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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. It is a multi-billion dollar global industry, with millions of people participating worldwide. Popular sports for betting include football (soccer), basketball, tennis, horse racing, and cricket. In today's market, consumers can seamlessly participate in betting activities and effortlessly connect with sportsbooks, thanks to widespread Internet accessibility and the plethora of mobile apps and online platforms available.
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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.
The global sports betting market is a dynamic marketplace within the broader online gambling industry. Sports betting markets and sportsbook markets are key segments driving growth in this sector. Betting sites play a crucial role in catering to the diverse preferences of sports bettors. Effective sports betting marketing strategies are essential for operators to compete in this highly competitive market. To monitor betting trends is vital to staying ahead of the curve and capturing a larger share of the global market. With the global online gambling market witnessing steady growth, stakeholders must continuously adapt to changing dynamics to maintain and expand their global market share in the sports betting arena.
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.
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.
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.
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.
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.
The betting industry 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 global sports betting marketplace is experiencing remarkable growth, driven by advancements in digital infrastructure and increasing adoption of connected devices. With the rise of online sports betting markets and eSports, betting operators are leveraging betting software to cater to customers worldwide. Smartphones and mobile devices play a pivotal role, providing convenient access to online platforms like Uplatform and Indian gambling sites such as Pure Win. This surge in online betting revenue is influenced by technological developments and digitalization trends, supported by favorable regulatory landscapes in many states and governments. Fixed odds wagering and eSports betting are among the popular betting types, covering diverse sports like football, horse-racing, basketball, and baseball across various sports leagues. Amid extensive digitalization, the landscape has undergone a fundamental transformation, with the global market gravitating toward online or virtual platforms and applications. This shift has empowered modern consumers to seamlessly engage in sport betting and connect with sportsbooks market, thanks to ubiquitous Internet access and the proliferation of mobile apps and online platforms.
Technology and Innovation in this space drive the evolution of the global gambling sector. This industry leverages connected devices and digital infrastructure to provide a seamless experience on mobile devices. As part of digitalization trends, technological developments in software enable operators to offer diverse options. The widespread proliferation of smartphones and advancements in internet infrastructure have fueled the growth of online channels like betting sites, reshaping lifestyle choices and engaging a broader global population. This expansion is supported by financial growth, improving the standard of living, and increasing disposable income. Players in this market rely on competitive benchmarking and insights from historical data and company revenue shares to seize regional opportunities and adapt to the latest trends.
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.
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 |
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