The State of Virtual Sports

When many professional sports leagues were forced to stop in 2020, sports betting fans looked for another way to bet on their favorite sport. Thankfully, virtual sports were ready for sports fans to enjoy. Since then, the virtual sports betting market has continued to grow, offering sports betting fans an alternative to traditional sports betting. But what is the current state of this gambling market, and what does its future look like?

Read on to discover more about virtual sports and how they work, the current state of the virtual sports betting environment, and what might lie ahead for virtual sports gambling games.

What Are Virtual Sports?

Virtual sports are not to be confused with virtual sports video games, even though they may appear similar. Placed side by side, both experiences offer cutting-edge graphics and incredible sound effects to recreate a virtual sport, which is why it’s possible to mistake one for the other at first glance. 

There’s also often an overlap between sports you can enjoy when playing sports-themed video games and virtual sports games. For example, you can enjoy a virtual football game, virtual basketball game, or virtual motorcar racing game when you play a sports-themed video game or virtual sports.

However, there are a number of key differences between sports-themed video games and virtual sports. For example, in a sporting-themed video game, you control a virtual character or team as you battle your way to victory, while virtual sports games are simulations where results are decided by random number generators (RNG.) Also, sports-themed video games can play out for as long as a real sports match, while virtual sports are decided in a few minutes. 

These and other features make virtual sports appealing to gamblers who are interested in something different from casino games and sports bets. 

The Current State of Virtual Sports

Since 2020, virtual sports have gone from strength to strength. A virtual sports market report released by Grand View Research, a global market research and consulting organization that offers an analysis of the virtual sports market in terms of its components, games, and demographics, put the value of the global virtual sports betting market at $16.38 billion in 2023, up from $13 billion in 2022. 

Despite many other bubbles popping (or at very least deflating) following the post-pandemic relaxation of restrictions, the virtual sports betting market has held its ground. Although many gamblers could have easily switched back to traditional sports betting once the professional scene had recovered, a significant number kept on playing simulated sports titles instead.

While this is positive news for gamblers and the virtual sports betting industry today, another question remains: what lies ahead for the future of virtual sports?

The Future of Virtual Sports

There’s no doubt about it: the future of virtual sports is looking bright. The Grand View Research report also states that the worldwide virtual sports betting market could reach an incredible $77 billion in value by 2033 on the back of a compound annual growth rate (CAGR) of 16.75%. 

The organization highlighted some key factors that will stimulate the growth of virtual sports, including:

• Improvements in various gaming-related technologies, such as graphics and AI, creating more believable and more engaging virtual sports experiences.
• Increased internet connectivity enabling more people to enjoy virtual sports.
• Mobile computing devices giving people the opportunity to enjoy virtual sports betting easily.
• Virtual sports appealing to people who may not be interested in traditional sports betting.
• A possible overlap with the esports and esports betting market.

Reports like this highlight the fact that virtual sports offer an alternative to traditional sports betting and that the industry is well-positioned to experience strong growth in the coming years.

Place Your Bets on Virtual Sports at BetMGM Casino

Not sure which of the virtual sports betting sites to choose from? If you’re interested in the best virtual sports betting site, you’re going to want to wager at BetMGM Casino. When you sign up at BetMGM Casino, you can wager on a range of exciting virtual sports, including American football, basketball, motor racing, and many more. 

But the betting excitement doesn’t stop there. You’ll also be able to enjoy other great gambling experiences, like online poker (who knows, you might even virtually bump into some sports professionals at the poker tables), slots, table games, variety games, and live dealer titles. Some of these are also professional sports-themed casino games, making them even more appealing to sports fans. 

And then, of course, there are BetMGM Casino’s ongoing and limited-time offers, such as a Welcome Bonus, free spins, and other great promotions. In addition to those, you can also earn points through the BetMGM Rewards loyalty program that you can redeem online or at affiliated BetMGM resorts and casinos.

Register at BetMGM Casino to enjoy thrilling online gambling in New Jersey, Pennsylvania, Michigan, and West Virginia.