Sports and betting have long been married together. Ask any historian to give you an official start date of betting and the probable answer will be, sometime around the first sports come to play.
Today sports has become a money-making machine, with hundreds of thousands of fans flocking to stadiums to catch their favourite teams battle it out on the pitch. In the US alone the legalisation of sports betting is estimated to add $22.4 billion to the country’s GDP.
So How Does Sports Betting Benefit The Sports Economy?
Betting companies make the most revenue when there is a huge bout. Whether it’s boxing, football or any sport for that matter, big bouts bring in a lot of hype and excitement. Many people look to increase the tension of such matches by placing bets on trusted and secure sites like 32Red betting, which offers to bet on both IOS & Android devices, to better entwine themselves into the atmosphere.
Of course, these events are very profitable for the betting companies.
Betting companies then use a lot of the revenue generated to pump it back into the sports, whether through sponsorships or sometimes even arenas. The most typical would be on the kits of players and on the side stands to increase awareness. In fact, during the 2019-2020 season of the Premier league half the teams had at least 1 Sports betting company sponsor on their shirts.
There’s also a whole argument as to why sports betting companies usually sponsor sporting events. Typically as we mentioned earlier these games are quite the catch for gamblers and sports fans, who are more likely to bet on the site sponsoring the event. Think of it as a kind of product placement since betting companies are banned from showing ads on T.V.
These sponsorships help teams improve their coaches, training facilities and much more. In essence, you could say the sports betting industry fuels teams to further improve and create harsher and more tense competitions.
Sports betting also creates tons of job opportunities, with approximately 750,000 jobs in the United States currently, and is projected to grow exponentially within the next 10 years.
To Conclude
When one asks how sports betting affects the sports economy the simple answer would be extremely positive. The Sponsors help teams increase their winning possibilities and purchase new players. As a whole, the sports industry generates/provides marketing and profitable opportunities for the betting companies. The betting companies are part of the reason sports have been getting increasingly popular. The popularity of sporting events benefits both the teams, the sport in general and of course the betting companies looking to profit from these events. Without each other, both would probably be a lot smaller and less profitable than they are today.
The world should be thankful for the natural bond they share between the two industries and the number of world-renowned events we have witnessed. So what’s the next big sporting event you’re looking forward to bet on?
