Football and the Betting Market

Football and betting have been interlinked for so long that it is difficult to know when one became synonymous with the other. However, it was in the 1960s, when the UK legalized sports betting that the relationship between the sport and betting really solidified. Punters then had a whole variety of opportunities to bet on their favorite teams with online sports betting apps.

How the Link Between Football and Betting Strengthened

When the UK legalized gambling with the 1960 Gambling Act, football fans were now able to legally bet on the sport. This led to major businesses entering the sports betting market, and companies such as Ladbrokes, William Hill and Coral began to dominate the betting market.

In the beginning, despite the legalization of sports betting, sports bookies were still encouraged to be discrete about their business. However, in the 1990s, football and other sports were televised and only those games were open to betting for punters. Because of this, sports betting entered the mainstream and was no longer a discrete activity.

Then, with the advent of the internet, sports betting became even more popular, with most punters switching to online betting due to its convenience.

Today, betting on football constitutes a whopping 70% of the sports betting market, which is estimated to generate a current revenue of more than $250 billion dollars! And licensed online bookmakers account for more than $39.7 billion of that revenue.

Growth of Online Betting on Football

If you are looking at betting on your favorite football league now, then you can find your bookmaker offers here on the internet.

According to various market research companies, the growth of the online sports betting markets is expected to explode in the coming years. Legitimate sports bookmakers are already popular with the tech-savvy younger bettors who prefer to place their bets on various football matches from anywhere and at any time.

And as the world grows more digital, this trend is expected to increase even more. Now that most people conduct most of their business on mobile phones, online sports betting companies are also developing apps that are compatible with mobile operating systems.

Currently, 20% of online bettors use their mobile phones to place their bets, however, by the end of 2019, that number is expected to more than double to 45%.

Technology Giants May Dominate Football Betting in the Future

Computer algorithms, called predictive technology, are a key component in the evolution of online sports betting. And as this technology improves, technology companies across the world will begin to compete against currently established bookmakers for a piece of the betting pie.

In fact, there are some experts who believe that the future of the online betting market will be in the hands of the technology giants such as Google, Bloomberg and Microsoft.

The reason why experts believe that this is the way online sports betting will go is because some of the big technology companies have already applied for betting patents.

For example, Microsoft has applied for a patent for placing bets in real time on mobile devices and online sites. Microsoft is not the only company to do so. Sony, Cantor Fitzgerald and Reuters have also either applicants or already hold betting-related patents.

And more companies are expected to enter the gambling arena in the near future.

Sports Betting in the United States

While sports betting in the UK has been legal for decades, the US is finally following suit. Earlier in 2019, the country’s Supreme Court legalized sports gambling. While Pennsylvania and New Jersey have already legalized sports betting, in the next 5 years, another 32 states in the US are expected to follow suit.

According to Gambling Compliance, the US is set to become the world’s biggest football betting market in the next five years.

Bookmakers Sponsoring Football Leagues

Earlier, it was the big tobacco and alcohol companies as well as others like them that used to sponsor the football teams. Now, however, there is an emerging trend where football leagues, such as the Premier League, are teaming up with bookmakers, which has ended up benefitting both parties.

With football fans crazy about betting on their favorite teams, a growing number are downloading the latest mobile betting apps to be able to do so. And with so many teams now moving towards sponsorships from bookmakers, fans are automatically downloading the apps that are displayed on their players’ jerseys.

The Future of Betting in Football

With technology being used to enhance online football betting, the statistics loving fans are only expected to increase in the coming years. This technology will also enable various types of betting, including global peer-to-peer action and wagers made using cryptocurrencies.

The football betting market is expected to continue to dominate the gambling world, with more variations to bet on than ever before.