In 2021, the global sports betting market was estimated to be around $76.75 billion, and it is expected to grow at a 10.2% compound annual growth from 2022 to 2030. With such an alarming growth, it is clear that sports betting is on the rise and the main factors behind the shift are developing digital infrastructure as well as the penetration of connected devices. Furthermore, COVID-19 influenced the sports sector because of various restrictions imposed worldwide. But sports betting expanded more during the pandemic because of online sports betting websites regulating the betting market.
What is a betting market?
A betting market is a category or a specific type of event where you can go to place bets on possible outcomes of sports events. As compared to the years past, sports betting can now be easily accessed. The ones who frequently bet, usually become seasoned gamblers, but the ones who are new to these sports, usually find sports betting exciting and a fun hobby.
How does a betting market work?
As we know, every sport events are broken into several varieties according to betting markets. Each market emphasizes a specific area of the sports event. For example, the final score or event winner or how the event will be finished are a few areas where a specific market focuses upon.
In a few sports such as horse racing, there can be more than 100 different betting markets that depend on the bookmaker or how the fixture needs to be considered. What is commonly found in all these markets is the fact that they offer punters odds for the various event outcomes featured in the market.
The punter then gets an opportunity to place a bet on one or several outcomes. This is called taking the ‘price’ or odds on the option they seem more interested in. For instance, a race winner market will show the list of players who are going to participate in an event and simultaneously, the different odds will be offered beside each participant.
When a punter decides to back one of the simultaneous players and the price set on it, he/she can bet on that player by adding the name to the betting slip. When the betting is done, they need to enter the bet amount and register the bet with the bookie.
Significance of the betting markets
One of the most important reasons why we surf different betting markets is to experience successful betting. Betting markets allow punters to make a good assessment based on the different elements of the sports event to the players they feel confident about. For example, you want to place a bet on a cricket team for winning but are unsure about the match. However, the betting markets have a good understanding of how many runs the team can make in the match based on their understanding of the players and team capabilities.
Overall, betting markets are considered in almost every sport betting. High-profile rugby and football matches attract the greatest number of markets worldwide. Daily horse race, on the other side, features a standard selection of four to five betting markets that covers the race outcomes from various angles.
How to use the betting market wisely
- Look for an event you seek to bet upon and find the betting markets available at your bookie for the same.
- Choose the betting market you feel confident about based on their prediction and outcome accuracy.
- Review the betting market and see all options and odds available for you before you select one.
- Once the option is selected from the betting market, you will be asked to enter the stake to bet on and fill out the betting slip.
- Place a bet and enter your stake at the selected option.
Even though the process described above is straightforward, it may not be applicable to all markets. The different betting markets may offer different options and information about the events. It is better if you read their guidelines carefully to place a bet successfully.
Can I access betting markets on a mobile phone?
A study made in 2015 found that amongst 3.5 billion smartphone users worldwide, one out of the three used a mobile phone to browse the internet and not a laptop or a computer. At present, more than 80% of mobile users have access to the internet which ultimately contributes to the growth of sports betting and other online gambling forms.
Today, over 50% of punters use their smartphones to place online bets using the betting market. The rise in mobile phone usage in betting markets can be attributed to mobile bonuses and more control. Mobile bonuses are offered by betting sites to encourage bettors to use betting apps while the apps grant more control to the punters on various parameters like engagements, scalability and security. In return, punters are able to develop a more effective and customized betting strategy.
Sports betting is undeniably an attractive hobby or a pastime and when we have different sites, apps and markets, the experience becomes more enjoyable. With various betting markets and online sites, sports betting has indeed become easier than they were before. Betting markets not only simplify the process of betting but also increases the chance of winning with the right possible outcomes choices.