Sports Betting Market – A surge in Investments in Online Sports Betting Platforms is Expected to Lead to Market Growth – Growing at a Compound Annual Growth Rate (CAGR) 9.7% from 2022 to 2028

Sports Betting
  • Sports Betting Market

As stated in our extensive report, the Global Sports Betting Market accounted forUSD 74.2 Billionin 2021. Sports Betting involves predicting sporting event outcomes and making a wager on the product. Sports including football, baseball, basketball, hockey, cricket, boxing, and auto racing are where the majority of bets are put. Sports Betting, however, also includes non-athletic events like horse racing and eSports.

Many clients and bettors switched to online betting platforms due to the closure of land-based betting establishments owing to the COVID-19 pandemic. As a result, users had more free time on their phones and desktop computers during lockdowns, making it more straightforward for them to place bets, which led to a rise in participation in the online Sports Betting Market. The market has benefited from the surge in investments in online Sports Betting platforms brought about by the increased internet penetration. For instance, more than 4.8 billion people utilize the internet worldwide, according to DataReportal's Global Social Media Overview April 2021. Players participating in online betting can use internet-connected gadgets to view betting activity in real-time.

To introduce innovations to the market and give customers a better experience, Sports Betting platform providers are investing in Research and Development (R&D) operations. Additionally, the sports market is evolving due to increased competition. The market is also influenced by the use of instant messaging and video streaming, as well as by changes in the regulatory environment for the entire gambling sector. Furthermore, the growth of distribution channels, a surge in middle-class consumers' spending power, an increase in product awareness, and innovative strategic marketing initiatives all favor the Sports Betting Market. Additionally, in the projected period, the use of 5G networks and AI and blockchain technologies expand the lucrative potential for market participants.

Asia Pacific is accounted to have the potential growth of the Sports Betting Market in 2021 and is anticipated to continue to grow at the fastest rate during the forecast period. A substantial portion of youthful populations participating in various sports is the main element influencing the Sports Betting Market's growth in this region. In addition, people from China and India are known for their propensity towards gambling which is also responsible for the Sports Betting Market expansion in this region.

The well-known players of the Global Sports Betting Market include 888 Holdings PLC, Bet365, Betsson AB, Churchill Downs Incorporated, Entain PLS, Flutter Entertainment PLC, IGT, Kindred Group PLC, Sportech PLC, William Hill PLC and others.