In a season where most land-based businesses are still striving to adjust to the digital platform, the gaming industry appears to be thriving. The convenience of sports betting is clearly visible thanks to technology. The rise for sports betting came after the popularization of online casino gaming that allows players to play online slots, poker, blackjack, roulette, and other casino games without necessarily visiting the land-based casinos.
Sports betting began with the most popular sport ever watched, football. With sports wagering platforms legalization in many countries, including the US and UK, sports betting has a huge potential to expand more globally. In regulated online gaming markets such as the UK, there is no place or time when you can’t bet on sports thanks to the convenient mobile gaming technologies.
The history of football betting in a nutshell
It is not easy to imagine a world without football wagering due to its popularity and influence in the modern era. Football wagering companies are an essential part of the sports industry since they play vital roles in sponsoring sports. But let’s look at a brief history of how football wagering came to be.
Long before the 1960s, football netting was illegal, just like many other gambling activities, and you would only find it as an underground activity practiced in the streets. The closest alternative to football wagering was football pools. In the UK, football pools are betting groups that predict the results of the top level of football matches every week. These pools are still not as popular as football betting, especially during the premier league season.
In 1960, the first significant step in the world of the sports betting industry and football betting came to be seen with the introduction of the Betting and Gaming Act that made gambling legal. Following that, high street bookmakers started popping up all over. Despite the legalization of gambling, football betting was still under strict regulations. One would only place a wager on televised matches, and due to the limited number of tv channels, that meant betting on the primary games only.
In 1992, that changed when sky sports obtained the rights to air premier league matches, and with more games being televised, many people got a chance to place football wagers every weekend. The surge of the internet in the 90s saw the next giant leap in the world of sports betting. Following that was the formation of online-only operators who have taken football betting to a new level.
What is the state of football wagering in the UK?
For the better part of the UK’s legal sports betting history, horse racing dominated before online gambling and mobile came to be. The only means of betting was through on-course and high street bookmakers. Initially, horse race betting had the highest number of online clients, but football has since taken over since in-play betting.
The UK government made £580.5million in profits through online football wagers between 2015 and 2016. Currently, football wagering now occupies the biggest part of the online sports wagering pie chart, with 37% of the entire online bets being laid down for football sports. In particular, the premier league is the most wagered upon football league.
How is the state of the global football betting market?
Online sports gambling in both the US and the UK suggests a positive record growth thanks to the growth of mobile sports wagering. United States’ domestic sports betting revenue is expected to be at $7billion before 2025. South Dakota and Tennessee are among the other states looking forward to legalizing sports wagering within their borders before the next football season in September 2021.
According to the sports world reports, the global sports betting industry is projected to grow by $144.44billion from 2020-2025. In 2021, the gross gambling revenue in Europe was forecasted to be worth €24.7, including online casinos, online lottery, and sports betting. Italy, UK, Germany, France, and Spain were forecasted to have the highest gross gambling revenue. Europe’s online gambling market is projected to be worth $94billion by 2024.
Although Europe leads globally in online gambling, sportsbooks remain in traditional land-based casinos, but online sports wagering has become an unstoppable market.
Is football betting legal?
Sports betting became legal in the UK in 1960. In the 1990s, it became illegal in the US on a federal level. The US supreme court decision in 2018 overturned the ban on sports betting allowing states governments to structure their gambling laws and regulate them. Following that, most of the states have legalized some form of sports wagering. In 2021, more states are projected to legalize sports wagering as the football season begins in September.
Sports betting is permitted in many countries across Europe, with some regions dominated by the traditional casinos catering to locals and tourists alike. Malta island is the giant of online gambling due to the reputable Malta Gaming Authority (MGA) that has managed to regulate the gambling industry.
In New Zealand, Canada, and Australia, sports betting is legal, but their regulations favor online wagering more. Generally, online gambling has transformed the world of sports betting for the better. Many digital platforms for football wagering are available everywhere in the world.
What is the future of football betting?
The rise of football betting has been a long journey from the football pools of the 1960s to the online football wagering of today. Mobile phones allow punters to access online sports wagering platforms while on the move in the modern era. The gross gambling revenue for Britain is at £12.6billion currently. Most importantly, football is the most wagered sport in the sports wagering market, so the industry is expected to grow exponentially.
Football betting companies dominate soccer sponsorship deals like stadium advertising and jersey marketing. With VAR technologies opening up potential partnership deals, the only threat that could stall the sports wagering market is regulatory interference. Otherwise, football sports betting is expected to expand yet further. However, everyone must practice responsible betting by taking it as entertainment rather than a way to earn money.
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