Internet Sports Betting Market
- Vikas Kumar
- November 29, 2022
- BLOG, TELECOM & IT
- Internet Sports Betting Market
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Predicting Sports results and making a bet on the outcome is known as sports betting. The most popular sports for wagering, both at the amateur and professional levels, include association football, American football, basketball, baseball, hockey, track cycling, car racing, mixed martial arts, and boxing. The frequency of sports wagering varies by culture. In addition to political elections and reality show competitions, non-human competitions like horse racing and greyhound racing are also open to sports betting.
The size of the global sports betting market, estimated at USD 76.75 billion in 2021, is expected to increase by 10.2% CAGR from 2022 to 2030. The growing popularity of connected devices, the prevalence of sports betting, and the evolving digital infrastructure all contribute to the demand for sports betting. Due to restrictions on sports in most of the world, the COVID-19 epidemic had a significant impact on the sports industry. However, eSports betting caused online sports betting to grow in popularity throughout the world.
Every industry was significantly impacted by technology. The gambling business, however, was most negatively damaged, and the main sports betting organizations are working hard to make their platforms simple and enjoyable. Therefore, the market’s online segment, which will experience considerable expansion in the forecast period, is projected to be impacted by the growing requirement for digitalization. However, the frameworks are subject to regulation by various governments in order to offer consumers new options for employment and novel experiences.
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Domination of Digitalization in Sports Betting Market
The online platform category led the market in terms of platforms, and it is anticipated that it will continue to lead the market at the conclusion of the forecast period, growing at a CAGR of 12.6%. The worldwide rise in smartphone and internet usage is to be blamed for the predicted development. The lifestyle of the world’s people has been impacted by technological advancement and digitization. Financial development, a rise in living standards, and an increase in discretionary income are codependent elements.
While the E-Sports betting segment is predicted to develop at the quickest CAGR of 14.8% throughout the projection period, the fixed odds wagering segment held a market share of over 25% in 2021. Data estimates that 60.0% of people worldwide have internet connection. The majority of clients partake in leisure pursuits like sports betting and are also looking for additional revenue. The kids are also becoming more interested in interactive games. While a sizeable portion of the public participates in competitive games for amusement, money, and hobbies, eSports events draw significant crowds. As a result, the industry has started to capitalize on the possibility through E-Sports betting.
Global Sports E-betting Market
The majority of money made from all other sports, in terms of sport, goes to football matches. Football currently holds a market share of over 23.0% and is anticipated to grow over time. Horse racing, which has the second-largest market share after football, is anticipated to expand at a CAGR of 10.3% over the course of the projected year. The sectors for baseball and basketball are also anticipated to expand by around 10%. Numerous sports in general are anticipated to expand. The growth and yearly events of sports leagues like the NFL, IPL, EFL, and others are elements influencing the development of these categories.
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Conclusion
In terms of region, Asia is generating the highest revenue of 30% in 2021 and Europe takes the second place in the generating the highest revenue. Online Sports betting market is growing rapidly, as per the data the rapid pace in the growth of Online sports betting market came after the pandemic and this will grow proportionately with the growing rate of smartphone users.
As things will become more digitalized the opportunity of growing this market will be higher.
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