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Betting and Racesports: Awesome Facts You Need to Know Before Placing a Bet

NEWS STORY
07/03/2022

Betting has exploded in recent times, and not even the pandemic could stop it. Bets shifted from in-person to online, with an increasing number of people placing their very first bets each day. Yet, not many of them are aware of the most interesting facts about betting itself.

In this article, we're going to look at some awesome facts you need to know before placing your bet.

The Online Gambling Market Could Hit $100 billion

Online gambling generates quite a bit of revenue and the value of the market is constantly increasing. Between 2009 and 2016 it doubled in value, going from $20 billion to $40 billion. Now, given the current adoption rate, that figure is said to increase to $100 billion in 2026.

Some experts are even betting (pun intended) that a significant value increase is coming, and they expect the market to reach at least $93 billion by 2023. The global events between 2020 and 2022 did in fact encourage more people to bet online, so let's see how that prediction plays out.

Online Gambling Hit $66.67 Billion in 2020

Speaking of money, pandemics, and 2020, the online gambling market had $66.67 billion in revenue for 2020. We can safely say that this was because 64% of people stated that they started spending more time and money gambling online.

Based on the figures in 2020, that's an increase worth at least $8 billion compared to the previous year's figures. There are many different avenues out there, and 188BET is one of the popular online options where you can easily access the online gambling market. People are now finding it easier than ever to try their hand at gambling, but do keep in mind that you need to verify the credibility of the services you use by going through multiple reviews first.

More Than 10 Million Americans Are Addicted to Gambling

Given the rate of adoption, and popularity of certain sports like football, this figure is very surprising. Around 85% of American adults have gambled at least once in their life, and sometimes all it takes is a single win to get hooked. Sometimes, just one loss too.

Online statistics indicate that women are more at risk of developing problematic behavior when compared to men. The respective rates are 31% and 26%. The notable behavior behind this is chasing losses (gambling repeatedly in a desperate attempt to make up lost money).

Even the Best Bettors Win Only Half the Time

You know what they say: the house always wins, so you know bettors have to eat a chunk of losses. Those losses stack up for inexperienced players, and you'd think that the more you play, the more frequently you'd win. Not the case at all.

While casual bettors think the pros are gods, they only make profits on 53 - 55% of their bets. Betting is too unpredictable for anyone but the house to win consistently.

The Second Most Popular Betting Sport is Horse Racing

Horse racing is one of the few sports we've been betting on for a long while. Globally, it's pretty popular and comes in second place in terms of betting popularity. It began in the United States in the 1600s but has been in existence since 4500 BC. Betting is the major reason the sport has survived this long since that's what's been drawing people in.

Betting is a fun and profitable activity that people have been participating in for ages. With new people coming in every day, the market is predicted to reach at least $100 billion in 2026. A large part of this is due to online avenues paving the way for new bettors coming in from the recent pandemic. We hope these facts have given you a brief insight into the betting industry, and you can use them to inform your bets going forward.

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