Sports Betting Market

Market Synopsis:

The Global Sports Betting Market was valued at USD 74.2 Billion in the year 2021 and is forecast to reach a value of USD 129.3 Billion by the year 2028. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 9.50% over the forecast period.

The industry for Sports Betting is growing fast due to urbanization. Sports Betting is a form of gambling in which bets are placed after predicting the outcomes of various sporting events. This category includes a variety of sports, including, among others, football, horse racing, and poker. Both players and sports bettors can develop their skills through the game. One of the critical elements fuelling the expansion of the Sports Betting sector is the expanding internet infrastructure worldwide. The markets growth is accelerated by the rise in sports leagues and events worldwide and the increase in demand for Sports Betting among millennials and baby boomers.

The market is also influenced by the use of instant messaging and video streaming, as well as by changes in the regulatory environment for the entire gambling sector. The growth of distribution channels, the surge in middle-class consumers' spending power, increased product awareness, and innovative strategic marketing initiatives all favor the Sports Betting Market. Additionally, in the projection period, using 5G networks, AI, and blockchain technology expands the lucrative potential for market participants. However, strict rules governing the game are predicted to impede commercial expansion.

The market for Sports Betting is expected to face difficulties throughout the predicted period due to worries about unlawful activity. This report on the Sports Betting Market details recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in the market rules and regs, strategic market growth analysis, market size, category market growths, application spaces and dominance, product approvals, product launches, geographic data, and other market-related information.

Market Segmentation:

The Sports Betting Market is segmented based on segments Platform, Betting Type, Sports Type, and Region. Based on the Platform, the market is sub-segmented as Offline and Online. Furthermore, based on Betting Type, the market is further sub-segmented as Fixed Odds Wagering, Exchange Betting, Live/In-Play Betting, Pari-mutuel, eSports Betting and Other Betting Types. Finally, based on Sports Type, the market is sub-segmented as Football, Basketball, Baseball, Horse Racing, Cricket, Hockey, and Other Sports.

Based on Sports Type:

Based on Sports Type, most money made from other sports comes from the Football sub-segment. The market is currently occupied by Football, and the percentage is projected to rise. Horse Racing, which has the second-largest market share after football, is anticipated to expand at a rapid Compound Annual Growth Rate (CAGR) during the projection period. The Basketball and Baseball sub-segment is also expected to climb by around 10%. It is anticipated that a variety of sports will expand. The growth and yearly events of sports leagues like the NFL, IPL, EFL, and others influence these categories' development.

Based on Platform:

On the basis of the Platform, the Online sub-segment is forecast to grow at a substantial rate, owing to increased smartphone usage, and the popularity of video streaming and instant messaging services. These factors have all contributed to the expansion of online platforms for mobile devices. Therefore, it is anticipated that enhancing current smartphone apps would indirectly affect consumer contact. Furthermore, the adoption of 5G networks is expected to increase the popularity of smartphone-based betting throughout the forecast period, which will expand the Global Sports Betting Market.

Asia Pacific is projected to Grow at the Fastest CAGR during the Forecast Period

The projected period is predicted to have the fastest Compound Annual Growth Rate (CAGR) growth in the Asia Pacific, which has the second-largest revenue share. The market in this area is driven by elements, including the rise in the number of bettors on sports like basketball, football, hockey, and cricket. The regions rise is also fuelled by the legalization of the market in nations like Australia and India and other elements like higher internet penetration and middle-class family income levels. A significant fraction of youthful populations participating in various sports is the main element influencing the markets growth. In addition, people from China and India are known for their propensity toward gambling. These cumulative forces have caused the need to increase shortly.

Competitive Landscape:

The key players in the Global Sports Betting Market include- 888 Holdings PLC, and others.

Segmentation of the Global Sports Betting Market: