Sports Betting Market to Expand at a CAGR of 9.1% during Forecast Period, According to TMR Study

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Jan 17, 2023, 10:30 ET

Increase in sports viewership in the US is projected to expand market size of the U.S. sports betting industry
The sports betting industry is continually changing due to new platforms and technologies such as adpointrtb.com and bet365.com, which is projected to drive industry growth

WILMINGTON, Del., Jan. 17, 2023 /PRNewswire/ -- Predicting sports scores and performances and making a bet on results is known as sports betting. The sports betting market was worth US$ 279.5 Bn in 2021. The global market is anticipated to expand at a CAGR of 9.1% during the forecast period, from 2022 to 2031, and attain value of US$ 664.0 Bn by 2031. Increasing popularity of sports around the globe is expected to drive the global sports betting market during the forecast period. Sports betting is growing in popularity amongst the younger generation as well as professional gamblers. Growing use of internet, favorable government laws, rise in smartphone use, and online gaming are likely to drive market demand in the global industry.

Major players are employing pervasive marketing methods such as risk-free wagering for a set length of time and sign-up incentives for new users to encourage sports fans to make bets. Additionally, many urban residents are becoming interested in sports betting. Developers are receiving new system orders from developed regions, such as Asia Pacific and North America. Sports betting bookies are concentrating on expanding their R&D activities and investing in advanced facilities to develop unique betting features. This is expected to present profitable growth prospects for players in the sports betting industry.

Rise in number of sports enthusiasts has resulted in the expansion of business opportunities in the global sports betting market. One of the business areas with highest growth is gambling. Several countries are contemplating on legalizing sports betting, as per market research on sports betting. This is anticipated to fuel market growth throughout the forecast period.

Sports bettors use bookies or legal means to place their bets. Both physical betting bookies and online betting platforms are open for placing bets. Most of the bets are placed on sports such as boxing, baseball, mixed martial arts, basketball, hockey, and American football. In contrast to football betting, which is popular in Latin and North America, online cricket betting is growing in popularity in Asia Pacific.

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Key Findings of Market Report

Rapid adoption of internet-connected devices such as tablets and smartphones is leading to a surge in online betting globally. Gamblers who watch live betting have the potential to make quick decisions that could guarantee them substantial gains (if they bet well). Thus, live betting streaming on tablets and smartphones is anticipated to have significant impact on market development during the forecast period.
Based on game type, the cybersports segment commands a sizeable market share owing to the development of e-sports business globally and simplicity of making bets online via smartphones as opposed to doing it physically.
Based on betting type, the fixed-odds segment is expected to hold a sizable share of the market owing to increase in favorable outcomes. Fixed-odds wagering is less risky than pari-mutuel wagering as risk evaluation is less complicated, which is anticipated to propel the fixed-odds segment.

Global Sports Betting Market: Growth Drivers

Growth in online betting is expected to lead to significant increase in demand for sports betting during the forecast period. Bookies offer a wide range of incentives in online sports betting. These include rewards for gamers who decide to sign up and make a deposit into their account. Additionally, they present regular promotions, live streaming, and the option to wager with higher odds. These benefits are expected to accelerate market development during the forecast period.
In the past, majority of people would watch a limited number of sports, mainly basketball and football. However, numerous other sports have begun to acquire popularity all over the world. Horse racing, hockey, table tennis, and cricket are a few sports gaining popularity, resulting in more games that can be wagered on.

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Global Sports Betting Market: Regional Landscape

A large number of people have taken up betting as a pastime in Asia Pacific, leading the region to dominate the global industry in 2021. Numerous companies are now based in Asia Pacific, making it among the most attractive regions. While Japan holds immense potential for sports wagering, China is projected to be an attractive region for investment. These factors are anticipated to increase the market value of sports betting in the region.

Global Sports Betting Market: Key Players

Some of the key market players are

Kindred Group plc.
888 Holdings plc.
Fortuna Entertainment Group a.s. (FEG)
TechSolutions Group N.V.
Gal Sports Betting (U) Limited
BETSSON AB

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Global Sports Betting Market: Segmentation

Game Type

Cybersports
Table Tennis
Football
Basketball
Baseball
Hockey
Cricket
Boxing
Others

Betting Type

Pari-mutuel
Fixed-Odds

Platform

Online
Offline

Regions

North America
Europe
Asia Pacific
Middle East & Africa
South America

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Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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