Sports betting is a type of gambling in which players utilize both offline and online venues to anticipate sports events and then place bets on the outcome. Multiple regulatory requirements have made sports betting illegal in various regions of the world. However, in order to generate tax money, several nations are anticipated to relax sports betting regulatory requirements in the future years. This allows end consumers to watch and engage in real-time betting activities using their Internet-connected or other electronic gadgets. The increased adoption of internet-based device, legal changes, and wagering via offline as well as online forms of payment have all bolstered the sports betting business, which is likely to augur well for the global sports betting market in the years to come.
Hong Kong Jockey Club, Fortuna Entertainment Group, GVC Holding plc, William Hill plc, The Stars Group, and Bet 365 Group Ltd are some of the companies in the global sports betting market.
The global sports betting market is expected to expand at a rate of 11% CAGR over the forecast period, from 2019 to 2027.
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Driven by Easing of Regulations, Europe is Expected to Emerge as One of the Leading Regions in the Market
In terms of region, the global sports betting market is divided into the regions of Latin America, Asia Pacific, Middle East and Africa, North America, and Europe. It is anticipated that regional classifications would provide a better knowledge of the market dynamics at play at the regional level.
Europe is likely to maintain its dominance over the forecast period, thanks to its streamlined sports betting rules. As a result Europe is expected to be the largest market for sports betting throughout the forecast period. Relaxation of regulations and rules in regions with significant potential for sports betting, such as Asia Pacific and North America, is likely to increase business in the years to come.
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Due to the significant number of sports fans, countries such as Singapore, Thailand, Uruguay, Brazil, South Africa, and Australia are gaining popularity in sports betting. Furthermore, governments throughout the world are encouraging the entertainment and tourism industry, which is likely to bode well for the global sports betting market in the near future.
As Virtual Currencies Gain Popularity, Online Betting Platforms Likely to Gain Prominence
Typically, the sports betting sector has been engulfed in a legal war, which continues in some places, as gambling addiction and money laundering create regulatory worries. However, in Europe, the loosening of rules and regulations has created a fertile environment for sports betting. By relying on digital promotional efforts, industry participants are capitalizing on the combination of live streaming and online gaming platforms to achieve more connection with the bettors. As virtual currencies such as Litecoin, Ripple, Dogecoin, and Bitcoin make inroads into the sports betting market, bettors are favoring them over traditional financing methods owing to their simplicity of transaction. Bettors who live in areas where real money betting is prohibited can execute their transactions transparently as well as securely utilizing cryptocurrency.
Because nations like India and China have a large young population, sports participation is strong, and the widespread use of cellphones is contributing towards the region’s popular trends. Despite the fact that online betting has been increasing at a rapid pace due to its simplicity of use, offline betting platforms’ longstanding hold on a substantial chunk of the sports betting market has remained intact, as many bettors still prefer to gamble in-person during sporting events.
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However, most nations throughout the world lack clear rules and regulations governing sports betting and associated activities. The industry is likely to be hampered by the religious as well as social stigma associated with sports betting. Furthermore, the hazards connected with cyber-attacks and betting addiction provide a significant challenge to the global sports betting market.
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