The Olympic Games is one of the most watched sporting events in the world. It is held every four years and attracts the attention of the whole world. With the development of technology and the popularization of the Internet, the online Olympic betting market is also booming. The editor will predict the scale of the Olympic betting market and how to enter this track.
Market size and growth
According to a research report by PASA, a global information platform for getting rich quickly, the global sports betting market will be valued at approximately US$250 billion in 2023 and is expected to grow to US$355 billion by 2030, with a compound annual growth rate (CAGR) of 5.1%. As a major sporting event, the Olympic Games occupies a significant share of the entire market segment.
Gambling activity increased dramatically during the Olympics. For example, during the 2021 Tokyo Olympics, betting amounts in the global sports betting market increased significantly, especially in European and Asian markets. This shows that the Olympic Games has a huge stimulating effect on the betting market.
Data shows that the total amount of global sports betting during the Tokyo Olympics reached approximately US$3.2 billion, an increase of approximately 20% from the 2016 Rio Olympics.
This growth is mainly attributed to the following factors:
Global audience base:
The Olympic Games attracted spectators from more than 200 countries and regions, forming a huge group of potential gambling users.
For example, during the Tokyo Olympics, online gambling activities in the United States and Europe increased significantly. PASA, a global information platform for getting rich overseas, reported that the total gambling in the United States and Canada during the Olympics reached approximately US$1.5 billion.
Competition Diversity:
The Olympics covers a wide range of events from athletics, swimming, gymnastics to basketball, football, etc., providing a wealth of betting options.
At the Tokyo Olympics, football and basketball are the most popular betting events, accounting for nearly 40% of the total betting amount.
The development of online gambling platforms:
With the popularity of the Internet and smartphones, more and more users choose to place bets through online platforms. Modern technology makes real-time betting and data analysis possible, greatly improving the user experience.
In 2021, the global online gambling market's total revenue reached US$66 billion, of which betting during the Olympics contributed approximately 5%.
Regional market analysis:
North American Market: The United States and Canada saw a significant increase in betting activity during the Olympics. According to a report by PASA, a global information platform for getting rich overseas, during the 2021 Tokyo Olympics, the total amount of betting in the United States reached approximately US$1.5 billion.
European Markets: European betting markets have also seen significant increases in betting volumes, especially in major markets such as the UK and Germany. In 2021, the total amount of betting in the UK during the Olympic Games will reach approximately $500 million.
Asian market: The growth of the Asian market is particularly significant. During the 2021 Tokyo Olympics, the betting volume in the Asian market reached approximately US$1.2 billion, accounting for 37.5% of the total global betting volume.
Players' gambling behavior and player psychology
Betting habits:
During the Olympics, players' betting habits showed a high degree of diversity. Traditional events such as athletics, swimming and gymnastics attracted a large number of bets, while emerging events such as skateboarding and surfing also began to attract attention. Data showed that athletics events accounted for about 25% of the total bets, swimming events accounted for 15%, and emerging events such as skateboarding and surfing accounted for 5% and 3% respectively.
Player Psychology:
Entertainment Psychology:During the Olympics, many players regard betting as a form of entertainment and enjoy the fun of predicting the results of the games.
Achievement Psychology:The diversity and high competitiveness of the Olympics satisfy players' sense of achievement and challenge, attracting a large number of experienced bettors.
Key data and trends
Betting platform:
Online platforms have become the main channel for players to place bets. In 2021, more than 70% of Olympic bets were placed through online platforms.
Live Betting:
Live Betting is especially popular during the Olympics. Data shows that real-time betting accounts for about 45% of the total betting volume, which is much higher than the 30% of regular events.
Growth of female players:
The participation of female gamers increased significantly during the Olympics. In 2021, the proportion of betting by female players will reach approximately 35%, which is 10 percentage points higher than that in regular events.
How can practitioners seize opportunities?
The Olympic Games provide a wealth of opportunities for gambling practitioners and a large number of players. Here are some suggestions that the editor has summarized to help existing practitioners seize these opportunities:
Diverse betting options:Provide a variety of betting options, including individual event results, total medals, record-breaking situations, etc., to attract users with different interests. Meet users' diverse gambling needs by refining market demand. For example, during the 2021 Tokyo Olympics, the newly added skateboarding and surfing events attracted a large number of young players.
Enhanced User Experience:Utilize modern technologies, such as real-time data analysis and artificial intelligence, to provide users with more accurate betting recommendations and personalized services. For example: During the 2021 Tokyo Olympics, Bet365 increased the number of betting users on its platform by about 25% and the amount of betting increased by about 30% after enhancing the user experience.
Ensure security and compliance:Gambling platforms must ensure the security of user data and funds, prevent hacker attacks and fraud, comply with the laws and regulations of various countries, and ensure compliance operations, otherwise the platform will not be able to conduct "open and aboveboard" large-scale traffic diversion.
Leveraging Big Data and Analytics:Through big data analysis, we can understand user behaviors and preferences, optimize betting options and market strategies, improve operational efficiency and market competitiveness, and enable players to enjoy the fun of gambling and VIP services.
Summarize
The Olympic betting market has huge potential and development space due to its huge audience base and event diversity, providing abundant opportunities for betting practitioners.
Data from the global get-rich-quick industry overseas information platform PASA shows that during the 2021 Tokyo Olympics, the total amount of betting in the global gambling market increased significantly. The editor predicts that this trend will continue in the upcoming Olympics, so as a practitioner, you are now It’s also a good time to plan your entry in advance.
