How Big Is The Sports Betting Market?

Hi everyone! Welcome back to our SGOnlineCasino site. You would have seen us recently speak about Singapore sports betting. Sports betting has recently seen a tremendous surge in users and players during the COVID-19 outbreak. This could be mainly due to the individuals being kept at home and have nothing to do during that time. However, even after the COVID-19 pandemic has eased down. We can see that many has still continued and stuck with the trend. Keep scrolling down to learn more about how big is the sports betting market.

This can be seen as many are watching more football games, basketball games and even the latest craze trend of e-sports games. Many have taken time to bet on their favorite teams and players in hopes that they can earn them some extra cash for their daily lives. Today, we are going to summarize how big the sports betting market.

What is sports betting?

In essence, sports betting is where an individual will head over to a gambling site and select his favorite game that he or she is interested in. From there, they would just need to place a bet on the team or player that support. The server or site would have already pre-calculated the odds and payouts for wining. All you need to do is just place your bets on the site. Do bear in mind that the underdog always has a higher payout compared to the ones that are touted to win.

How big is the sports betting industry market?

Well, let’s just say that ever since COVID-19 hit the market, the sports betting industry just keeps getting bigger and bigger. This is where based on market research. We have found that the sports betting market is on the rise from its original value of 76.75 billion SGD in 2021. According to expert researchers, they have found that if this trend keeps up at its pace, the market is expected to reach a value of 167.77 billion SGD by 2029. You can just imagine that with that kind of valuation, how many players must be tuning into the sites daily in order to win some extra cash.

We know for a fact that the most frequent visit to the site is during weekends. This comes as no surprise as most sport competition are held during the weekends to ensure that the number of viewership is at its highest. This indirectly also translates to how many people are making bets online on their favorite player or team. We can confidently say that anyone who frequently bets in the area of football will most likely know what we are talking about and how it works.

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Why do people bet on sports?

As compared to betting in Singapore casinos, when a person bets on sports, they already have a rough gauge on how the game is going to go based on historical events and experience. Basically, we can chalk it down to experience and familiarity of the game. In terms of sports betting, we would say that the win ratio or percentage is usually never that high. In fact, it is more than likelier for you to only 53% to 54% of your bets only. This is because most individuals would usually bet on stakes that are slightly higher than the normal win or lose stakes. In fact, we would say that if you continue on the sports betting route in the long run. You may eventually end up losing more money than winning. This is unless you play it ridiculously safe and only bet on the ones that are guaranteed to win.

Places to bet

Now that we have shared with all the places where you can bet on sports and perhaps win some extra cash back home. We want to introduce you to some sites that you may have or may not have heard of before in order to win some cash back home by watching your favorite sports game.

SBOBET

The first site that we are going to suggest to you is SBOBET. SBOBET is a site that has been known throughout the ages by many bookies in the market. They have a license to operate in both Southeast Asia and in Europe. So, this certainly makes them one of the most famous sites for sports betting in the world. You can bet on a wide variety of games on this site. This would include not just the premier league but also things like NBA, UFC and so on. It is definitely a one stop solution for all players in their market to make their mark in the sports betting world.
BK8

This site is just known for everything isn’t it. Yes, once again. BK8 is on the list for sports betting Singapore as well. You would have probably seen us mention them about a dozen times about how versatile and interactive their site is. This definitely goes similarly for the sports betting aspect of it as well. So, do not think that BK8 is just another site for casino. They are definitely made for so much more.

Frequently Asked Questions (FAQs)

Let us break it down in terms of how we can help you understand the sports betting world more and perhaps even help you build a little bit more confidence in trying it out.

Is it legal to bet on sports in Singapore?

Yes, it is depending on the site that you are betting on. If you are betting on a legal betting site such as SBOBET and BK8. Then, there is no problem.

How much is a recommended bet size?

There is no set limit in terms of bet size to use. We recommend just a simple 30 – 50 SGD would be sufficient

Can I bet on any sport on any site?

If you are betting on sites such as SBOBET or BK8 then it should not be a problem.

Conclusion

In short, the sport betting market is absolutely huge and is on the rise. So, if you are a sports fanatic and looking for ways to earn some extra cash. Well, then look no further because sports betting would be the way to go for you. Just remember to always gamble responsibly and you can be on your way!