Social betting – In recent times there’s been a big shift in the way people place their bets online.
More and more people are looking to their peers and discussing where they should place their next wager at sites like Betconnect.
Family, friends and co-workers are adding a different dimension to our overall betting experience.
It’s fair to say, we’ve entered the social betting era…
But for many people out there, social betting may mean nothing. That’s where this guide comes in handy. We’ve covered all the most important aspects of social betting allowing you to start sharing your bets today.
Here’s what you’ll find in this article:
- What is social betting
- The growth of online betting
- Social betting bookmakers
Social betting – What is it?
There are a number of ways you can describe social betting, however it usually comes down to bettors being able to discover and share their bets to a range of people including their friends and wider social circle.
No longer is betting a solitary and individual experience. Nowadays family, friends and co-workers want to know what bets you place on sporting events they actually watch. Bettors want to share their tips and challenge their friends, making the entire betting process more exciting and rewarding.
Social betting is incredibly popular and typically better suited to younger generations that have grown up using social media platforms.
Mates love sharing their latest predictions and bets for the weekend’s upcoming football games. It makes the whole process more enjoyable and it gives people something to talk about.
On these platforms, tipsters upload their latest predictions allowing other bettors to copy their bets. Tipsters are then rated on how successful they are and how many of their predictions are correct. The more successful they are, the more bettors are likely to follow their tips.
The larger platforms, like the ones mentioned above, even give out prizes to the most profitable tipsters. Over the years, www.olbg.com have given out more than £650,000 in prize money via tipster competitions.
There’s some serious money in social betting!
The significant rise in the number of people wanting to share their bets has been driven by the increase in online betting over the past five years or so.
The growth of online betting
Without the huge shift from high-streets to online, social betting would never have taken off. The facts speak for themselves in terms of growth rates of online betting.
Whilst it’s fair to say online betting has already taken hold of the UK gambling sector, the market is still growing and there’s potential for large growth in most other parts of the world.
Online betting is here to stay…
Here in the UK, online gambling has consistently been growing for the past five years. In 2016, online gambling operators generated a Gross Gambling Yield of £4.5 billion. This dwarfed the £3.3 billion taken by high street bookmakers. That trend continued into 2017 and 2018.
Bets at traditional bookmakers continue to decrease leading to a large number of shopfronts having to close down.
Whilst this is not surprising, it just goes to show how popular and easy online betting really is. With more and more people adopting smartphones and therefore having easy access to betting websites and applications, the growth in the UK will only continue.
What about the rest of the world?
Depending on rules and regulations, we can expect similar patterns to occur in other parts of Europe and across the globe in the near future.
With more and more countries legalising gambling, this will only increase the number of people who have access to online betting companies.
Just recently, there has been some speculation over a potential interstate online betting ban in the US. However, nothing has currently been set in regulation due to the Government shutdown. We’ll wait to see what happens with this.
According to Hexa Research, online gambling will be worth $73 billion USD by 2024. This is mainly due to an increase in the number of people who own smartphones and have easy access to betting websites and mobile applications.
Social betting sites
Social betting is set to take advantage of the huge increase in online betting and there a number of new and innovative bookmakers that have built their platforms solely around social betting.
Furthermore, it’s possible to copy other bettors and place the exact bets they do. If they’re on a winning streak, you can jump on the bandwagon and increase your betting profitability as well.
Some of these new companies looking to get an early start on social betting are:
You can read our Betconnect review here.
These kind of bookmakers are still in the early stages, but the interest seems to be growing at an unprecedented rate allowing these companies to invest heavily in developing their platforms.
2020 is going to be a year in which these social betting sites will continue to market their services and hope to gain as much exposure as possible.
One thing’s for sure, the social betting era has only just begun!
What are your thoughts on social betting, are you going to get started? Let me know by leaving a comment in the section below right now.