A recent report by IBIS World has found that the horseracing and sports betting markets have undergone significant changes over the course of the past five years. Despite competition from other types of gambling, the Australian betting market continues to grow and expand. From 2009 to the current financial year, the revenue has increased at a compound rate of 2% per year.
The report has predicted that industry revenue will increase by a more modest 1.3% to $3.6 billion over the course of the 2014-15 financial year. A major factor that has restricted the growth of the betting market is the increased demand for other types of gambling activities.
Casino games, the lottery and poker machines are also very popular among Australian consumers, so horseracing and sports betting operators must compete with a wide range of gambling firms. Over the course of the next few years, sportsbetting will remain the fastest-growing form of gambling in Australia.
It is one of the few gambling markets in the country in which operators are permitted to offer mobile and online gambling services, which will contribute to its growth in the future. Online gambling will only continue become more popular, and the betting market will reap t the benefits. Another contributing factor to the growth of the local betting market is the fact that many smaller operators have been bought out by larger companies.
These acquisitions have helped to increase revenue and will boost future development of the market, as larger operators are likely to be more capable of introducing new and innovative technology that will attract punters.
To view the full report, visit: http://www.ibisworld.com.au/industry/default.aspx?indid=663&partnerid=prweb
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