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The Global Horse and Sports Betting Market size is estimated to grow by USD 171.87 million accelerating at a CAGR of 9.64% between 2023 and 2027.
Our report offers in-depth analysis of market drivers, trends, opportunities, and challenges, with segmentation by Platform (offline betting and online betting), Type (fixed odds wagering, exchange betting, live betting, esports betting, and others), and Geography (Europe, APAC, North America, South America, and Middle East and Africa). Additionally, Technavio provides valuable insights through value chain analysis, parent market analysis, Porter’s Five analysis, vendor analysis, and COVID-19 impact data. The report also includes a thorough analysis of historical market data from 2017 to 2022.
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The increasing digital connectivity is a key driver boosting the market growth. Global Internet usage, reaching 60% of the population in 2020, is driving a digital revolution. This transformation is reshaping sectors like horse racing and sports betting, with a shift towards online platforms. Increased Internet access and smartphone use enable convenient engagement in betting activities. Companies like 888 Holdings invest in technology to enhance services, contributing to the growth of the global horse and sports betting market during the forecast period.
The increasing adoption of artificial intelligence (AI) and machine learning is a key horse and sports betting market trend. Betting industry vendors are increasingly adopting advanced technologies such as AI, machine learning, and virtual reality to attract customers and expand their businesses globally. Machine learning and AI algorithms play a key role in providing accurate predictive analysis for sports betting, considering real-time data like weather conditions, player performance, and fan sentiment. This data, aggregated from various sources, helps bookmakers and bettors formulate effective strategies, resulting in significant revenues. The global horse and sports betting market's growth is further propelled by the integration of AI tools into sports betting solutions, enhancing customer relationships and setting odds.
The stringent government regulations is a key challenge hindering the horse and sports betting market growth. Global horse and sports betting face varied regulations. The UAE deems illegal online activities, including gambling, punishable under Federal Legal Decree No. 5. In Canada, the Criminal Code restricts betting, permitting only authorized forms like pari-mutuel for charitable causes. Asia-Pacific (APAC) countries, like Japan, have limited regulated online sports betting, and Hong Kong allows betting solely through the government-authorized Hong Kong Jockey Club.
The Middle East considers sports betting and online gambling illegal. European nations, such as Spain and France, have diverse regulations, with government-owned entities obtaining licenses. However, high taxes, employment restrictions, and player limitations pose challenges, potentially hindering global market growth.
The market share growth by the offline betting segment will be significant during the forecast period. In countries such as the US, where casinos are widely prevalent and licenses are given by individual states, it is challenging for new vendors to penetrate the market and operate through the online channel. This is a key driver for the growth of the offline market segment during the forecast period.
Horse and Sports Betting Market
By Platform
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The offline betting segment was valued at USD 190.76 million in 2017 and continued to grow until 2021. Offline betting is especially popular among people who are not comfortable with online platforms. Lack of technology adoption, the prevalence of government regulations that allow sports betting only through offline channels, and privacy issues related to online betting platforms have increased the adoption of offline betting for horse racing and other sports activities. Local bookies allow customers to bet on sports on credit through betting shops or betting agencies, which provides flexibility and convenience to customers to pay later. Such factors wil increase segment growth during the forecast period.
APAC is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Horse and Sports Betting Market
By APAC
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In most European countries, the popularity of offline and online sports betting has grown over time. Online sports are becoming more popular among Europeans due to easy access to online betting sites. Sports betting has grown significantly in European countries due to increased internet connectivity and increased use of smartphones. The average percentage of Internet users in Europe is typically 50-60%. This has increased the acceptance of online gambling among people in European countries during the forecast period.
The COVID-19 outbreak in 2020 negatively impacted the European horse and sports betting market. However, the lockdown restrictions were lifted due to the initiation of large-scale vaccination drives across the region in Q1 2021, which led to the resumption of several activities, including travel and sports. Moreover, the rise in disposable income of people in Europe has led to a rise in demand for betting, which is expected to drive the growth of the regional horse and sports betting market during the forecast period.
The market research 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 report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
The horse and sports betting market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Horse And Sports Betting Market Scope |
|
Report Coverage |
Details |
Page number |
170 |
Base year |
2022 |
Historic period |
2018 - 2022 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.64% |
Market growth 2023-2027 |
USD 171.87 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
9.12 |
Regional analysis |
Europe, APAC, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 41% |
Key countries |
US, China, UK, Italy, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
888 Holdings Plc, Abudantia BV, Bet365 Group Ltd., BetOnline, Betsson AB, Caesars Entertainment Inc., Chancier BV, Churchill Downs Inc., DraftKings Inc., Entain Plc, Flutter Entertainment Plc, Kindred Group Plc, MGM Resorts International, Parimatch, PENN Entertainment Inc., Sportech Plc, SportsBetting.ag, The Betway Group, The Hong Kong Jockey Club, and Webis Holdings Plc |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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 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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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