Significant Areas of Growth in the Sport Industry

Growth in the Sport Industry
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Growth in the Sport Industry
The sports industry is an extensive sector that involves various stakeholders from different organizations. The sports industry has experienced steady economic growth, and its market has expanded quickly. Three major areas of growth that have contributed to this trend growth are e-sports, health and fitness, and legalizing sports betting.
The sports betting industry has grown rapidly. This growth has necessitated states to consider and legalize sports gambling. Sports betting legalization has changed how fans react, consume, and follow sports events (Cason et al., 2020). This legalization has created new revenue sources for sports organizations, hence the sports industry's growth. The emergence and development of e-sports have captivated a huge audience and productive sponsorships. Due to the social component of live streaming and gaming, e-sports’ investments and revenues boomed. As per Deloitte, the number of investments in e-sports went from 34 in 2017 to 68 in 2018 (Intelligence, 2023). This rapid development has contributed to t...