According to studies, the global sports betting market is on the rise. Moreover, financial reports state that the industry could be worth over 134 billion USD by 2024. Gambling operators like Betway soccer betting are working hard to improve their systems to ensure they have a share of these massive revenues. However, experts argue it could take some time before new ventures can benefit from sports betting.
This is because there exists legislation that limits the number of companies that can work directly with casinos and race tracks. As a result, only companies with experience working with the gambling sector have the upper hand in selection for significant contracts. Law experts state that there is currently no legislation that is proposing a free market. This scenario makes it almost impossible for startups with creative business ideas to enter this lucrative market.
Nevertheless, the industry experts argue that as more legislation improvements are made, more companies will have a chance to enter the industry.
What Are The New Opportunities?
With time, you wouldn’t have to be a big gambling operator to benefit from the new market. There are many opportunities that you can take advantage of, including:
Gambling Data and Gambling News
The gambling industry experts are suggesting that gambling data and gambling news will become a commodity. If you have a company that can track the movement of betting lines and the amount of money wagered, it will have a premium product it can offer.
At the moment, there are data companies that provide stakeholders with critical data. For instance, if you are a sports bettor, these companies allow you to request data on a specific game. They respond to your request with a comprehensive analysis having more than 1500 data sets and a projection of the game outcome.
However, you cannot just jump into this venture and make a name for yourself immediately. You will have to purchase the data you don’t have and spend many sleepless nights compiling data sets.
There are also other niche segments of the sports betting markets like those offered by Betway, that you can capitalize on. For example, you can offer an app that provides up-to-date player data, movements of betting lines, and many other details. Having all these details on a single platform would be very valuable.
Gaming Lawyers
If you want to invest in the sports gambling industry, you must seek the services of an attorney well-versed with sports betting legislation. In fact, industry experts state that the future of the sports-gambling business will be influenced a lot by the ability to operate within the law. However, some of these legislations don’t exist yet.
In short, attorneys and business advisors will also have their place in the sports betting industry. So, if you have a law degree, you can sharpen your knowledge of sports betting laws to take advantage of this emerging opportunity.
Bottom Line
The sports betting industry will keep growing in the coming years. Moreover, the industry’s revenues are also projected to keep growing. As a result, entrepreneurs will be looking for ways to have a share of the massive revenues from the industry. So far, data companies and law firms seem to be the ones leading the race of companies entering the sports betting industry.