There has been significant growth In the last few years the sports betting market only in the United Kingdom. The growth has come from new market trends as well as a changing in punters’ preferences.
The Growth
According to a marketing specialist at Zion Market Research the projected compound annual growth rate (CAGR) for the market size for global online sports betting is projected to be 10.5% from 2024 to 2032. The expansion of the market is because of a few things such as more UK online gambling sites, a surge of interest in eSports wagering, and more sports and betting markets to wager on.
In the UK the growth is also spurned by more access to wagering online rather than at brick-and-mortar betting shops. Esports are now huge and that has trickled down to being able to wager on them online. Also, the simple fact that there are now more sports to bet on and more betting markets available means further expansion of the market. The factors mentioned that have led to the growth of the market have increased demand for online betting, which has led to innovation and offering punters more things. Besides more betting options the bookies offer:
| Bonuses and Promotions | Welcome bonus, Reload bonus, Acca insurance, Boosted odds ect.. |
| VIP/Loyalty Program | The more a punter wagers the higher they are in the program and the more benefits they will receive. |
The competition between online bookies is fierce and to get punters to wager on their site they need to offer them these types of offers to keep them loyal to betting on their platform. Another innovation in sports betting is sports trading, which is making two sports bets against each other for the same pick to make a profit. Sites such as TheTrader offer tools such as TheTrader guide and, basically, show you how to trade.
The Preference of the Customer
In the UK there has been a shift from betting at land-based betting shops to betting online. With technological advances in high-speed internet and smartphones, punters now find it more convenient to wager online. This with more betting options has brought significant growth to the sportsbetting market.
Market Trends
Two big market trends in the past few years that have also spurned market growth are in-play (live) betting and mobile applications. In-play betting allows a punter to wager on an event as it is happening live. This trend has become very popular very quickly and this is especially the case in the UK, as in-play betting for football gives punters many more betting options. For example, for a typical Premier League match there may be hundreds of in-play betting options.
With increasing competition for punters and the increased popularity of online wagering, most of the bigger online bookies have a dedicated mobile app. This makes it simple for punters to wager on the go. Punters can make bets through their mobile device and in-play betting is also available. The ease and convenience of using an app for wagering on sports has been a contributing factor to the growth of sports betting online in the UK.
Long Tradition
A simple reason that sports betting in the UK continues to see growth is the fact that it has a long history. This is especially the case when it comes to football and horse racing. The affinity for punters in the UK to wager on sports has aided in driving the growth for the market, especially since it is now more convenient because of being able to wager online. Also, the sports gambling industry in the UK is well-regulated, so punters can feel safe and secure when wagering on sports.
Marketing and Advertising
It was mentioned before that the competition between online bookies is fierce. Not only have the bookies increased their offerings from betting markets and sports trading to bonuses and promotions but they have also significantly increased their marketing and advertising. The sports betting operators have been aggressive in their marketing strategies such as focusing on the online market and sponsorship deals. For example, according to GlobalData in the 2023-2024 EPL season 35% of the front-of-shirt sponsorship deals came from betting companies for an investment of nearly 56.7 million pounds. Seven EPL clubs had deals with betting companies increasing their presence in the market.
To Sum it Up
As you can see there are quite a few factors that have contributed to the growth of online sports betting. From new technologies and more betting markets to innovations such as sports betting trading and in-play betting the sports betting market has seen significant growth over the last several years. With more betting options and punters being offered more things it looks as if the growth will continue in the UK.