Bookmaking has been attached to sports for centuries, but something exciting is rising from the sports betting horizon. All the evidence in front of you and me could indicate that it will be the next hottest thing among bettors. Women’s sports have developed over the past decades. And the business could not resist the entertainment and ad revenue of this aspect of the game. But is it the next big bet? Let’s explore it together.
Why are Women’s Sports Receiving the Spotlight?
Shifting Social Ideologies and Unexplored Opportunities:
Women’s involvement in certain professions that men previously dominated has increased over the years, reflecting a shift in cultural ideologies. These shifts are often powered by government policies, advocacy from concerned groups and rising interests among women. This has engineered gender equity in sports.
It is logical to employ the blue ocean strategy where an untapped market presents itself. After all, betting on women’s sports is a growing market that has yet to be extensively explored. However, the increasing popularity of tournaments like the Women’s World Cup, women’s football leagues, and the WNBA, among others, has continued to woo investors into this untapped industry.
Why are Betting Companies Getting Interested?
One of the reasons why betting houses are getting involved with women’s sports (besides a growing fanbase) is the opportunity women’s sports offer to bettors seeking unique gaming experiences. The rules of the game may be the same, but the dynamics behind results and how teams or players play often differ between men’s and women’s games. The chance to experience the new thrill is a key reason that more punters are trying out women’s sports betting. Marketing is also an important tool. This is why betting companies are leveraging the popularity of female players and teams to expand their brand awareness and patronage by providing betting sections for women’s sports.
The industry is now naturally expected to grow even bigger. Because bettors are after unique and new experiences, the fanbase for women’s sports is increasing, and betting platforms are creating more avenues. Despite these positives, some hurdles hinder women’s sports from becoming the next big bet.
What are the Challenges for Women’s Sports Betting?
The Pay-Gap Disparity:
Equal funding for male and female sports has roused heated debates. Build it and they will come has been the argument for women’s sports advocates over the years, but it is not that simple when it comes to business. In some demographics, certain women’s sports do not generate enough funds to keep teams in operation and to pay wages. The available options for management in those jurisdictions are to keep investing funds in the female team, hoping it would become profitable, or divert attention to male sports or teams already thriving in markets.
In the United States, stakeholders are now bridging the funding gap (but it is still a slow process across the board). The US Open pays both male and female athletes equal amounts. With increased funding for player incentives and facilities, the quality of female games is expected to improve, hopefully leading to increased followership.
Inadequate Media Coverage
Although media coverage of women’s sports has grown, there is still more ground to cover. The 2022 FIFA Women’s World Cup saw global viewership reach a record high of 2 billion views due to the tournament’s widespread broadcast. However, local soccer leagues have not had consistent media coverage, which affects sponsorships and the bets women’s teams receive.
Inadequate Structural Amenities
On many sports betting platforms, the National Football League (NFL) has so many options for punters to bet on, while the women’s equivalent has just a few. Betting on the NFL is considered by many as one of the factors that adds excitement and intrigue to America’s favorite sport. Also, lower division games in the male categories are available for bookmaking, while they are nonexistent for female counterparts. This can be attributed to the lack of grassroots sports facilities and tournaments tailored for women’s sports. While these challenges persist (for now), technology can help turn things around and support women’s sports in becoming the next big bet. After all, money seems to be the key factor in leveling the playing field in this sense.
What is the Role of Technology in All These?
In recent years, digital accessibility has increased women’s participation in sports betting and pushed for inclusivity for women’s sports in the betting industry. With the likes of WNBA’s Caitlin Clark winning the TIME Magazine’s Athlete Of The Year and seeing her playing moments broadcasted across social media platforms via viral reels and TikTok, technology is aiding the popularity of women’s sport and a possibility for more betting events.
Also, female participation in sports betting has risen significantly over the years. Global Wireless Solutions reports that FanDuel saw about 1.7 million female users join its platform in 2021. For DraftKings, there were about 900,000 female users. In general, the growth of new female users of sports betting apps is two times that of men. Even though male users are over 200% more than females, the growth of female users was about 63%. This growth is due to the digitalization of sports betting. With being only an app away from wagering on sporting teams compared to brick-and-mortar betting houses, more women are getting involved in sports betting. This will encourage betting platforms to create more wagering events for women’s sports.
Women’s sports are gaining a lot of traction, participation, and funding. These have, in turn, repositioned the perspective of sports betting platforms to focus on women’s sports. And why wouldn’t they? Punters and fans desire unique experiences that women’s sports offer, and with an ever-growing fanbase, it can only get better and more widespread. With challenges like inadequate funding, media coverage, and lackluster grassroots support for women’s sports, betting may have some drawbacks. Still, it’s only a matter of time (and money) before the industry works its way around.
Check out Beyond Women’s Sports for more sporting news.
