Online sports betting is one of the most exciting activities to do across the globe, Australia is the place wherein people love to bet on a varied range of sports. Sports like football, cricket, basketball, volleyball and baseball are what people are most interested in to make a bet and earn some exciting cash prizes. However, to launch your own betting site in Australia, one must acquire a legal and authentic gambling license that can offer bettors a secure and enhanced betting experience.
Without an authentic license, sportsbooks can’t leverage the power of sports betting to make a difference in the gambling world. Sports betting is quite popular in Australia, but one must understand the Australian betting trends that are emerging and revamping the entire industry as a whole.
Is Online Betting Legal in Australia?
Yes, online betting is legal in Australia and all betting activities are regulated by the Interactive Gambling Act of 2001. This is the main legislation which states that online wagering, lotteries, and sports betting are allowed within the jurisdiction of the country.
However, activities like betting on slots, games of skills, chance, and table games are strictly prohibited as per the guidelines of the above act. If anyone breaks the rules and regulations stated by the Act and participates in betting activities that are strictly prohibited, he/she will be penalized as per the guidelines.
Australian Betting Market Size
Sports betting is constantly rising and becoming mainstream as the most impactful method to make quick money. The Australian betting market is constantly accelerating in a manner like no other. As per the recent report by Statista:
- Revenue in the online gambling market is projected to grow and reach $10.30bn in 2023.
- The revenue is expected to show an annual growth rate of 6.90%, resulting in a projected market volume of $13.45 billion by 2027.
- In the online gambling market, the number of users is expected to rise and reach to amount to 7.3 million users by 2027.
- The overall user rate penetration of the online betting market is estimated at 13.4% in 2023.
Australia Online Gambling Trends
Australia is the major hub for online gambling, but most of you are still wondering about what are the major trends that are playing a key role in making betting popular in Australia. Here are some of the trends you must be well aware of to set an example in the field of gambling:
1. Smartphone Penetration
With people accessing smartphones and mobile phones, online sports betting has become quite affordable and accessible across the globe. The heavy reliance on smartphones accelerated the user rate of the sports betting market in Australia. Moreover, entrepreneurs took this trend as an opportunity to launch new sports betting apps in Australia and thus penetrated a wide market scattered across the globe.
2. Advanced Technologies
With the advent of the latest technologies like AR, VR, AI, ML, blockchain, and Metaverse, online betting platforms have become center stage for investments and thus offer bettors secure and reliable betting experiences. The modern tech integration not only made betting seamless and quick but also safe and credible for both bettors and bookmakers.
3. Low-Cost Data Availability
With the low-cost data availability, people are more inclined towards adopting and exploring new options for betting. They can try a wide range of betting applications and sites with a seamless and uninterrupted supply of internet and can make quick betting decisions that can help them earn a huge amount of money.
4. Adoption of Freemium Models
Many sportsbooks offer freemium models optimizing which bettors don’t need to pay fees or subscription amounts to access the betting platform. With this, a lot of new bettors and punters joined the leading sportsbook offering accessible and affordable betting services. Moreover, they are also offering some exciting Welcome Bonuses, and betting bonuses that are hard to find.
5. Cross-Platform Gambling
Nowadays sports betting has become reliable and flexible by becoming accessible on cross-platforms like Android, iOS, and Web-based applications. This means no matter what you own, you can easily access gambling platforms on any device you want. Moreover, this increased the demand for online gambling, accelerating the overall revenue generation share and bettor’s community.
In the above section, we talked about Australian online betting trends that are emerging and revolutionizing the entire industry in general. Make sure to leverage the power of these trends to provide your bettors with a modernized and tailor-made experience. Take help from an experienced sports betting software development company to get the latest sportsbook platform, catering to the varied needs of bettors and punters.