Sports betting is growing at phenomenal rates around the globe, or better, in countries where the legalization of sports betting sites and bookmakers, such as online sport betting Malaysia, has been fully realized. In fact, it is growing at impressive rates even in markets where wagering is not permitted, but now it’s not the time to analyze this… So, for the time being, let’s accept the fact that sports betting is surging, despite voiced concerns that it is influencing the sports industry in a rather negative way and amidst ethical implications on the appropriateness of linking any gambling activity with the nobility of sports.
The global sports betting market is on a constant rise and this should ring a bell. Not an alarm, but a bell, that something must be positive and good in that industry to be booming so much. Or, simply put, there must be something good out of it or it most probably does something positive for the sports themselves.
One echoing assumption is that sports need sports betting. Even though this notion might be initially disregarded as a mainstream reaction to the ethicality or suitability of betting in sports, it is true in a certain way.
Why do sports need sports betting?
Sports betting contributes to the improvement of sports in several ways by advancing sports economies in several ways ranging from facilitating better financials, fostering more consistent sports governance, changing the media scene and driving greater fan engagement.
Better financials through revenue generation
As sports betting grows, sports betting revenues increase and sportsbooks, sports wagering platforms and online bookmakers are growing too. As they grow, their interest in fuelling sports’ growth mounts, and so they eventually start investing in deals (such as sponsorship deals) that become key revenue streams for entire leagues, teams, or individual athletes. The more money is poured into the sports, the more spectacular and competitive they become. The better they become, the more fans they attract and the more popular they get to be. It is an endless circle, where sports drives betting and betting drives sports growth.
Consistency in sports governance
Ever since sports betting has taken on such a big role in the entire sports world, the concerns over potential problems like corruption and match-fixing practices have skyrocketed. It is not unnatural to think that when there is so much money involved and when there are so many things at stake, sports factors might deviate from the lawful and ethical framework. And we are not talking about frowned upon practices (just like hte games Jose Mourinho gets to play to make his club win), but about illegal practices. And no one can deny that there aren’t such problems encountered. But for the most part, sports betting has triggered a radical approach to sports governance, a more consistent one and definitely a more responsible one. Sports governance has now gone beyond simple administration – there are more effective control mechanisms, and tighter regulations to preserve integrity and safeguard sports organizations’ reliability as well as more robust processes to prevent sports from unethical and illegal practices.
Changing media scene
The more sports betting is growing, the more the demand for sports content is growing too. From experienced bettors to newbies, everyone wants to consume more content about the sport itself, an upcoming game, a highly anticipated athletic event or an entire league. The demand for sports analysts, sports commentators, sports shows, sports articles and other media content, skyrockets as betting becomes a popular pastime for fans.
And who is the main beneficiary of more media content on sports? The sports of course. More media involvement triggers more viewership, and higher attendance and turns casual audiences into more invested fans!
Some people rejet the assumption that sports betting drives greater fan engagement, on the premise that sports bettors aim at generating profits and earning money instead of becoming more involved with a sport. The truth however is that no matter how it is processed, sports betting triggers greater commitment, investment, involvement, participation and engagement on the part of fans. And what’s more important for the any sport than being able to have loyal and committed fans, who can get an immersive experience and engagement when they watch their favorite team or players competing on the field?
Well, as you can see, sports need sports betting pretty much as sports betting needs the sports! Of course sports have always been able to grow even without sports wagering, but the thing is that sports betting has grown parallel to the growth of sports and has fuelled great advancements in sports economics.