One of the biggest economic issues facing pro sports these days isn’t just how to get new fans into the stadium, but how to keep existing fans from leaving their seats and spending their money elsewhere. This has become an especially pressing issue because of the growth of online gambling in recent years, including the increasing popularity of daily fantasy sports (DFS).
People who wouldn’t consider themselves pro sports fans are now turning to DFS sites like FanDuel and DraftKings, sometimes spending more than they do on tickets or merchandise for their favourite teams. But this is great news, not bad!
The Beginnings of Online Gambling
Gambling has been around for centuries, and people have been betting money on sporting events since at least the 1800s. However, it wasn’t until recently that online gambling could be done from anywhere in the world. The first online casino was established in 1996, but it wasn’t until 1999 that online betting became popular. This was large because of efforts by casinos to make their websites easy to access and navigate, both at a global level and also in recently regulated markets such as Ontario in order to provide the best gambling experience like we get today from sites like these.
Nowadays, every professional sports league is trying to figure out how they can harness this new source of revenue. It’s hard to tell whether online gambling will ever eclipse traditional forms of betting like horse racing, but one thing is certain: it will play a major role in any pro sport’s future success.
Established Players in the Industry
With so many new casinos popping up online, it's not just gambling enthusiasts that are benefiting from this industry. There's a huge amount of money to be made for professional sports teams and leagues too! I'll be looking at how online gambling has contributed to the growth of professional sports in today's post.
The first question we must ask is whether there is an effect, and if so what kind? Well according to some estimates, online gaming generates over $50 billion annually worldwide with $25 billion coming from North America alone. Just think about that for a second.
Newcomers to the Industry
Online gambling has had an extremely positive impact on professional sports. With a smaller amount of money going to state taxes and a larger amount of revenue being generated, it is easy to see why professional sports leagues are eager to enter partnerships with online casinos. For professional bettors that wanted to enjoy classic and modern slots, NeonVegas is the best one for you.
The NBA’s Philadelphia 76ers just became the first major American sports team to accept Bitcoin as payment for tickets and merchandise. Even NFL Commissioner Roger Goodell is warming up to the idea of playing fantasy football games that would take place online.
The Impact of Online Gambling on Professional Sports
Since gambling became more prevalent in modern society, it has had a significant impact on professional sports. More specifically, as more and more people can gamble online due to new casinos, this has led to an increase in revenue for professional teams.
This is largely due to increased viewership. When people can watch their favourite team play from the comfort of their own home through a stream or with an app, they are much more likely to want to watch games live at stadiums. The same goes for fans who love watching big sporting events such as the Super Bowl or World Cup. Watching these events from home allows them to get a better sense of what it’s like inside the stadium without having to travel anywhere.
The Future of Online Gambling and Professional Sports
Gambling has been a part of professional sports for decades. It's also been around in one form or another since before recorded history. But, with new technology and changing demographics, gambling is going through a revolution.
The future of online gambling looks bright as more people turn to it and, in some cases, leave traditional gambling establishments altogether. There are many reasons for this change, but most have to do with convenience and accessibility. Indeed, online gambling has grown in direct proportion with betting on professional sports.
For example, there were over 12 million bets made on the Super Bowl XLIX matchup between the New England Patriots and Seattle Seahawks in the previous years. That number is up from 4 million bets made for Super Bowl XLVIII just three years earlier. These numbers don't include unofficial prediction markets like those offered by FanDuel and DraftKings that make money based off player participation rather than casinos taking bets themselves.
Lastly
Gambling has always been a part of pro sports. There is nothing new about it. What is new, however, are online gambling sites that have become increasingly popular over the past decade. These gambling sites allow gamblers to bet and play games from their own homes instead of having to travel to one location or another to partake in this activity. There's no doubt that this creates significant benefits for both professional sports teams and gamblers alike.