This was supposed to be the year that women’s sports took center stage. The forecasted revenue for 2021 is greater than $1 billion. In 2018, 84 percent of sports fans throughout the world stated they were interested in women’s sports, and watching statistics in women’s soccer, cricket, basketball, and tennis had been smashing records. Attendance at live events, television coverage, and rights revenues were all on the rise, while new platforms like Twitch and Twitter joined on as broadcast partners. Even a campaign towards awarding equal pay to both men and women in sporting events is underway – albeit on a low note.
Top betting sites have included women sporting events in their platforms, most notably; Vwin betting, a reputable Vietnamese bookmaker offering plenty of betting markets on multiple sporting disciplines.
Angela Ruggiero, a former member of the International Olympic Committee executive board and co-founder of the Sports Innovation Lab, advises investors to bet on women’s leagues, with post-pandemic enthusiasm providing fresh prospects.
While major men’s leagues have steered away from industry advances because of their conventional income streams, newcomers have embraced technology and everything else that might help them acquire a foothold in a fast changing environment.
“I liken women’s sports to startups; they’re here but their growth is exponential,” said Ruggiero, who was speaking during Foley Sports and Entertainment Group’s “The Comeback; Sports in a Worldwide Pandemic” seminar on Wednesday.
“The market has finally caught up, society in some ways is demanding it and technology is enabling it so I am super bullish on women’s sports.
“Everyone is trying to figure it out (the women’s sport market) but everyone can feel the timing is right upon us.”
Women’s sport has been making gradual but steady progress with demands for improved pay and working conditions, while men’s professional leagues dominate the landscape with multi-billion dollar rights agreements and sponsorships.
Increased interest has aided this drive, as seen by the National Women’s Soccer League (NWSL), which attracted a record-breaking number of viewers after being the first league in North America to reopen following the COVID-19 hiatus.
Part of that development, according to Ruggiero, is due to women’s leagues’ willingness to adopt new technologies and ideas in order to engage an ever-changing fan base.
“The new age consumer is demanding a new way to engage with sports. Men’s sport is trying to innovate in some way around the edges.” Said Ruggiero.
“Women’s (sport) has a clean slate.”
Other forms of entertainment, such as Streaming services like Netflix, video games and other forms of entertainment pose a threat to both men’s and women’s sports, according to Ruggiero.
Fans discovered new distractions and communities during the epidemic, when many sports were shut down or functioned in bubbles.
“These fans are different, we are operating in completely new ways,” said Ruggiero, a four-time Olympic ice hockey medalist who won a gold, two silvers, and a bronze for U.S.
“You think about how many people during the pandemic watched Netflix or turned to Fortnite or another form of entertainment and not sports. It is a little scary.
“These new consumers want more, expect more, they want more personalization and they are getting that with other forms of entertainment.
“We are losing that game to other forms of entertainment. Community is everything and before we were the only game in town and now we are not.”