The sports betting industry is a massive one, and it’s only getting bigger. In the United States alone, over $150 billion is wagered on sports each year. That’s more than the GDP of some small countries!
But what exactly is included in that number? How does the sports betting industry work? And who is making all that money?
In this article, we’ll take a look at the size and scope of the sports betting industry. We’ll also explore how it works, who the major players are, and where the industry is headed in the future.
So, how big is the sports betting industry?
To get a handle on the size of the industry, we first need to understand what counts as “sports betting.” For our purposes, we’ll define it as any wager placed on the outcome of a sporting event. This includes bets made through traditional bookmakers, online sportsbooks, casinos, and even informal bets made between friends.
With that in mind, let’s take a look at some numbers.
According to the American Gaming Association, Americans bet $6 billion on the Super Bowl in 2018. That’s more than any other single sporting event in the world! And it’s just a drop in the bucket compared to the overall industry.
The AGA also estimates that Americans bet $149 billion on sports in 2017, which was up from $132 billion in 2016. That’s an increase of more than 12% in just one year!
These numbers only include legal bets placed in the United States. If we include illegal bets, the numbers are even higher. The AGA estimates that $10 billion is bet on the Super Bowl each year through illegal bookies. And overall, they estimate that Americans bet $155 billion on sports each year, illegally and legally combined.
So, the sports betting industry is huge, and it’s only getting bigger. But where is all this money coming from?
Most of it is coming from casual bettors who are just looking for a little bit of fun. In fact, the vast majority of sports bettors are what we would call “recreational” or “amateur” bettors.
These are the people who might place a few bets on their favorite team each week, or make a bet on the big game with their friends. They’re in it for the fun and excitement, not to make a profit.
In fact, only a small minority of sports bettors are what we would call “professional” bettors. These are the people who make a living from betting on sports. They have extensive knowledge of the games, and they use that knowledge to place winning bets.
The vast majority of professional bettors are what we call “sharps” or “wiseguys.” These are the people who the bookmakers fear the most, because they’re the ones who are most likely to beat them.
So, how do the professionals make their money?
The answer is simple: impelement smart betting guide and win more often than they lose.
A professional bettor might only win 55% of their bets, but that might still be enough to make a profit. For example, let’s say a professional bettor is risking $100 on each bet. They would need to win 55% of their bets just to break even. But if they could win 60% of their bets, they would make a profit of $5,000 over the course of a year.
Of course, it’s not quite that simple. The bookmakers will always have an edge, which means the professional bettors need to win at an even higher rate just to make a profit. But the point is that it is possible for them to make money in the long run.
So, who are the major players in the sports betting industry?
The answer to that question depends on where you are in the world. In some countries, like the United Kingdom, the sports betting industry is dominated by a few large companies. In others, like the United States, the industry is much more fragmented.
In the United Kingdom, the two biggest players are William Hill and Ladbrokes. Together, these two companies control around 30% of the market.
In the United States, things are very different. There is no dominant player in the industry. Instead, it is highly fragmented, with many small and medium-sized players.
The sports betting industry is huge, and it’s only getting bigger. In the United States, it is estimated that Americans bet $155 billion on sports each year, illegally and legally combined. And the industry shows no signs of slowing down.
So, if you’re looking to get involved in the sports betting industry, now is the time to do it. There has never been a better time to be a professional bettor.
Of course, it’s not easy to make a living from betting on sports. It takes a lot of hard work, dedication, and knowledge to be successful. But if you’re willing to put in the effort, it can be a very lucrative career.