According to statistics from the Australian Gaming Association (AGA), more than half of Australians aged 18 or over placed a sports bet in the past year. And, a recent study by the University of London found that betting logos appeared on the screen for 71% to 89% of a BBC football highlights show. The betting logos were from Bwin, GiG, and AC Milan. These brands also sponsored the World Cup of soccer in 2018.
Despite the lag, the sports betting market has started to gain traction in the U.S., with record revenue in January. Sports betting revenue in January was $378 million, a 174% increase year-over-year. Several new states, such as Virginia and Michigan, have enacted legislation to legalize sports betting. Other states like South Dakota are currently debating whether or not to legalize sports gambling.
The United States has legalized online betting since May 2018, and 17 states are expected to follow suit by 2023. While the percentage of illegal bets dropped in legalized states, many bettors are still opting for illegal sportsbooks. This is despite the fact that a majority of legal sportsbooks choose to work with regulated bookies.
APAC is another market booming. The rise of online platforms has encouraged the growth of sports betting in this region. The region also has a growing demand for recreational activities. Sports betting has even started to become legal in countries like Singapore and China.