With the rise of sports betting, the sports media must adapt to stay relevant. The trend is expected to make a major impact on the industry. The first step is understanding how it works and determining the best ways to incorporate it into your existing business. There are two main approaches that you need to consider: traditional sports media and new media.
Traditional sports media has historically been a source of social interaction and connection. This is no different with sports betting, which has created an entirely new way for consumers to engage with the sport. Sports betting also allows consumers to demonstrate their knowledge and compete with others. The sports media must recognize that consumers haven’t gone away and will continue to be a part of the industry.
Online sports betting is still an emerging industry, but it’s growing fast. In 2017, sports betting companies spent $1.2 billion on acquiring new customers in the U.S. This is set to triple by 2022, and it’s projected to hit $3.9 billion by 2025. The growth in sports betting is expected to continue, as more states and leagues expand their sports betting markets.
In the short term, the sports betting business is crowded, with a handful of large companies dominating the market. If you want to enter this niche, you need to own cutting-edge technology, focus on local markets, and form smart partnerships. With the competition growing by the day, you’ll have to adapt to meet the needs of your potential consumers.