NEWARK, Del, Nov. 23, 2023 (GLOBE NEWSWIRE) -- The sports betting market is predicted to be worth US$ 91,940.9 million in 2023, rising at a CAGR of 10.3% to US$ 245,792.4 million by 2033. The expanding prevalence of connected devices, sports betting implementation, and developing digital infrastructure all add to the increasing demand for sports betting.
The increased desire for the digitalization of sports betting might have a positive effect on the online section of the sports betting industry, which is expected to enjoy substantial growth throughout the projected period. However, to provide consumers with new sports betting market options for employment and enriching experiences, several governments are establishing frameworks influencing forthcoming trends in the sports betting market.
One of the important developments in the sports betting market is the expanding impact of technologies including blockchain, virtual reality, and AI, notably machine learning tools. Moreover, the sports betting market is predicted to grow over the forecast period due to rising consumer demand for sports betting, which is being fueled by technological developments.
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Key companies in the sports betting sector are progressively focusing a considerable amount of their efforts on machine learning tools and approaches that have shown promising outcomes in prediction. Further, machine learning aids in accelerating the creation of predictive algorithms and precise forecasting models, resulting in increased betting efficiency.
Sports bettors are likely to become familiar with new machine-learning algorithms that seek to forecast the outcomes of games and races. As a result, during the projected period, the expansion of machine learning is estimated to be a benefit to the global sports betting business.
Key Takeaways from the Sports Betting Market Report:
- In 2022, North America held a 28.1% market share.
- In 2022, the United States captured a 16.5% market share.
- India’s market is expected to develop at a CAGR of 13.4%.
- China’s market is expected to increase at an 8.2% CAGR.
- The football segment accounted for 20.2% of the worldwide sports betting market.
"The latest market research study highlights the dynamic landscape of the Sports Betting Market. The comprehensive analysis reveals the market's robust growth fueled by technological advancements, increasing online accessibility, and evolving consumer preferences. With a focus on key players, emerging trends, and regulatory frameworks, the study provides valuable insights for stakeholders navigating this vibrant and rapidly expanding industry." - says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.
Competitive Landscape:
The top sports betting market operators focus on establishing engaging websites and giving exclusive deals to acquire a competitive edge in the sports betting business.
- Bet365's e-sports betting service was available in Colorado beginning in September 2022. The sportsbook company was operating with its betting service on the market after obtaining one of Century Casinos' master licenses from the state.
- William Hill, a sports betting and web-based casino administrator, created its main brand and stated plans to significantly increase its profits in Latvia in May 2022. In addition, William Hill intends to leverage existing media relationships with bespoke creatives based on the Brotherhood brand approach.
Key market players:
- 888 Holdings Plc.
- Bet365
- Betsson AB
- William Hill
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Valuable Insights:
Future Market Insights, in its new offering, presents an unbiased analysis of the global sports betting market presenting a historical analysis from 2018 to 2022 and forecast statistics between 2023 and 2033.
The study reveals essential insights By Platform (Offline, Online), by Betting Type(Football, Basketball, Baseball, Horse Racing, Cricket, Hockey, Others), By Sports Type (Football, Basketball, Baseball, Horse Racing, Cricket, Hockey, Others) & Region.
Sports Betting Market Segmentation:
By Platform:
- Offline
- Online
By Betting Type:
- Fixed Odds Wagering
- Exchange Betting
- Live/In-Play Betting
- Pari-mutuel
- eSports Betting
- Others
By Sports Type:
- Football
- Basketball
- Baseball
- Horse Racing
- Cricket
- Hockey
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa (MEA)
Authored By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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