Wilmington, Delaware, United States, May 10, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The sports betting market size stood at US$ 279.5 Bn in 2021 and is likely to reach value of US$ 664.0 Bn by 2031. The global industry is anticipated to develop at a CAGR of 9.1% between 2022 and 2031. Predicting sports results and making a bet on the result is known as sports betting.
Growing popularity of sports around the globe is driving in sports betting among the younger generation alongside professional gamblers. The statistics for the sports betting sector are improving due to the increased use of cellphones, implementation of favorable government rules, widespread adoption of the internet, and an upsurge in online gambling.
Key players are using persuading marketing techniques, such as sign-up incentives for new customers and risk-free wagering for a predetermined period, to entice sports fans to place bets. Additionally, companies are receiving new system orders from high-growth countries including Asia Pacific and North America since more urban residents are gaining interest in sports betting.
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Sports betting bookies are currently focusing on boosting their R&D efforts and using advanced facilities in order to develop distinctive betting features. It is predicted that this would drive business opportunities in the global sports betting industry.
Sports betting is becoming more popular all over the world due to rise in sports lovers. One of the rapidly growing industries is the gambling industry. Sports betting is being considered for legalization in many countries and this is anticipated to increase market demand for sports betting in the coming years. Sports gamblers use bookies or legal means to put their bets. Both internet and physical betting platforms are available for placing bets, which is anticipated to raise market value of sports betting.
The bulk of bets are placed on sports including football, basketball, American soccer, mixed martial arts, baseball, track cycling, boxing, car racing, and hockey, and boxing. While football betting is well-liked in North America and South America, online cricket betting has begun to gain traction in Asia Pacific.
Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 279.5 Bn | |
| Estimated Value | US$ 664.0 Bn | |
| Growth Rate - CAGR | 9.1% | |
| Forecast Period | 2022-2031 | |
| No. of Pages | 136 Pages | |
| Market Segmentation | Game Type, Betting Type, Platform | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | 888 Holdings plc., BETSSON AB, Fortuna Entertainment Group a.s. (FEG), Entain, Gal Sports Betting (U) Limited, Kindred Group plc, Flutter, Betway, Bet365, TechSolutions Group N.V | |
Key Findings of Market Report
- In terms of betting type, the fixed-odds segment is expected to account for a sizable market share due to an upsurge in successful outcomes. The risk of fixed-odds betting is also smaller than that of pari-mutuel betting as a result of the ease with which risk is assessed. This is anticipated to drive business growth in the fixed-odds segment during the forecast period.
- In terms of game type, the cybersports segment is likely to account for sizeable market share. This is due to expansion of the e-sports business across the globe and convenience of placing bets online via smartphones in place of doing it physically.
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Global Sports Betting Market: Growth Drivers
- The rapid increase in use of internet-connected gadgets, such as tablets and smartphones, is fueling a boom in online betting worldwide. Gamblers who watch live betting have the chance to make quick decisions that, if they bet well, might guarantee them substantial gains. Consequently, it is anticipated that mobile devices like tablet computers and smartphones that support live betting would have a significant positive impact on the market for sports betting.
- The vast majority of people watched only a few sports earlier, primarily football and basketball. However, other sports are starting to gain popularity all over the world. Table tennis, boxing, horse racing, cricket, hockey, and rugby are a few of these. Therefore, there are now more games accessible for wagering, which is likely to drive market development.
Global Sports Betting Market: Regional Landscape
- Asia Pacific, which dominated the global industry in 2021, has seen a significant increase in the number of people who engage in betting as a pastime. The region has a large number of market players, which makes it one of the most desirable regions. China is expected to be a desirable location for business, while Japan offers tremendous potential for sports betting.
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Global Sports Betting Market: Key Players
Some of the key market players are
- Kindred Group plc.
- 888 Holdings plc.
- Fortuna Entertainment Group a.s. (FEG)
- TechSolutions Group N.V.
- Gal Sports Betting (U) Limited
- BETSSON AB
Global Sports Betting Market: Segmentation
Game Type
- Cybersports
- Table Tennis
- Football
- Basketball
- Baseball
- Hockey
- Cricket
- Boxing
- Others
Betting Type
- Pari-mutuel
- Fixed-Odds
Platform
- Online
- Offline
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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