IMARC Group’s latest report, titled “Sports Betting Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global sports betting market reached US$ 2.6 Billion in 2021. Sports betting refers to gambling that entails placing a wager on the result of a sporting event. It relies on bookmakers that operate online as well as land-based establishments, such as casinos or betting shops. It allows wagers to bet on various sports, such as rugby, baseball, tennis, hockey, track cycling, basketball, boxing, auto racing, football, and cricket. It has two possible outcomes, such as winning a profit based on the bookmaker odds or losing the bet. It is highly affordable that comprises research on various teams and delivers plenty of entertainment value. It also offers excitement while watching a live game and provides opportunities to win additional money.
Global Sports Betting Market Trends:
At present, the growing demand for media coverage of sporting events across the globe represents one of the primary factors driving the market. Besides this, the live broadcasting of various sports through local and cable television stations, satellite services, and the internet is offering lucrative growth opportunities to industry investors. In addition, major companies are investing in research and development (R&D) activities to simplify their platforms and provide an enhanced customer experience. Moreover, the growing digital infrastructure, along with the increasing demand for wireless connectivity, such as wireless local area networks (WLANs), and cell phone, wireless sensor, satellite communication, and terrestrial microwave networks, is positively influencing the market. Additionally, there is a rise in the number of individuals engaging in sports betting to seek extra income with entertainment around the world. This, coupled with technological advancements in sports betting, such as the 5G network, artificial intelligence (AI), and blockchain technologies, is strengthening the growth of the market. Apart from this, governing agencies of several countries are taking initiatives to legalize sports betting activities, which is offering a favorable market outlook. Looking forward, IMARC Group expects the market value to reach US$ 3.6 Billion by 2027, expanding at a CAGR of 10.47% during 2022-2027.
- Based on the platform type, the market has been classified into offline and online platforms. Presently, online platforms hold the largest market share.
- On the basis of the betting type, the market has been bifurcated into fixed odds wagering, exchange betting, live/in play betting, pari-mutuel, eSports betting, and others. At present, fixed odds wagering is dominating the market.
- Based on the sports type, the market has been categorized into football, basketball, baseball, horse racing, cricket, hockey, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa. Asia Pacific currently enjoys the leading position in the market.
- The competitive landscape of the market has also been analyzed, with some of the key players being 888 Holdings PLC, Bet365 Group Ltd., Bet-at-home.com AG (BetClic Everest Group S.A.S.), Betfred, Betsson, DraftKings Inc., Entain plc, Flutter Entertainment plc, International Game Technology PLC, Kindred Group plc, Sportech PLC, and TwinSpires (Churchill Downs Incorporated).
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