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The global sports betting market size is projected to grow by USD 189.3 billion at a CAGR of 12.02% between 2023 and 2028. Market demand is driven by widespread internet accessibility and mobile apps. Popular betting choices include football (soccer), basketball, tennis, horse racing, cricket, and other sports events. This growth highlights the increasing integration of technology and convenience in sports betting experiences.
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In the type segment of the market, baseball and cricket are prominent sports type for enthusiasts to engage in betting activities. Betting sites and casino gambling platforms facilitate convenient wagering, enabling cashless transactions for enhanced security and ease of use. DataReportal, along with leading firms, monitor betting trends, providing valuable insights into betting behaviors with the help of sports analytics. With the convenience of cashless transactions and the availability of devices, such as smartphones, betting enthusiasts can easily access betting sites and participate in wagering activities. This seamless experience contributes to the industry's growth and attracts a diverse range of bettors. This market research and growth report also includes key market drivers, trends, and challenges during the forecast period.
The online segment is estimated to witness significant growth during the forecast period. The online segment continues to experience significant growth and is shaped by two key factors, namely, technological advancement in online betting and favorable regulatory changes related to gambling. The growth of the online segment is driven by several key factors, such as the following: The expansion of the overall betting market due to continuous product development and innovation in online channels
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The online segment was the largest and was valued at USD 93.00 billion in 2018. The growing penetration of the Internet and smartphones has increased the availability of mobile platforms. Structural migration of customers from retail to online in many emerging markets. Continuous improvement in the quality of platforms available, with betting applications providing a convenient user experience to customersWith extensive digitalization and rising smartphone penetration, regions such as APAC and MEA are estimated to offer a huge scope of growth for the online segment. In mature markets such as the US and the UK, there is a considerable growth opportunity owing to the shift toward the online segment.
The market thrives on convenience and digital infrastructure, fueled by innovations in online platforms and mobile devices. With cashless transactions and wireless connectivity, betting sites offer ease of access for smartphone users worldwide. From baseball to tennis and NFL, sports enthusiasts engage in online sports betting through leading firms and sportsbooks. Virtual Reality enhances the immersive experience, while data from sources like DataReportal drives online gambling research. Casino gambling integrates seamlessly into the sports betting arena, creating a dynamic ecosystem. Uplatforms cater to diverse sports types, ensuring a vibrant and competitive landscape in the online betting industry.
The digital revolution is a key factor driving the market growth. In 2021, the global Internet penetration rate was over 63%, with APAC being the leader in terms of the volume of Internet users. With the recent global digital revolution, cloud platforms are being preferred for storing data, and there has been a burgeoning increase in online transactions and payments among commercial as well as retail users. Also, there has been a significant increase in the consumption of digital content in the last five years, with the growing Internet speed.
With extensive digitalization, the landscape has fundamentally changed, and the global market has shifted toward online or virtual applications and platforms. Modern consumers can easily engage in conveniently connect with sportsbooks due to easy access to the Internet and the availability of various mobile apps and online platforms. Also, online and virtual platforms are equipped with advanced statistics and innovative graphics that attract end-users. Therefore, the digital revolution is expected to increase its popularity and eventually drive the global market during the forecast period.
A prominent trend in the worldwide market is the growing influence of technologies like blockchain, virtual reality, and AI, particularly machine learning. The market is anticipated to expand due to heightened consumer demand driven by technological advancements. Key market players are directing substantial investments toward machine learning tools, yielding promising predictive results. It is imperative to monitor betting trends. The esports industry has seen a rise in popularity alongside traditional sports like baseball, particularly during the pandemic. This surge influenced the sports gambling and betting market significantly. Online betting platforms witnessed an increase in betting revenue, fueled by effective marketing strategies. Sports wagering, encompassing various forms such as spread betting, contributed to the growth of the market.
Machine learning facilitates the creation of accurate predictive models, enhancing betting efficiency by analyzing real-time data from diverse sources such as player performance, weather, and fan sentiment. This trend is expected to continue, leading to a shift towards automated tools dominating the market, driven by cutting-edge technologies and massive data volumes. The evolution of the market underscores the importance for consumers to adopt effective strategies and leverage accurate predictions, with machine learning algorithms playing a pivotal role in enhancing efficiency for sports bettors.
Scandals and illegal practices in betting are key factors hindering the growth of the industry. The recent legalization in the US has led to a focus on preventing corruption. Match-fixing scandals have arisen, leading to efforts to identify and prevent fraud. Sportradar's Universal Fraud Detection System (UFDS) helps monitor sports integrity, with football being the most susceptible.
The illegal gambling market also poses a challenge to the global industry. Security and credibility issues online including a lack of dispute resolution frameworks, transparency, and responsible gaming standards, further hinder market growth. Cybersecurity vulnerabilities in online platforms are also a concern, making security and credibility key issues for the online market's future.
The sports betting market research and growth report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the sports betting market forecast report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
APAC is estimated to contribute 35% to the growth of the global industry during the projection period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast years.
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In emerging countries of APAC, betting is done on various sports, including cricket, horse racing, and soccer. The regulations differ from country to country. For instance, there are many forms in China, including sports gambling, lottery, and casino games. Chinese Sports Lottery has a monopoly on all of Mainland China, and all non-approved sites are forbidden. Hong Kong permits certain forms of gambling, such as horse racing and soccer matches, as well as lotteries, but they are allowed only if managed by the government-sponsored Hong Kong Jockey Club (HKJC).
Within the United States, various operators facilitate wagering activities across different leagues, capitalizing on the growing trends within the gambling industry. These trends have undergone significant changes, especially in the context of the experience offered to bettors, advancements in smartphones, and the widening scope of sportsbook operations. Latin America stands as a potential hotspot for the gambling industry, witnessing an increasing number of wagers placed on various odds and sportsbook activities. States like Texas, Florida, Ohio, Tennessee, and others are implementing legislation to address the growing interest in industry. The potential for further expansion in these industries holds promise, given the inclination of the population towards sports and wagering.
Companies are implementing various strategies, such as strategic alliances, market forecasting, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
BetOnline - The key offerings of the company include activities in which various sports matches are being played online by placing wagers on risk-based for the chance of winning money.
This sports betting market trends and analysis report also includes detailed analyses of the competitive landscape of the industry and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The Sports Betting market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The market is experiencing a profound transformation with the advent of digitalization trends and the rise of online platform like Pure Win and Uplatform. With the popularity of digital sports betting and eSports betting on the rise, the industry witnesses significant expansions and European Championships. As sportsbook market diversifies to include athletic events such as the FIFA World Cup and EFL, fixed odds wagering becomes prevalent. The proliferation of smartphone apps and 5G networks further amplifies remote sports betting opportunities, catering to lifestyle changes and increased smartphone use. Secure transaction methods ensure reliability, while video streaming and instant messaging services facilitate real-time engagement. Amidst this landscape, betting software and sports betting operators harness connected device and Internet infrastructure to provide immersive experiences for enthusiasts worldwide.
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Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 12.02% |
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Market Growth 2024-2028 |
USD 189.3 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
10.41 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 35% |
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Key countries |
China, US, Germany, Australia, and Italy |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
888 Holdings Plc, Bet365 Group Ltd., BetOnline, Betsson AB, Abudantia BV, Caesars Entertainment Inc., Chancier BV, Churchill Downs Inc., DraftKings Inc., Entain Plc, Flutter Entertainment Plc, Kindred Group Plc, LeoVegas AB, Parimatch, Penn Entertainment Inc., Sportech Plc, SportsBetting.ag, The Betway Group, The Hong Kong Jockey Club, and Webis Holdings Plc |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this Sports Betting market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Platform
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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