Although sports betting may be defined in different ways, the present study defines sports betting as placing a monetary wager on the outcome of one or multiple sporting events, occurrence/non-occurrence of an event within a sporting event, or betting on sports in a week-long or season-long competition. Prior to the COVID-19 pandemic, the sports-betting industry in the regions of Asia, the Middle East, and South America had grown at above-average rates ( Ibisworld, 2020), while in 2021 weekly sports betting in the United States doubled ( Morning Consult, 2022). In total, there are over 30,000 sports-betting-related businesses globally ( Ibisworld, 2020). Sports betting is a rapidly growing industry that obtained a worldwide market size of over 200 billion United States (US) dollars in 2019 ( Ibisworld, 2020).
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