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Introduction
With the rules on crowd control taking effect, sports broadcasters had to figure out how to continue bringing in revenue. In the United States, the ban on sports activities erased at least $12 billion in revenue, and hundreds of thousands of jobs. The casino industry lost an even higher $21 billion in economic losses due to the closure of brick and mortar casinos.
These eventualities coupled with a wider adoption of technology has fuelled unique sports trends benefitting the sports industry immensely. Online casinos have experienced a huge growth spurt which has seen its online market size valued at USD 57.54 billion with an expected compound annual growth rate (CAGR) of 11.7% from 2022 to 2030. The competition associated with this kind of growth has seen many Free Spins Casinos in the online gambling market.
Trends to watch out for in 2022
The post-COVID era has seen sports organisations highlight the need for diversified revenue streams as well as deeper fan engagement to create loyal customers. These strategies have created power shifts in the sports industry, and greater business opportunities at all levels of the value chain. Let’s have a closer look at each of these emerging trends:
- Smart Stadiums
Smart stadiums, also known as the ‘connected arena’ are considered so because of the IoT infrastructure that has been placed at strategic points to collect data, analyse, and act upon it. The features present at a smart stadium include smart navigation in the parking lot, ultrasonic internet speeds that fans can use to access real time data and instant replays.
Food vendors are using this technology to bring orders directly to your seat, allowing the spectators the convenience of not having to weave through crowds of emotionally-charged fans. The stadium’s management can also use the data collected using this technology to generate energy-saving algorithms, and areas of the arena that need maintenance or cleaning. One of the most advanced smart stadiums is the NACK5 Stadium Omiya in Saitama, Japan.
- Fan Interactions
Advances in technology have allowed sports organisers to put the fans at the centre of attention. They now have access to their favourite teams and players through social media. This two-way interaction not only provides the fans with real time information about their favourite teams, but players and sports organisations can also answer fans’ questions consequently fostering brand loyalty and a sense of belonging.
- Sustainability
Sustainability in sports looks at reducing its carbon footprint on the environment. Aspects like architectural designs of sports centres not only contribute towards the battle against climate change but also reduce the running costs of the facilities. NBA Green is an example of a franchise-led effort to the development of environmentally-friendly practices.
Professional athletes and Olympians have shone a light on mental health, by publicly disclosing their struggles with these issues to fans and teammates. By doing so, the team management bodies have provided professional mental health experts, giving the players constructive ways out of this stigmatised topic. It has been noted that steps in this direction have lengthened the players’ longevity and earning potential.
- Sports Betting
Online sports betting saw record-breaking numbers in the month of October 2021, grossing $24.3 million according to the Michigan Gaming Control Board. Online casino gaming revenues for the same month soared even higher with close to $110 million in revenue. These games became increasingly popular once gaming operators realised the value of setting up free spins casinos. Tax generated for the state of Michigan by online gaming and casinos totalled $20.8 million.
Final words
As regarding modernisation efforts, the onset of COVID-19 might have been the blessing in disguise for the sports world. Major efforts have gone into bringing the stadium experience into people’s homes and as close as in their pockets. According to Statista, 64% of respondents aged between 18 – 27 watched sports content via mobile apps. As sports broadcasters continue in their quest of enhancing viewer experiences, we foresee more life-like off-stadium fan experiences.
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