The global sports betting market is expected to exhibit a CAGR of 10.47% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Sports betting refers to a gambling activity that involves predicting sports outcomes and then placing a wager on the results. Bets on games allow fans to demonstrate their expertise or loyalty to a particular team or competitor. The occurrence of sports wagering differs by culture, with the several mainstreams of bets being placed on associations including football, hockey, track cycling, auto racing, basketball, baseball, boxing, etc. Bettors who have in-depth knowledge about the athletes and teams are more likely to make consistent profits from sports betting.
Sports Betting Market Trends:
The escalating number of sports leagues and annual sports events, such as IPL, FIFA, NFL, etc., is primarily driving the global sports betting market. Additionally, the growing usage of smartphones along with the rising popularity of user-friendly betting apps is also propelling the market growth. Apart from this, the emerging trend of digitalization in the sports sector and increasing adoption of wireless connectivity are acting as significant growth-inducing factors. Moreover, with the growing prominence of Bitcoin, Dogecoin, Ripple, and Litecoin in the sports betting landscape, bettors are getting inclined towards these virtual currencies for ease of transaction. In addition to this, the launch of favorable initiatives by government authorities for legalizing sports betting activities is further stimulating the market growth. For instance, with the introduction of the Professional and Amateur Sports Protection Act (PASPA), sports betting was allowed across eight states in the United States. Moreover, the rising integration of blockchain technology with sports betting applications for automation of real-time data by utilizing smart contracts that help in payment, bet confirmations, past event analytics, etc., is positively influencing the global market. In the coming years, the introduction of innovative machine learning (ML) algorithms that seek to anticipate the outcomes of games and races is expected to drive the global sports betting market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global sports betting market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on platform, betting type and sports type.
Breakup by Platform:
Breakup by Betting Type:
- Fixed Odds Wagering
- Exchange Betting
- Live/In Play Betting
- eSports Betting
Breakup by Sports Type:
- Horse Racing
Breakup by Region:
- North America
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles 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).
|Base Year of the Analysis
| Historical Period
||Platform, Betting Type, Sports Type, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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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Key Questions Answered in This Report:
- How has the global sports betting market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global sports betting market?
- What are the key regional markets?
- What is the breakup of the market based on the platform?
- What is the breakup of the market based on the betting type?
- What is the breakup of the market based on the sports type?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global sports betting market and who are the key players?
- What is the degree of competition in the industry?