Sports betting is one of the rapidly evolving phenomena across the world. If you are still new to the world of sports betting, you’d be surprised to know that the Australian sports betting industry generated over AUD$ 10.16 billion in revenue. With popular sports betting platforms like BlueBet, the Australian racing and sports betting industry are all set to reach new heights. If you are fascinated by sports betting and want your piece of the pie, too, you need to understand how sports betting works. To help you with that, here is everything you need to know about racing and sports betting in Australia.
How Do Sports Betting Work?
Sports bets are primarily placed on online platforms where the platform works as a bookmaker or bookie. These platforms have numerous features that allow bettors to place their bets on several different games safely. You need to deposit an amount on your betting account before placing your bets, and they also have provisions to withdraw your profits through online payments services safely.
History of Sports Betting in Australia
The Melbourne Cup, which started in 1861, is one of the most significant horseracing events in the world. It begins on the first Tuesday of November every year and has continued since its inception. Although it laid the foundation of sports betting, sports enthusiasts had been betting on races in Hyde Park since 1810. Soon, its magic spread across the whole of Australia, and almost every major city in Australia started building race tracks.
A decade later, in the 1930s, the bookmakers came into the picture. Thanks to the technological advancement and inventions of the radio and the telephone, the roots of sports betting grew stronger. Soon enough, sports betting was legally recognised in the 1980s. Following its footsteps, many other countries started legalising it.
Role of Technology
Technological advancement played a vital role in the rising popularity of sports betting. Thanks to the internet, sports betting platforms like Bluebet rose to popularity and became one of Australia’s frontrunners of the sports betting industry. Sports betting in Australia is not restricted to horse races anymore.
Now you can place your wagers on sports like basketball, baseball, cricket, golf, soccer, rugby, ice hockey, and many other sports. You can set your bets online with the help of an online platform that facilitates secure payment too. No wonder why millions of Australians are turning to online sports betting.
Future of Sports Betting in Australia
It wouldn’t come as a surprise that sports betting in Australia is destined to break new records in the future. According to the Victorian Responsible Gambling Foundation (VRGF), horse racing bets produced a whopping AUD$ 21 billion before the pandemic. Another report stated that horse racing, greyhound races, and sports events were the third most engaging activity after poker machines and lotteries. All of this data indicates that sports betting in Australia is here to stay, and it will continue to grow at such a staggering rate.
Due to the high earning potential for bettors and bookies, racing and sports betting in Australia will continue to see its glorious days.