Sports betting have grown very common in today's culture. Sports betting are a sort of gambling that involves placing a bet or stake on the outcome of a sporting event.
It’s being expected that by 2029, the Sports Betting market cap will hit USD 167.66 billion at a CAGR growth of about 10.26%.
Covid-19 Impact & Market Status
From raw material production to completed product distribution, the new coronavirus outbreak has had an impact on numerous industry verticals, including manufacturing. Government institutions around the world, on the other hand, have imposed restrictions on a variety of sporting activities in order to monitor the spread of a fatal virus.
Scheduled events such as the English Premier League, Serie A in Italy, La Liga in Spain, Super Lig in Turkey, and Major League Soccer in the United States were cancelled. The COVID-19 outbreak has a two-fold impact on the online sports and gambling industries.
To avoid the spread of disease, social distance is used all over the world. Many major sporting events have been cancelled around the world, putting the Sports Betting and gambling sector under strain.
Strict limits on people's travel, on the other hand, will have a substantial impact on internet sports and betting activities, as this would favorably redefine the worldwide land-based casino operations. Nonetheless, cancellations of National Leagues and Major Sporting Events have had an impact on the global Sports Betting business due to the ongoing COVID-19 Pandemic. The rise in sporting events opens up a slew of profitable options for other industries, including food, apparel, electronics, and gambling.
In 2020, the online segment had the highest revenue share
The online segment had a revenue share of more than 50.0 percent in 2020, and this is likely to continue throughout the projection period. The internet category is likely to grow at the quickest rate throughout the forecast period. The market is divided into two types of sports betting platforms: offline and online. The increase in the global prevalence of smartphones and linked devices can be ascribed to the growth of the online betting market.
Fixed-odds wagering had the highest revenue share
Fixed-odds wagering had the highest revenue share of over 25.0 percent in 2020, and it is predicted to continue to do so throughout the forecast period. This is due to the fact that people who wager on sports like baseball, football, hockey, horse racing, and basketball are familiar with this betting kind.
In 2020, Europe had the highest revenue share
In 2020, Europe had the highest revenue share of almost 35.0 percent, and this is likely to continue throughout the forecast period. The expansion of the regional market can be linked to the adoption of safety legislation and regulations for both offline and online betting in most of the region's countries
Online betting is one of the many different sorts of sports betting that take place all over the world.
Non-athletic events can also be gambled on, such as political elections and reality show competitions. Betting has altered how people watch and even participate in sports.
India's population of over 400 billion people watches sports every year, and with such a vast audience, betting has become a popular means for many individuals to make money. There are a variety of sites that allow online betting, as well as sports bookmakers that offer a wide range of wagers.
On the internet, there are a plethora of legal sportsbooks, many of which are based in different jurisdictions than the clients they serve. Sports betting is one of the world's fastest-growing industries, and it continues to draw individuals of all ages.
Sport betting is a type of gambling in which one lays a wager based on his prediction of the game's outcome. Betting takes place in a variety of sports, including cricket, football, horse racing, and a variety of others.
Both bettors and athletes have a lot of room for growth in the sports betting business. The sports betting business is certain to grow in the future, as the internet continues to penetrate and change the world.
Virtual sports are becoming increasingly popular, which is changing the way people bet on sports. However, many nations still consider sports betting to be illegal, which is one of the key factors limiting the market's growth.
888 Holdings PLC, Bet365 Group Ltd., Betsson AB, Kindred Group PLC, Ladbrokes Coral Group PLC, GVC Holdings PLC, Paddy Power Betfair PLC, Sky Betting and Gaming, The Stars Group, Inc., William Hill PLC, Borgata Hotel Casino & Spa, and Caesars Entertainment Corporation are among the market's major players. To extend their market presence and obtain a competitive edge in the business, companies are relying on constant product launches and mergers and acquisitions.
Latest Innovations in the Sports Betting Market: a Snapshot
- Betfred Ltd inked the Rugby League "Double" for 2021 in February, with a one-year deal to become the Challenge Cup's title sponsor, extending its long-standing partnership with the Super League.
- Dish Network and DraftKings announced a partnership in March 2021 to bring DraftKings sportsbook and daily fantasy experiences to DISH consumers across the country.
Sports Betting Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2029||USD 167.66 billion|
|Growth Rate||CAGR of 10.26 % during 2021-2029|
|Segment Covered||Platform, Type, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||william Hill (U.K.), Entain (U.K.), 888 Holdings (Spain), Kindred Group plc (Malta), Flutter Entertainment plc (Ireland), The Stars Group inc, (Canada), Bet365 (U.K.)
Bet-at-home.com (Germany), BetAmerica (U.S.), Betfred (U.K.), Betsson (Sweden), Draft Kings (U.S.)
Key Segments of the Sports Betting Market
Platform Overview, 2018-2028 (USD Billion)
Type Overview, 2018-2028 (USD Billion)
- Fixed Odds Wagering
- eSports Betting
Sports Type Overview, 2018-2028 (USD Billion)
Regional Overview, 2018-2028 (USD Billion)
- North America
- Rest of Europe
- The Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa