Demand For Sports Betting Is Poised To Increase At A CAGR Of 10.3% Between 2022 And 2032
The sports betting market is a global industry that involves the prediction of the outcome of a sporting event and placing a wager on that prediction. The industry has grown significantly over the past few years due to the increasing popularity of sports and the emergence of online betting platforms. The market is primarily driven by the demand for entertainment and the potential for monetary gain. Sports fans enjoy placing bets on their favorite teams or athletes and the opportunity to win money adds to the excitement. Additionally, the rise of online betting platforms has made it easier for people to participate in sports betting, further fueling the market’s growth.
The sports betting market includes a variety of sports, including football, basketball, baseball, soccer, and horse racing, among others. The most popular type of bet is the “money line” bet, which involves wagering on which team or athlete will win the game or event. Other popular bets include point spreads, over/under bets, and prop bets. However, the sports betting market is heavily regulated in many countries, and it is important for bettors to ensure that they are participating in legal and safe activities. The industry also faces challenges related to match-fixing and the potential for addiction among problem gamblers.
Overall, the sports betting market is a lucrative and exciting industry that is expected to continue to grow in the coming years.
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Key findings of the Sports Betting market study:
- The report provides a present market outlook on Sports Betting. Additionally, the Sports Betting market share is anticipated to grow with a CAGR of 10.3% in the forecast period.
- Regional breakdown of the Sports Betting market based on predefined taxonomy.
- Innovative manufacturing processes implemented by Sports Betting vendors in detail.
- Region-wise and country-wise fragmentation of the Sports Betting market to grasp the revenue, and growth outlook in these areas.
- Changing preferences among consumers across various regions and countries.
- Factors (Positive and Negative) impacting the growth of the global Sports Betting market.
- Sports Betting price, market share, and Trends forecast for assessment period 2022-2032
How Will Growth of the North America Sports Betting Market unfold?
The North America sports betting market has seen significant growth in recent years, particularly following the US Supreme Court’s 2018 decision to strike down the federal ban on sports betting, known as PASPA (Professional and Amateur Sports Protection Act). This ruling has paved the way for individual states to legalize sports betting, leading to a surge in demand for sports betting services and platforms. The North America sports betting market is expected to grow at a compound annual growth rate (CAGR) of over 12% from 2020 to 2025. The market is expected to be driven by factors such as the increasing popularity of sports, the rise of online betting platforms, and the potential for revenue generation for states that have legalized sports betting.
In the US, states such as New Jersey, Pennsylvania, and Nevada have been at the forefront of legalizing sports betting, and more states are expected to follow suit. The legalization of sports betting has also led to partnerships between sports leagues and betting companies, creating new revenue streams for both parties. The COVID-19 pandemic has also accelerated the growth of the North America sports betting market, as the cancellation or postponement of major sports events has led to an increase in online sports betting. This trend is expected to continue as more people turn to online betting platforms for convenience and safety.
Overall, the North America sports betting market is expected to continue to grow in the coming years, driven by a combination of factors such as the legalization of sports betting in more states, the rise of online platforms, and the increasing popularity of sports.
Competitive landscape analysis
The big firms concentrate on creating interesting websites and providing special bargains in order to obtain a competitive edge in the industry. Businesses are putting greater effort into integrating technology, such APIs, to enhance functionality and offer a user-friendly interface. There are also third-party offers on the market that advance the specifications for sports betting businesses.
- In September 2021, US entertainment and sports firm Endeavour Group Holdings Inc. purchased OpenBet from Scientific Games for US$1.2 billion in cash ($1 billion) and Endeavor’s Class A common shares ($200 million).
- An Indian software startup called Viscus Infotech Ltd. creates sports betting applications and provides algorithm-based sportsbook betting solutions.
Some of the leading companies operating in the market are :
- 888 Holdings Plc
- Bet365
- Betsson AB
- Churchill Downs Incorporated
- Entain plc
- Flutter Entertainment Plc
- IGT
- Kindred Group Plc
- Sportech Plc
- William Hill Plc
- Viscus Infotech Ltd
- Endeavor Group Holdings Inc.
What insights does the Sports Betting report provide to the readers?
- Sports Betting fragmentation on the basis of product type, end use, and region.
- Comprehensive assessment of upstream starting materials, downstream demand, and present market landscape.
- Collaborations, R&D projects, acquisitions, and product launches of each Sports Betting
- Various regulations imposed by the governments on the consumption of Sports Betting in detail.
Key Segments Covered in the Sports Betting Industry Analysis
- By Platform :
- Offline
- Online
- By Betting Type :
- Fixed Odds Wagering
- Exchange
- Live/In Play
- Pari-mutuel
- E-Sports Betting
- Others
- By Sports Type :
- Football
- Basketball
- Baseball
- Horse Racing
- Cricket
- Hockey
- Other Sports
- By Region :
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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