The Global Sports Betting Market size accounted for US$ 65.29 Bn in 2020 and is expected to reach US$ 139.41 Bn by 2028 with a considerable CAGR of 10.2 % during the forecast period of 2021 to 2028.
The sports betting industry has seen a meteoric rise in the last few decades, creating new opportunities for entrepreneurs to invest and prosper in the lucrative betting world. As new sports betting trends emerge, cutting-edge technologies are reimagining how sportsbooks operate and strategize. Clearly, the sports betting industry is thriving, and technological advancements are having the greatest impact on it.
Market Growth Drivers:
Covid-19 Impact on the Global Sports Betting Industry
The Covid-19 impact has negatively impacted the sports betting industry. This has resulted due to the cancellation or postponement of numerous sporting events throughout the world. For instance, Euro 2020 and the Japan Olympics 2020 were postponed back to 2021. Although Covid-19 impacted negatively, there are some positive aspects to the sports betting industry.
|Market||Sports Betting Market|
|Analysis Period||2017 - 2028|
|Forecast Data||2021 - 2028|
|Segments Covered||By Platform, By Betting Type, By Sports Type, And By Geography|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||
888 Holdings Plc, Bet365, Betsson AB, Churchill Downs Incorporated, Entain plc, Flutter Entertainment Plc, IGT, Kindred Group Plc, Sportech Plc, William Hill Plc, and others
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
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The global sports betting market growth is primarily driven by factors such as an increase in the number of sports events and leagues and growing digital infrastructure. Factors such as surged penetration of connected devices and varying regulatory scenarios of the overall gambling industry are some global sports betting market trends. In addition, propelling demand for sports betting among millennials and the elderly population has also driven the market growth globally. Young adults are betting for the first time or switching from illegal to legal sports betting as legal sports betting becomes more popular. More than 60% of contemporary sports gamblers are under the age of 40, with millennials accounting for 46% and Gen Z accounting for 15%. To place a wager, these younger generations naturally turn to internet media.
Sports betting have been more convenient in recent years, as people may now bet on a variety of sports from the comfort of their own homes or while traveling. This has resulted in a rise in betting all across the world. However, rigorous guidelines regarding betting and the increasing number of illegal bettings are creating major drawbacks for market growth. It was believed in 2014 that over 80% of sports bets were unlawful. Moreover, the estimates suggest that illegal wagers on football games in America are between US$60 and US$80 billion per year.
Furthermore, the advent of 5G network and the growing application of AI and blockchain technologies in the sports betting industry are expected to generate various growth prospects during the forecast years. Artificial intelligence can also be utilized to make betting more personalized. It can provide consumers with up-to-date sports news and thorough analytics depending on their previous wagering behaviors. On the other hand, blockchain technology's foundations offer a lot of potential for adding a sense of confidence to online gaming. All parties gain from a permanent record of a verifiable, immutable transaction ledger when blockchain technology is used.
The global sports betting market is segmented based on platform, betting type, sports type, and region.
Market By Platform
Among platform types, the online segment acquired the maximum share in 2020. The primary reason for it is the convenience offered by online betting. The majority of online sports betting occurs during major sporting events such as the FIFA World Cup and European Championships. Horse racing and tennis are two more sports where online betting is prevalent. As part of their marketing campaigns and strategic expansions, many online sports betting organizations sponsor various teams.
Market By Betting Type
By type, fixed odd wagering contributed to the largest market share in 2020. This is due to the fact that people who wager on sports like baseball, football, hockey, horse racing, and basketball are familiar with this betting kind. It entails placing a wager on an event whose payment does not fluctuate, therefore, wagers bet more money in this type of betting than any other.
Market By Sports Type
In 2020, the football sport dominated the market with a majority of the share and is likely to continue its trend throughout the forecast period 2021 – 2028. The football segment of the worldwide online sports betting industry has a large betting volume and a growing number of bets due to the expanding global popularity of both sports betting and football as a sport. The rising trend from European countries such as Italy and Spain where football enjoys high popularity has also driven the segmental growth.
Sports Betting Market Regional Overview
Middle East & Africa
The high trend of betting on football in the European countries propels the regional growth
The European sports betting market accounted for the largest market share in 2020. The rising trend of consumer betting in the football segment especially in countries such as the United Kingdom, Germany, Italy, Spain, etc. drives the EU sports betting market growth. Additionally, ease of regulations and safety laws in the region also support the growth of the European region. Because online sports betting is most commonly used during major sporting events such as the FIFA World Cup and European Championships, Europe's online sports betting sector has seen tremendous expansion in recent years as a result of the 2018 FIFA World Cup.
Meanwhile, the Asia-Pacific region is expected to register the fastest growth during the forecast period 2021 – 2028. Online gambling is currently growing in popularity in the Asia Pacific region because it provides gamers with a real-time gambling experience, cashless transactions, budget flexibility, and accessibility from any electronic device. In addition, the growing number of wagers betting on sports events such as cricket, football, hockey, and basketball also contributes to significant growth in the coming years. Moreover, rapid urbanization is one of the fueling aspects of the APAC sports betting industry.
Sports Betting Market Competitive Landscape
This section of the report pinpoints various key vendors of the market. Some of the prominent vendors offered in the report include 888 Holdings Plc, Bet365, Betsson AB, Churchill Downs Incorporated, Entain plc, Flutter Entertainment Plc, IGT, Kindred Group Plc, Sportech Plc, William Hill Plc, and others.
Companies operating in the market are adopting a series of strategic activities to grab a significant hold in the competitive scenario. For instance, on November 30, 2021 – 888 Holdings Plc announced a partnership with Nuvei Corporation to provide its Instant Bank Transfer payment solution to Sports Illustrated's newly launched SI Sportsbook, the magazine's first foray into online sports betting and iGaming in the United States.
Similarly, on September 08, 2021 – 888 Holdings plc announced a partnership with Genius Sports Limited to provide its market-leading official data and trading capabilities for SI Sportsbook. From the partnership, Genius Sports is likely to provide pre-game and in-play content across top tier U.S. sports properties including the NBA, NASCAR, NFL, and NCAA.
The estimated value of global Sports Betting market in 2020 was accounted to be US$65.29 Bn.
The projected CAGR of Sports Betting during the analysis period of 2021 to 2028 is 10.2 %.
The prominent players of the global Sports Betting marketinvolve 888 Holdings Plc, Bet365, Betsson AB, Churchill Downs Incorporated, Entain plc, Flutter Entertainment Plc, IGT, Kindred Group Plc, Sportech Plc, William Hill Plcand others
Europe held the dominating share for Sports Betting during the analysis period of 2021 to 2028
Asia-Pacific region exhibited fastest growing CAGR for Sports Betting during the analysis period of 2021 to 2028
Increase in the number of sports events and leagues, growing digital infrastructure across the globe, and the advent of 5G networks, AI, and blockchain technologies are the prominent factors that fuel the growth of global Sports Betting market
Based on platform, online segment held the maximum share for Sports Betting market in 2020?