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Seoul, South Korea, July 29, 2022 (GLOBE NEWSWIRE) -- A recently published study by Fact.MR expects the sports betting market to augment at a CAGR of 10.3% between 2022 and 2032, totalling around US$ 225.65 Million by 2032. The number of sports leagues and events mounting demand for the sports betting market. Customers can broaden their betting expenditures as innovative professional sports leagues are established around the world. As a result, the exponentially growing sports leagues and events are fuelling the global sports betting market .
The use of AI and block chin in sports betting applications is a key trend that is gaining steam in the sports betting services market over the 2022-2032 forecast period. With the recent global digital revolution, cloud platforms are being favored for data storage, and there has been a surge in commercial and retail online transactions and payments. In addition, with the escalating speed of the Internet, there has been a substantial consumption of digital content over the last five years.
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From 2017 to 2021, sales witnessed significant growth, registering a CAGR of 5%. Successive governments are legislating the frameworks to provide consumers with earning expansion and career experiences. For example, eight states in the United States have decriminalized sports betting since the Supreme Court overturned the Professional and Amateur Sports Protection Act (PASPA) in May 2018.
The burgeoning need for digitalization is found to affect the market's online segment, which is presumed to grow significantly during the forecast period. However, successive governments are legislating the frameworks to provide consumers with earning expansion and career experiences.
Will the Asia Pacific Continue Dominance in the Global Sports Betting Market?
The Asia Pacific market for sports betting accumulated around 30% of revenue in 2021, and is expected to grow at a CAGR of 10.9% during the forecast period ranging from 2022-2032. The inclusion of a significant percentage of young populations who also engage in various forms of sports is the most important determinant of the market's development.
Gambling is a popular trait among the people of China and India. The market is expected to grow the fastest as a result of such collective factors.
A substantial proportion of young people engage in multiple regional sports, which aims to push market demand in the Asia Pacific. Furthermore, rising internet and smartphone penetration, combined with rising middle-class disposable income, is obliged to encourage regional market growth.
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Key Segments Covered in the Sports Betting Industry Survey
- B y Platform :
- Offline Sports Betting
- Online Sports Betting
- B y Betting Type :
- Fixed Odds Wagering Sports Betting
- Exchange Sports Betting
- Live/In Play Sports Betting
- Pari-mutuel Sports Betting
- E-Sports Betting
- Others Sports Betting Types
- B y Sports Type :
- Sports Betting in Football
- Sports Betting in Basketball
- Sports Betting in Baseball
- Sports Betting in Horse Racing
- Sports Betting in Cricket
- Sports Betting in Hockey
- Sports Betting in Other Sports
To gain a competitive edge in the market, the major players focus on developing engaging websites and offering exclusive deals. Companies are also focusing on integrating technology such as APIs to improve functionality and provide a more user-friendly interface. Third-party offers are also available in the market that progress requirements for sports betting companies.
- Endeavor Group Holdings Inc., a US-based entertainment and sports company, acquired OpenBet from Scientific Games in September 2021 for US$1.2 billion in cash ($1 billion) and Endeavor's Class A common stock ($200 million).
- Viscus Infotech Ltd., an Indian software company, generates sports betting applications and offers algorithm-based sportsbook betting solutions.
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Key players in the Sports Betting Market
- 888 Holdings Plc
- Betsson AB
- Churchill Downs Incorporated
- Entain plc
- Flutter Entertainment Plc
- Kindred Group Plc
- Sportech Plc
- William Hill Plc.
Key Takeaways from Sports Betting Market Study
- 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 anticipated to grow at a CAGR of around 12%.
- The Asia Pacific region attributed for around 30% revenue in 2021
- Football accounts for around 24% of the market and is expected to grow significantly.
- Following football, horse racing held the second-largest sales volume and is anticipated to expand at a 10.5 percent CAGR during the forecast period.
About the Technology Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned technology team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the technology industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.
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