A study recently published by Fact.MR indicates that the sports betting market will increase by up to 10.3% between 2022 and 2032, totaling around $225.65 million. The number of leagues and sporting events increases the demand for the betting industry.
Customers can scale up their betting spend as innovative professional sports leagues are established around the world. As a result, exponentially growing sporting events are fueling the global industry.
The use of AI and block chain in sports betting apps is a major trend that is likely to gain traction in the betting services segment in the forecast period. With the recent global digital revolution, cloud platforms are being favored for data storage, and there has been an increase in commercial and retail online transactions and payments.
In addition, with the increasing speed of the internet, there has been a substantial consumption of digital content in the last five years. From 2017 to 2021, sales recorded significant growth. Successive governments are legislating frameworks to provide consumers with increased gains and unique experiences.
For example, several US states have decriminalized sports betting since the Supreme Court repealed the Professional and Amateur Sports Protection Act (PASPA) in May 2018.
Will Asia Pacific continue to dominate the global sports betting market?
The Asia-Pacific market for sports betting accumulated around 30% of revenue in 2021 and is expected to grow by 10.9% between 2022 to 2032. from the market.
The game is a popular feature among the people of China and India. The market is expected to grow faster as a result of such collective factors. A significant proportion of young people engage in various regional sports, which aim to drive market demand in Asia Pacific.
Furthermore, the increase in the penetration of the internet and smartphones, combined with the growth in disposable income of the middle class, ends up stimulating the expansion of the regional market.
Key Segments Covered by Sports Betting Industry Research
By Platform:
- Offline sports betting
- Online sports betting
By Bet Type:
- Fixed odds sports betting
- Sports Betting Exchange
- Live sports betting
- Pre-match sports betting
- eSports betting
- Other types of sports betting
By sport type:
- Football sports betting
- Basketball sports betting
- Baseball sports betting
- Sports betting on horse racing
- Sports betting on cricket
- Sports betting on hockey
- Sports betting on other sports
Competitive scenario
To gain competitive advantage in the market, major players focus on developing attractive websites and offering unique offers. Companies are also focusing on integrating technologies like APIs to improve functionality and provide a more user-friendly interface.
Third-party offerings that evolve the requirements for sports betting companies are also available on the market. 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 and Endeavor Class A shares ($200 million).
Viscus Infotech Ltd., an Indian software company, generates sports betting applications and offers algorithm-based betting solutions.
Major players in the sports betting market
- 888 Holdings Plc
- Bet365
- Betsson AB
- Churchill Downs Incorporated
- Manter plc
- Flutter Entertainment Plc
- IGT
- Kindred Group Plc
- Sportech Plc
- William Hill Plc.
Key findings from the sports betting market study
- During the survey period, the Europe region is expected to grow by 11.6%
- Between 2022 and 2032, the North American segment is expected to grow by about 12%
- The Asia-Pacific region accounted for 30% of revenue in 2021
- Football represents around 24% of the market and is expected to grow significantly
- After football, horse racing held the second highest sales volume and is expected to expand by 10.5% CAGR through 2023.
About the Technology Division of Fact.MR
Expert analytics, actionable insights and strategic recommendations from Fact.MR’s highly experienced technology team help clients around the world with their unique business intelligence needs.
With a repertoire of over 1,000 reports and over 1 million data points, the team has analyzed the technology industry in over 50 countries for over a decade. The team provides unparalleled end-to-end research and consulting services.