The global sports betting market is expected to grow at a CAGR of 10.3% until

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Seoul, South Korea, July 29. 2022 (GLOBE NEWSWIRE) — A recently published study by Fact.MR forecasts that the sports betting market will grow at a CAGR of 10.3% between 2022 and 2032, totaling approximately US$225.65 million in revenue. by 2032. The number of sports leagues and events is increasing the demand for the sports betting market. Customers can increase their betting spend as innovative professional sports leagues are established around the world. As a result, exponentially growing sports leagues and events are fueling the global sports betting market.

The use of AI and chin blocking in sports betting applications is a key trend gaining momentum in the sports betting services market during the forecast period 2022-2032. With the recent global digital revolution, cloud platforms are favored for data storage, and there has been an increase in commercial and retail online transactions and payments. Additionally, with the increasing speed of the internet, there has been a substantial consumption of digital content over the past five years.

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From 2017 to 2021, sales grew significantly, registering a CAGR of 5%. Successive governments legislate frameworks to provide consumers with income expansion and career experiences. For example, eight states in the United States have decriminalized sports betting since the Supreme Court struck down the Professional and Amateur Sports Protection Act (PASPA) in May 2018.

The growing need for digitization affects the online segment of the market, which is expected to grow significantly over the forecast period. However, successive governments are legislating frameworks to provide consumers with income expansion and career experiences.

Will Asia-Pacific continue to dominate the global sports betting market?

The Asia-Pacific sports betting market accumulated around 30% of revenue in 2021 and is expected to grow at a CAGR of 10.9% during the forecast period from 2022 to 2032. The inclusion of a large percentage of young people who also practice various forms of sports is the most important determinant of market development.

Gambling is a popular trait among the peoples of China and India. The market is expected to grow fastest due to these collective factors.

A significant proportion of young people play multiple regional sports, which aims to drive the market demand in Asia-Pacific. Furthermore, the increasing penetration of internet and smartphones, combined with the increase in disposable income of the middle class, is bound to encourage the growth of the regional market.

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Key segments covered by the sports betting Industry survey

  • By Platform:
    • Offline sports betting
    • Online sports betting
  • By Type of bet:
    • Fixed odds sports betting
    • Sports betting exchange
    • Live/Live Sports Betting
    • Pari-mutuel sports betting
    • Esports Betting
    • Other types of sports betting
  • By Type of sport:
    • Sports betting in football
    • Basketball sports betting
    • Baseball sports betting
    • Sports betting on horse racing
    • Cricket sports betting
    • Hockey sports betting
    • Sports betting in other sports

Competitive landscape

To gain a competitive advantage in the market, the major players are focusing on developing attractive websites and offering exclusive offers. Companies are also focusing on integrating technologies like APIs to improve functionality and provide a more user-friendly interface. Third-party offers are also available in the market that advance the requirements of sports betting companies.

  • Endeavor Group Holdings Inc., a US-based entertainment and sports company, acquired OpenBet from Scientific Games in September 2021 for $1.2 billion in cash ($1 billion) and the class common stock A of Endeavor ($200 million).
  • Viscus Infotech Ltd., an Indian software company, generates sports betting applications and offers algorithm-based sports betting solutions.

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The key players in the sports betting Market

  • 888 Holdings Plc
  • bet365
  • Betsson AB
  • Churchill Downs Inc.
  • Entain plc
  • Flutter Entertainment Plc
  • IGT
  • Kindred Group Plc
  • Sportech Plc
  • William Hill Plc.

Main takeaways from sports betting Market research

  • During the forecast period, the Europe region is expected to grow at a CAGR of 11.6%
  • During the forecast period of 2022 to 2032, the North American segment is expected to grow at a CAGR of around 12%.
  • The Asia-Pacific region attributed for around 30% of revenue in 2021
  • Football represents approximately 24% of the market and is expected to experience significant growth.
  • After football, horse racing held the second largest sales volume and is expected to grow at a CAGR of 10.5% during the forecast period.

About Fact.MR Technology Division

Expert analysis, actionable insights, and strategic recommendations from Fact.MR’s highly experienced technology team help customers around the world meet their unique business intelligence needs. With a repository of over a thousand reports and over a million data points, the team has analyzed the tech industry in over 50 countries for over a decade. The team provides unparalleled end-to-end research and advisory services.

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