Overall, the market is expected to undergo an 11.5 percent growth per year. If these numbers become true, the gaming industry could soon be one of the most prominent in the entertainment world. That is considering there is already a global market in place. Adding the U.S. to the equation will allow numbers to be reached faster.
Effects Of Opening to The Gaming Industry
Skeptics constantly search for solid numbers to back up any central argument against sports betting. But, as an industry, negative digits are non-existent. And what better example of success than the gradual opening of the U.S. market.
As of 2021, over $4.1 billion in revenue was generated in the U.S. from sports betting. This represents a total of $57 billion in wagers placed around the country. As for governments, local state authorities have generated over $550 million in tax revenue around the country.
These build a strong case for an industry that has gradually expanded since 2018. However, operating for less than two years during the economic downfall due to COVID-19 proves more than brute potential.
These effects also need to be appreciated by those keeping the industry alive. Some tech suppliers have reported over $1.5 billion in wagering on their platforms. In just a year, tech giants that provide platform services to online casinos and sports betting sites have also seen their revenue reach $70 million due to constant deals and negotiations.
It isn’t easy to pin all the positive spectrum of digits to a few industry sectors. It seems like all parties are making their buck on sports betting.
The following steps might require more flexibility and involvement from authorities to accept and open their states to the business. So far, at least, the argument is strong and well supported.
Sports Franchises to Join the Action
With the growing acceptance of sports betting, franchises throughout different sporting leagues have already joined the action. For example, the Spanish League is now filled with sports betting sponsorship to the point where more than 80 percent of the teams are already involved with a significant gaming industry company.
Leagues such as the NFL and NBA want to follow the same path. That is why teams such as the New England Patriots and Indianapolis Colts have already confirmed their involvement with significant sports betting suppliers.
Some sponsorships will come in the form of infrastructure maintenance and support. However, sports franchises will not see the entire benefit until the regulatory grid is entirely and fully open to sports betting.
Estimates are placing these kinds of deals in the range of hundreds of millions. So, it appears that it’s just a matter of time before more gaming industry giants join the sports franchises.