Sport, at its core, is a competitive pursuit involving two or more participants. In simple terms, one team or individual is trying to beat another. Whether it’s friendly or not, the goal is to get an advantage over someone and win. However, in practice, sport is much more than a showdown between two or more participants. Sport is woven into the fabric of society at almost every level. It’s used as a teaching tool. It offers a form of escapism. It’s a business.
The status of sports within society has never been more obvious. The money involved in sports such as hockey, football, basketball, and soccer is more significant than ever before. Take, for example, soccer. Although it’s hard to put an exact figure on what it’s worth as an industry, data from the University Campus of Football Business puts the value at $600-$700 billion.
Sport is Life
An industry that size can’t help but have an impact on economies and, in turn, societies around the world. Indeed, that’s why we’re seeing more innovations cross borders. The synergy between sports, betting, and entertainment is a great example of this. Today, companies are merging demographics through sports. Take, for example, DAZN. The global streaming platform offers on-demand sports content in more than 200 countries, including Canada, the US, and the UK.
Giving people access to sports via their computer or mobile is great. However, the reason DAZN has become a multi-billion-dollar company is the fact it offers a subscription service. This model makes major sports events more accessible to the masses because it negates the need for pay-per-view events. There are some pay-per-views on the platform but, in general, users pay a regular fee to watch thousands of sporting events each year.
From this foundation, DAZN has continued to move with the times by embracing another digital trend in sports: betting. Yes, people have been betting money on sports for centuries. There are reports of betting between spectators at Roman gladiatorial contests. However, in today’s world, sports betting mainly takes place online.
So much betting now takes place online that, according to a study by Vantage Market Research, the digital gambling industry will be worth $129 billion by 2028. With money comes opportunities and, in turn, enough funds to innovate. That’s why DAZN is moving into this market alongside some of the best online sportsbooks for US players, such as BetMGM and Caesars.
Why would a streaming company want to launch a betting app? The connection between sports and betting are obvious, so that’s one reason. However, there’s another, more important, reason: entertainment. Online sports betting platforms like BetMGM and Caesars offer more than odds. BetMGM, for example, has a live-streaming service. Users who bet on selected events can activate a free stream so they can watch the action in real-time via their computer or mobile.
Live updates are useful to customers who make in-play bets but, more importantly, streams make an app more entertaining. When betting apps are more entertaining, they’re more appealing to mainstream consumers. DAZN already had streaming sorted, so it was just a case of creating a sportsbook and it too would have an all-around entertainment hub live BetMGM et al.
Betting Apps Prove that Sport is Entertainment
This push to make modern betting apps entertainment hubs is why companies like DAZN are entering the market. More significantly, it’s how demographics are being merged and why sport is becoming even more ingrained in society. People who enjoy watching sports now can do that while making bets. Conversely, people who enjoy betting on sports can now pass the time by watching live events.
There’s a synergy between the two activities that merge demographics. Moreover, it supports the notion that sport is more than a competitive pursuit. Tech innovations have made it a form of entertainment and an indispensable one at that. The lines have been blurred and that means the sport can cross more borders. When people say that sport is life, they really mean it. The synergy between sports, betting, and entertainment is a great example of this. It’s also why companies such as DAZN are constantly striving to strengthen these bonds.
