The numbers behind the global online sports betting industry are staggering. As one of the most profitable, fastest-growing industries in the world, the global sports betting industry is expected to grow in the following years to reach a value of US$134 billion if it continues to grow at an expected rate of 10% and according to the latest trends this is the most likely scenario. According to the latest research done by Zion Market, the sports betting industry back in 2020 generated amazing revenues of over US$131 billion.
Gross gaming revenues generated by the industry are expected to reach US$179 billion in seven years from now according to the same report. The study by Zion Market also suggests that the global sports betting industry will most likely generate the highest profits of around 8.8% from 2021 to 2028 or during the forecasted period. Moreover, major sports betting activities perfectly coincide with major events in stock markets, and both markets are becoming more and more competitive with more active participants.
The Best Sports Betting Sites
Considering the fact, the sports betting industry is one of the most lucrative most profitable industries, thousands of online sports betting sites operate in different jurisdictions. The USA sports betting industry leads the way followed by the United Kingdom, Australia, New Zealand, Canada, and Germany. On the African continent, Kenya, South Africa, Ghana, and Nigeria have the most lenient gambling laws and the most developed sports betting industries.
If you are interested in learning more about the thriving sports betting industry in Nigeria, https://www.bettingsites.ng/ has it all included from the best sports betting sites catering to Nigerian players to the most rewarding bonuses and other valuable info. All the best sports betting sites have certain things in common. The most reputable online bookies are licensed and regulated by prominent regulatory bodies.
The best sports betting sites employ the most advanced security and privacy measures. Top betting sites also offer extensive sports coverage and of course, spoil bettors with generous welcome bonuses, free bets, odds boosts, and other regular bonuses and promotions. However, we further focus on the most common problems sports bettors come across and these include:
- Regulatory and legal issues
- Rogue operators
- Unfavorable withdrawal times
- Processing fees
Regulatory and Legal Issues
The regulations and laws associated with online sports betting activities vary from one country to another. In some countries, laws and regulations associated with the industry are quite complex so it is rather unclear whether engaging in online sports betting activities is legal or not. Legal and regulatory issues that are commonly present in the industry put a lot of pressure not only on sports bettors but also on iGaming companies. When the regulations and laws are not as clear as they should be, engaging in sports betting activities can be unsettling.
This leads us to another common issue sports bettors come across and that is the presence of many rogue operators. This issue is related to the regulatory and legal problems present in certain jurisdictions where gambling laws and regulations are not clear. According to reports released by iGaming regulatory bodies in Australia and Great Britain, there is a concerning number of rouge operators active in the industry and some of these are involved in money laundering and other criminal activities. Being able to spot a rogue operator is a must in order to avoid other common issues in the sports betting industry.
Unfavorable Withdrawal Times
When you finally win some money at a sports betting site, you may not be able to get your winnings right away and this is another common issue with betting sites. How long it will take to finally receive your winnings depends on a number of factors including your preferred withdrawal option. Your country of residence may also influence withdrawal processing times.
Unfavorable withdrawal terms and longer withdrawal processing times are something bettors do not like and want to deal with. At the same time, using the top betting sites in most cases means you get your winnings within a couple of business days and even sooner when using e-wallet services.
Related to unfavorable withdrawal terms and conditions and longer withdrawal processing times are processing fees. The best sports betting sites in most cases process deposits free of any extra charge but when it comes to withdrawing your funds, processing fees may apply. If you find the processing fees to be too high, you may want to think about making some extra cash on the side to offset such costs.
Even though withdrawal processing fees tend to be small, they can easily add up if you make withdrawals frequently. If your online bookie does not process deposits without processing fees, this is a huge downside especially when there are many other betting sites where no processing fees apply at all.