Sports Betting Market Analysis APAC,Europe,North America,South America,Middle East and Africa - US,China,Australia,Germany,Italy - Size and Forecast 2023-2027

Sports Betting Market Forecast 2023-2027 

The global sports betting market is projected to grow by USD 139.26 billion, exhibiting a positive CAGR of 10.09% between 2022 and 2027. The market stands as a multi-billion dollar industry, engaging millions of participants globally. With widespread Internet accessibility and the abundance of mobile apps and online platforms, consumers seamlessly participate in betting activities and connect with sportsbooks. Football (soccer), basketball, tennis, horse racing, and cricket emerge as popular choices for betting, reflecting the diverse interests of enthusiasts worldwide. This market's robust growth underscores the increasing integration of technology and convenience in sports betting experiences, catering to a wide range of avid bettors. This market research and growth report also includes key market drivers, trends, and challenges during the forecasted period. 

What will be the size of the Sports Betting Market During the Forecast Period?

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The market is propelled by the widespread adoption of mobile devices and the robust online platform infrastructure, enabling seamless online betting experiences. Online Gambling Research and monitoring betting trends provide valuable insights into consumer behavior and preferences, shaping the evolution of the sportsbook market. With sports like NFL, Tennis, and others capturing the interest of enthusiasts, the market thrives on diverse sports types and virtual reality integration, offering immersive betting experiences. The increasing prevalence of smartphone users and advancements in digital infrastructure underscore the market's growth potential, fueled by wireless connectivity and Uplatform innovations.

Market Segmentation

In the type segment of the market, baseball and cricket are prominent sports 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 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.

By Type

The basketball segment is estimated to witness significant growth during the forecast period. Basketball betting is the process of making predictions about the outcome of basketball games. This can be done in many ways, including straight-up bets, point spreads, and over/under bets through online and offline channels. There are various other types of games, such as games on popular teams, bids on underdogs, and bids booked on basketball totals. 

By Type

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The basketball segment was the largest and was valued at USD 50.17 billion in 2017. The rising number of events by sports events by the National Basketball Association (NBA) and others is driving the growth of the basketball segment. This is mainly done through online channels as it provides huge discounts and bonuses. Also, the availability of several sites such as DraftKings, FanDuel, PointsBet, BetRivers, BetMGM, Caesars, Bet365, Unibet, and WynnBET in legalized sports gambling is driving the demand for the game. Thus, owing to an increase in the demand for this is expected to propel the industry development.

Market Dynamics

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.

Market Drivers

The digital revolution is a key factor driving the betting industry's 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 betting and 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.

Market Trends

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 sports betting 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.

Market Challenges

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.

Market Customer Landscape

The 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 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

Regional Analysis

APAC is estimated to contribute 42% 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.

By APAC

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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 of betting 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.

States like California are at the forefront of potential growth, contemplating the integration of sportsbooks within stadiums to enhance the overall experience for fans during live games. On the other hand, gambling is banned in Singapore. In developed countries such as Japan, online gambling is not allowed, and gambling is strongly restricted and controlled. However, online access to foreign sites is available. Horse racing and lotteries are the only fully legal gambling activities. Furthermore, in countries such as India, while betting is still not legal, the growing penetration of fantasy sports platforms such as Dream 11 is estimated to be a key driving factor for the industry in focus. 

Key Players

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 report also includes detailed analyses of the competitive landscape of the industry and information about 15 market companies, including:

• 888 Holdings Plc
• Bet365 Group Ltd.
• Betsson AB
• Bettilt
• 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

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.

Market Analyst Overview

The market experiences dynamic growth, driven by the proliferation of cashless transactions and advancements in wireless connectivity. With the rise of online platforms and increasing smartphone users, sports enthusiasts have unparalleled access to a wide array of betting options across various sports types. Leading firms in the industry capitalize on innovative technologies and data insights, leveraging device innovations to enhance the user experience. Notably, online gambling research conducted by entities like DataReportal provides valuable insights into market trends and consumer behavior. Amidst this landscape, the integration of casino gambling and sportsbook markets, along with strategic partnerships with organizations like the NFL, further propels the growth of the market.

The market is witnessing rapid growth fueled by digitalization trends and the increasing popularity of online platforms. With the advent of digital sports betting and the proliferation of mobile devices, enthusiasts can now engage in wagering conveniently through secure transaction methods and innovative betting software. From traditional sports types to emerging athletic events and eSports, the market caters to diverse interests, including European Championships and the FIFA World Cup. Furthermore, advancements in digital infrastructure, such as 5G networks and instant messaging services, facilitate seamless betting experiences. As the industry expands, collaborations with football clubs and tournaments like the FA Cup signal a promising future for the fastest-growing market of online sports betting.

The market continues to evolve, with the online platform serving as the cornerstone of the industry's growth. These platforms offer a diverse array of betting options across various sports type, catering to the preferences of enthusiasts worldwide. With the expansion of the sportsbook market and the emergence of innovative technologies like Uplatform, bettors have access to enhanced features and functionalities, ensuring seamless and engaging experiences.

Segment Overview

The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest market trends and analysis and growth opportunities from 2018 to 2028. 

• Type Outlook 
  • Basketball
  • Horse riding
  • Football
  • Other 

• Platform Outlook 
  • Online
  • Offline
• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa
  • APAC
    • Chile
    • Brazil
    • Argentina

Sports Betting Market Scope
Report Coverage	Details
Page number	168
Base year	2022
Historic period	2018 - 2022
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 10.09%
Market growth 2023-2027	USD 139.26 billion
Market structure	Fragmented
YoY growth 2022-2023(%)	9.76
Regional analysis	APAC, Europe, North America, South America, and Middle East and Africa
Performing market contribution	APAC at 42%
Key countries	US, China, Australia, Germany, and Italy
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	888 Holdings Plc, Bet365 Group Ltd., BetOnline, Betsson AB, Bettilt, 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
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.

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What are the Key Data Covered in the Market Research and Growth Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting between 2023 and 2027
• What is the current size of the market?
• Growth of the market industry across APAC, Europe, North America, South America, and Middle East and Africa
• Accurate predictions about upcoming market growth and trends and changes in consumer behaviour
• Thorough market growth analysis of the market’s competitive landscape and detailed information about companies
• Market analysis and report of factors that will challenge the growth of market companies

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