$129.3 Billion Global Sports Betting Market, Growth of CAGR 9.7% by 2028 | Rising Digital Infrastructure is Driving the Market | Sports Betting Industry Size, Share, Growth, Market Outlook | Vantage Market Research

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WASHINGTON, July 05, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Sports Betting Market finds that the increasing technological advancement and innovation are expediting market growth. In addition, the increased penetration of connected devices is anticipated to augment the development of the Global Sports Betting Market over the projected period.   

The Global Sports Betting Market revenue is expected to reach a value USD 129.3 Billion in the year 2028.

The Global Market revenue was valued at USD 74.2 Billion in the year 2021 and is expected to rise to exhibit a Compound Annual Growth Rate (CAGR) of 9.7% during the forecast period; states Vantage Market Research, in a report, titled “Sports Betting Market Size, Share & Trends Analysis Report by Platform (Offline, Online), by Betting Type (Fixed Odds Wagering, Exchange Betting, Live/In Play Betting, Pari-mutuel), by Sports Type (Football, Basketball, Baseball, Horse Racing), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.

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Key Insights & Findings from the Report:

  • According to our primary respondents’ research, the Sports Betting market is predicted to grow at a CAGR of roughly 9.7% during the forecast period.

  • The Sports Betting market was estimated to be worth roughly USD 74.2 Billion in 2021 and is expected to reach USD 129.3 Billion by 2028; based on primary research.

  • On the basis of region, Asia Pacific is projected to dominate the worldwide Sports Betting market.

Market Dynamics:

Drivers:

Increasing Technological Advancement and Innovation to Drive the Market Growth

The increasing technological advancement and innovation in online sports gaming are anticipated to augment the growth of the Sports Betting Market during the forecast period. Digital platforms enable gamblers to place bets from any location around the world, which saves time as well as travel costs. Along with this, the ease of operations digitally makes it a significant driver for the Sports Betting Market. Moreover, rapid penetration of internet-based devices such as tablets, laptops, and smartphones aid the contact with end-users by involving them through online betting activities with the most negligible influence on daily activities. Hence, smartphones are anticipated to play a vital role in the acceptance of Sports Betting Market among end-user over the forecast timeline. In addition, increasing smartphone penetration and high adoption of instant messaging services and video streaming augment the growth of online Sports Betting Market through mobile devices. Such factors can influence the user experience by developing improved mobile applications. Furthermore, the benefits associated with the 5G networks are projected to enhance the adoption of smartphone-based betting in the coming years, driving the Global Sports Betting Market growth.

Rapid Development of Electronic Systems to Stimulate Market Growth

The development of electronic systems to facilitate gaming competition, such as a variety of video games, is contributing to the growth of the e-sports industry. This is expected to fuel the market where bets are placed on the tentative winner. In recent years, the e-Sports industry has seen rapid growth in viewership and revenue. The increasing viewership contributed significantly to revenue growth. For example, in 2016, there was a significant increase in casual and avid eSports viewers, including viewers who watch it regularly. Furthermore, rising eSports awareness is expected to drive industry growth shortly. The rise of live eSports coverage platforms, such as Twitch and YouTube, increases global viewership and drives business growth. Furthermore, the number of people watching Tv with live streams has risen steadily. E-Sports marketing would aid in expanding Sports Betting Market and delivering marketing messages via various channels. Over the forecast period, the factors mentioned earlier are expected to drive market growth.

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Segmentation of the Global Sports Betting Market:

  • Platform

    • Offline

    • Online

  • Betting Type

    • Fixed Odds Wagering

    • Exchange Betting

    • Live/In Play Betting

    • Pari-Mutuel

    • eSports Betting

    • Other Types

  • Sports Type

    • Football

    • Basketball

    • Baseball

    • Horse Racing

    • Cricket

    • Hockey

    • Other Sport Types

  • Region

    • North America

    • Europe

    • Asia Pacific

    • Latin America

    • Middle East & Africa

Read Full Research Report @ https://www.vantagemarketresearch.com/industry-report/sports-betting-market-1710

COVID-19 Impact Analysis:

The COVID-19 outbreak has affected various industries worldwide. Governments worldwide implemented strict lockdown measures and social distancing norms to restrict the swift spread of the pandemic. Manufacturing facilities worldwide were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the IT industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:

  1. Impact Assessment of COVID-19 Pandemic

    1. North America

    2. Europe

    3. Asia Pacific

    4. Latin America

    5. Middle East & Africa

  2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021

  3. Key Strategies Undertaken by Companies to Tackle COVID-19

  4. Long Term Dynamics

  5. Short Term Dynamics

The Report on Sports Betting Market Highlights:

  • Assessment of the market

  • Premium Insights

  • Competitive Landscape

  • COVID Impact Analysis

  • Historic Data, Estimates, and Forecast

  • Company Profiles

  • Global and Regional Dynamics

Regional Analysis:

Asia Pacific Dominated the Global Sports Betting Market

Asia Pacific dominated the Global Sports Betting Market in 2021 and is likely to continue the same trend during the forecast period. This is attributable to a substantial proportion of young people participating in various regional sports. Furthermore, the rising internet and smartphone penetration coupled with the rising disposable income of the middle-class population is also likely to support the regional growth of the market.

Browse market data Tables and Figures spread through 149 Pages and in-depth TOC on "Sports Betting Market Size, Share & Trends Analysis Report by Platform (Offline, Online), by Betting Type (Fixed Odds Wagering, Exchange Betting, Live/In Play Betting, Pari-mutuel), by Sports Type (Football, Basketball, Baseball, Horse Racing), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".

List of Prominent Players in Sports Betting Market:

  • 888 Holdings PLC

  • Bet365

  • Betsson AB

  • Churchill Downs Incorporated

  • Entain PLS

  • Flutter Entertainment PLC

  • IGT

  • Kindred Group PLC

  • Sportech PLC

  • William Hill PLC

Recent Developments:

January 2022: Flutter Entertainment PLC announced its acquisition of the leading Italian online gambling brand Sisal for €1.913 billion (£1.62 billion) from CVC Capital Partners. Sisal will presumably slot into the Flutter International division, led by the PokerStars brand and supported by Betfair International and recent acquisitions Adjarabet and Junglee Games.

July 2019: The Stars Group Inc. announced that it has entered into an agreement with Penn National Gaming that grants its options to operate online betting and gaming in states where Penn currently owns or operates casino properties.

Key questions answered in the report:

  • Which regional market will show the highest and rapid growth?

  • Which are the top five players of the Sports Betting Market?

  • How will the Sports Betting Market change in the upcoming six years?

  • Which application and product will take a lion’s share of the Sports Betting Market?

  • What is the Sports Betting market drivers and restrictions?

  • What will be the CAGR and size of the Sports Betting Market throughout the forecast period?

This market, titled “Sports Betting Market” will cover complete information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others, as mentioned below:

Parameter

Details

Market Size Provided for Years

2016-2028

Base Year

2021

Historic Years

2016-2020

Forecast Years

2022-2028

Segments Covered

  • Platform

    • Offline

    • Online

  • Betting Type

    • Fixed Odds Wagering

    • Exchange Betting

    • Live/In Play Betting

    • Pari-Mutuel

    • eSports Betting

    • Other Types

  • Sports Type

    • Football

    • Basketball

    • Baseball

    • Horse Racing

    • Cricket

    • Hockey

    • Other Sport Types

  • Region

    • North America

    • Europe

    • Asia Pacific

    • Latin America

    • Middle East & Africa

Region & Counties Covered

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • U.K

    • France

    • Germany

    • Italy

    • Spain

    • Rest Of Europe

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • South East Asia

    • Rest Of Asia Pacific

  • Latin America

    • Brazil

    • Argentina

    • Rest Of Latin America

  • Middle East & Africa

    • GCC Countries

    • South Africa

    • Rest Of Middle East & Africa

Companies Covered

  • 888 Holdings PLC

  • Bet365

  • Betsson AB

  • Churchill Downs Incorporated

  • Entain PLS

  • Flutter Entertainment PLC

  • IGT

  • Kindred Group PLC

  • Sportech PLC

  • William Hill PLC

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis

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