Global Sports Betting Market was valued at USD 74.2 Billion in 2021 and is projected to reach USD 129.3 Billion by 2028, registering a CAGR of 9.7% during the forecast period 2022-2028. In addition to information on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, market reports curated by Vantage Market Research also include expert in-depth analysis, production and capacity geographically represented by the company. , distributor and partner network arrangements, detailed and up-to-date price trend analysis and supply chain and demand gap analysis.
Vantage Market research has recently published an extensive study titled Global Sports Betting Market which guarantees that you will stay better informed than your competitors. This study provides a broader perspective of the market with its comprehensive market information and analysis that facilitates survival and success in the market. This Sports Betting report has been produced resulting in significant growth, as well as robust durability in the market for the businesses. This is due to the inclusion of accurate facts and information from market research. This study analyzes and discusses a variety of topics, including significant industry trends, market size estimates, and market share. This ratio provides an advantage that not only competes but excels over rivals. It categorizes the global sports betting market size in terms of value and volume according to different types of manufacturers, applications and regions. The outlook for the sports betting market and the sports betting industry as a whole looks quite positive over the projection period.
Sports betting market dynamics:
Increase technological advancement and innovation to drive market growth
Growing technological advancements and innovation in online sports games are expected to increase the growth of the sports betting market over the forecast period. Digital platforms allow players to place bets from anywhere in the world, saving time and travel costs. Along with this, the ease of digital operations makes it an important driver for the sports betting market. Moreover, the rapid penetration of internet-based devices such as tablets, laptops and smartphones facilitates contact with end users by involving them through online betting activities with the most negligible influence on the daily activities. Hence, smartphones are expected to play a vital role in the acceptance of the sports betting market among end users over the forecast period. In addition, increasing smartphone penetration and high adoption of instant messaging services and video streaming are increasing the growth of the online sports betting market via mobile devices. These factors can influence the user experience in developing enhanced mobile applications. Additionally, the benefits associated with 5G networks are expected to improve the adoption of smartphone betting in the coming years, driving the growth of the global sports betting market.
Rapid development of electronic systems to drive market growth
The development of electronic systems to facilitate gaming competition, such as a variety of video games, is contributing to the growth of the esports industry. This should fuel the market where bets are placed on the provisional winner. In recent years, the esports industry has seen rapid growth in viewership and revenue. The increase in the number of viewers contributed significantly to the revenue growth. For example, in 2016 there was a significant increase in the number of casual and avid viewers of eSports, including viewers who watch it regularly. Also, the growing awareness of esports is expected to boost the growth of the industry shortly. The rise of live eSports coverage platforms, such as Twitch and YouTube, is increasing global viewership and driving business growth. Additionally, the number of people watching TV with live streams has steadily increased. Esports marketing would help expand the sports betting market and spread marketing messages through various channels. During the forecast period, the previously mentioned factors are expected to drive the growth of the market.
List of Prominent Players in the Sports Betting Market:
- 888 Holdings PLC
- Betsson AB
- Churchill Downs Inc.
- Entain PLS
- Flutter Entertainment PLC
- Kindred Group PLC
- Sportech PLC
- William Hill PLC
Global sports betting market segmentation:
- Type of bet
- Fixed odds betting
- Exchange bet
- Live/In-Play Betting
- Bet Mutual
- eSports betting
- Other types
- type of sport
- Horses race
- Other sports
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The Sports Betting Market Highlights Report:
- Market assessment
- Premium Previews
- Competitive landscape
- COVID impact analysis
- Historical data, estimates and forecasts
- Company Profiles
- Global and regional dynamics
Europe held the largest share of around 50% of the global sports betting market in 2021. Popular sports in Europe such as football, motor racing, rugby and tennis have a large base of loyal fans who participate actively in sports betting. Additionally, the implementation of strict betting rules and regulations has significantly reduced fraud in the region, which has had a positive impact on the growth of the sports betting industry in Europe.
Asia-Pacific dominated the global sports betting market in 2021 and is expected to continue the same trend during the forecast period. This is due to a large proportion of young people participating in various regional sports. Additionally, rising internet and smartphone penetration coupled with increasing disposable income of the middle-class population is also expected to support the regional growth of the market.
Browse Market Data Tables & Figures spread over 149 pages and detailed TOC of Sports Betting Market Forecast Report (2022-2028).
April 2022: Fanduel has extended its partnership to become Official Sports Betting Partner of the New York Yankees. Through this partnership, FanDuel will be permitted to use the New York Yankees trademarks. It will also have premium VIP hospitality accommodations at Yankee Stadium.
January 2022: Flutter Entertainment PLC has announced its acquisition of leading Italian online gaming brand Sisal for €1.913 billion (£1.62 billion) from CVC Capital Partners. Sisal will likely be part of the Flutter International division, led by the PokerStars brand and backed by Betfair International and recent acquisitions Adjarabet and Junglee Games.