Gambling, or sports betting as it’s generally known, has existed since dawn. It includes betting on the possibilities of a sporting event or tournament. It was the earliest fun and entertainment source before it became the world’s most profitable industry. The activity usually surrounded itself with sporting events and games that relied on chance. For decades, the wagers made on the different sports have become a common practice worldwide, particularly in Europe.
Gambling does have a strong presence on the continent, as it’s said to have started as early as 500 BC, according to Sophocles’ writings. Gambling began as a game of chance, such as dice, and gradually became a huge market with several types of games. With a net worth of around 87.2 billion Euros, the gambling business in major European nations currently has a strong global position. It’s mostly owing to the significant contributions made by the internet gaming industry and offline slots for gambling. According to the European Gaming Association’s figures, the industry is expected to grow by over 19% by 2023.
Betting is quite common in Europe, and the importance of online sports betting can be easily interpreted seeing the rise of online casinos like Fanduel.com. Major reasons for betting’s popularity among the continent’s inhabitants might be the healthy, lucrative dealings, amusement, thrills, etc.
Why are so many people interested in European sports betting? This article will look at five reasons behind this occurrence.
1. Massive Market Size
Even non-sports bettors are drawn to Europe’s large sports betting market. Gambling is big in almost every country, both at physical shops and online. The gaming market is so huge that it accounts for 49% of the global stock market, ranking high in popularity among gamblers.
European countries are also huge fans of online betting, with online casinos covering many of the EU’s gambling revenue. The continent’s industry growth has expanded to a larger extent than anticipated, and it’s expected to generate over $99billion in revenue by 2023.
Multiple bets are placed mostly on soccer sites because football has a large following. It turns out that investing in gambling benefits the entire continent because both the sportsbooks and the punter stand to benefit financially, and the government rakes in a lot via tax collection.
2. Hosting of International Competitions
The sports betting industry has a sizable prize pool. It positively influences the much younger population, giving them the option to pursue riches through their abilities.
World Cyber Games, Major League Gaming, Intel Extreme Masters, and other well-known championships have concurrently shoveled the online sporting and gambling industries.
The rise of the online sports gaming sector has opened the way for authorized and more recognized sites to thrive. The DreamHack Masters tournament, FIFA League, ESL One: Dota 2, and Overwatch are among the most popular on these sites. The players’ interest is picked by displaying newly launched games, frequently advertised while the events are in progress.
This instant advert will serve as an example for newbies. Competitions like these are held annually, bi-annually, or as a weekly battle for players with better predictions to win. A significant turnout in these competitions is the attention it attracts to the European communities, making them stand out as solid influencers of sporting activities.
Gambling is legal in most European countries. Also, individual countries are responsible for enacting legislation that complies with their fundamental freedoms. Similarly, several states have established monopolistic regimes that provide gaming services to punters. These are either run by private companies or by government-controlled public companies.
The state, however, allows other companies to supply services, ensuring that no supplier is subjected to any form of favoritism or bias. As a result, the industry is divided into several regulatory frameworks to ensure compliance with European gaming regulations.
Players can gamble lawfully in Europe not because it’s a free continent but because the appropriate authority monitors every wagering activity. These authorities then ensure that players enjoy a hundred percent secured gambling experience.
4. The Popularity of Online Casinos
Online casino popularity may have become one major trend in the last decade, and it’s expected to remain relevant for a long while. Accounting for 23.2% of the gaming market’s overall revenue in Europe, the online casinos are distinguished by their individuality and elegance.
The tremendous rave following these online casinos is thought to be due to the tight online wagering rules. The rules not only prevent fraudulent situations but also build a trusting relationship between gaming houses and customers.
Several gaming authorities, including the Malta Gaming Authority, the United Kingdom Gambling Commission (UKGC), and European Gaming and Betting Association, ensure that gambling sites are transparent and secure. Furthermore, governments and gaming regulatory authorities in most parts of the region advocate responsible gambling and personal data protection.
Personal device accessibility and usage become useful when talking about online casinos. Casino owners now teach social media, mobile applications, and networks to draw interested players. Therefore, it’s evident that these promotional strategies, alongside the rise of internet life, contributed massively to the achievements of sports betting and internet gaming in Europe.
5. Technological Upgrade
Technological upgrades have become an added advantage for the rise in popularity of sports and casino betting in the European region. Some bookmakers that have transitioned to betting sites are now in the ranks of the world’s leading gambling enterprises.
According to Forbes, if countries in Europe could fully legalize sports betting, the industry could generate about $20 billion in annual revenue. (This is analogous to the ever-increasing licensing of marijuana for fun in the United States).
Legalized sports betting allows tech firms to grow their company into multibillion-dollar enterprises. Competitive markets with high prospects can foster massive technological advancements in online live sports stakes.
For example, in the UK, US, and 15 other European countries, Alphabet Inc. (Google) recently amended its regulations to allow real-money gaming and sports gambling apps to be installed from Play Store.
International Game Technology PLC, a company based in the United Kingdom, recently publicized an affiliation with a gaming subsidiary company to design applications for offline service slots in a UK-based city.
Some famous casino sites are stepping up to offer partnership proposals to satellite provision services for the commencement of sports betting on live television and users’ cellphones.
The Bottom Line
The gaming business is increasing and shows no signs of slowing down anytime soon. Sports betting and online gambling are now in your face as technology has advanced, and bettors no longer need to leave their homes for a wager.
Europe beats other regions to the title of the world’s largest gaming market, with billions of dollars in gambling revenue. Betting is allowed in most nations in Europe, making it easier for players to participate without fear of breaking the law.
Undeniably, their citizens adore betting in sports, online, or tournaments. The government is also quite supportive and encourages citizens to engage in responsible gambling, which benefits the citizens and the government’s ability to run smoothly.