October 12, 2021
As cited by the research report titled ‘Global Sports Betting Market Size study, by Platform (Online, Offline), By Type (Fixed Odds Wagering, eSports Betting, Exchange Betting, Live/In Play Betting, Pari-mutuel), By Sports Type (Football, Basketball, baseball, cricket, hockey, others) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global sports betting market is projected to grow with a strong CAGR to accumulate significant returns over 2021-2027.
Rising penetration of connected devices, evolving legal scrutiny in the gambling sector, and increasing digital infrastructure are the major factors driving global sports betting market growth. Additionally, factors such as use of AI and blockchain technology in the gaming sector, rising number of sports leagues and events, and high demand among millennials and older people are augmenting overall market development.
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For the record, sports betting is a form of wagering that includes predicting the results of any sporting event and fixing bets accordingly. Horse racing, poker, football, and many other activities fall under this category.
Notably, the COVID-19 pandemic had a major impact on worldwide sports betting market, mainly on land-based sports, as public gatherings for sporting activities in many regions across the world were fully prohibited. However, throughout the pandemic, popularity of online sports betting increased significantly due to the prevalence of eSports betting. For instance, LOOT.BET, which is one of the largest Esports bookies reported that online betting rose by around 67% in 2020.
Experts cite that Europe held a substantial share in global sports betting market in 2020 and is likely to expand significantly over the projected timeline, owing to adoption of safety rules and regulations for both online and offline betting in many countries in the region. In addition, well known sports like horse racing and football, as well as popular football teams like Manchester United, Liverpool, and Chelsea F.C., are prominent in European countries like Germany and the U.K.
Meanwhile, Asia Pacific garnered the second-largest revenue share in 2020 and is poised to generate lucrative returns over 2021-2027, on account of growing number of individuals betting on sports like cricket, football, hockey, and basketball. Moreover, legalization of sports betting in countries like India and Australia, along with factors like increased internet penetration and rising income levels of middle-class families are augmenting the market outlook.
Prominent companies in the global sports betting industry are Sportech Plc, William Hill Limited, Kindred Group plc, Interglobe Technologies Pvt Ltd., Flutter Entertainment plc, Entain plc, Churchill Downs Incorporated, Betsson AB, Bet365 Group Ltd., and 888 Holdings Plc.