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Sports Betting Market Surpass US$ 13,941 Mn by 2028 | CAGR 10.2% Report by Acumen Research and Consulting
The Global Sports Betting Market accounted for US$6,529 Mn in 2020 and is expected to reach US$ 13,941 by 2028 with a considerable CAGR of 10% during the forecast period of 2021 to 2028.
New sports betting trends emerge as a result of people’s rising affinity for betting, ongoing updates, and technical breakthroughs. The sports betting industry is constantly upgrading, which is empowering this sector and making it comparatively more high-tech ultimately leading to success and expansion in the upcoming years. Whether it’s the integration of cutting-edge technologies or increasing the number of consumers, there are a slew of reasons why this business is capturing the attention of the entire world and enticing investors from all over the world.
Global Sports Betting Market Dynamics
The global sports betting market is primarily driven by the growing population betting in this market. This is due to the easy earning of money, the rising number of sports betting apps that provide easy betting guidelines and a rising inclination of youth across the world in the betting industry. After the COVID-19 pandemic (2020), the sports betting industry is coming on track with all the postponed or canceled events restarting in 2021. Thus, a huge rise in the market was witnessed in the year. Besides, large-scale advertising on sport betting apps has also driven a huge amount of crowds to start betting in the industry.
An increase in the number of sports and events across the world coupled with surging digital infrastructure has created a surplus amount of opportunities in the global sports betting market. However, growing concerns over illegal betting and strict regulations for betting are some of the factors that are likely to curb the growth of the market. According to the Illegal Gambling Statistics, illegal gambling activities have been estimated to be around $1.7 trillion each year. Conversely, the advent of 5G technology is expected to create numerous growth opportunities for the market in the coming years. Furthermore, the application of artificial intelligence and blockchain technology has enabled a lot of transparency in the betting process, which eventually supports the substantial growth of the sports betting market.
Growing number of online betting apps surges the demand for online platform
The platform segment is sub-segmented into online and offline. Based on the platform segment, the online segment accumulated for the maximum share in 2020. The rising penetration of smartphones has enabled a majority percentage of crowds to bet at home or anywhere they are which has been a strong growth opportunity for the online platform segment. On the other hand, online sports betting occur mostly during the events such as European Championship, FIFA World Cup, IPL, American Football Leagues, etc.
High percentage of profits earned by fixed odd wagering commands the betting type segment
Live/in-play betting, fixed odds wagering, exchange betting, pari-mutuel, esports betting, and others are the categorization of type segment. Among them, the fixed odd wagering segment dominated the market with a high percentage of shares in 2020. This is credited to the ease of this betting type among people that bet on sports, such as football, hockey, baseball, basketball, and horse racing and internationally.
Huge betting revenue generated from football events propels the segmental growth
Based on sports type, the market is classified into football, basketball, baseball, cricket, hockey, horse racing, and others. Football, among all the sports, conquered the largest market share and is likely to register the fastest growth throughout the forecast period 2021 – 2028. The high popularity of these sport worldwide, chances of winning a large sum of money, and extensive opportunities offered by the European region in football betting are the major aspects driving the growth of the market.
Sports Betting Regional Stance
The global classification of the sports betting market includes Europe, Asia-Pacific, North America, Latin America, and the Middle East & Africa. Among all the regions, Europe subjugated a lion’s share in the regional scenario. Factors such as the high trend on football betting in countries such as Germany, the UK, Italy, Spain, etc, and the popularity of Euro football leagues in the region propels the market dominance of the EU region. Furthermore, the APAC sports betting market is anticipated to witness the fastest growth during the forecast period. This is attributed to the growing inclination of the APAC population towards sports betting, yearly events in India such as IPL, and growing urbanization in the emerging markets.
Major Players
The sports betting market is consolidated with a large number of players. The prominent players presented in the report include 888 Holdings Plc, Bet365, Betsson AB, Churchill Downs Incorporated, Entain plc, Flutter Entertainment Plc, IGT, Kindred Group Plc, Sportech Plc, William Hill Plc, and others.
For instance, on September 08, 2021 – 888 Holdings plc has partnered with Genius Sports Limited to provide SI Sportsbook with market-leading official data and trading features. Genius Sports is expected to supply pre-game and in-game content across top tier U.S. sports properties such as the NBA, NASCAR, NFL, and NCAA as a result of the relationship.
Moreover, on October 18, 2021- Bet365 launched cross-vertical shared wallet functionality. Customers may now access their funds in a single balance rather than having to set up separate wallets for each vertical.
Industry News
Double win for Kaizen Gaming at the SBC Awards Latinoamérica 2024
Kaizen Gaming, one of the biggest GameTech companies in the world, had an impressive double-win at the SBC Awards Latinoamérica 2024 on the 31st October in Miami, Florida. Awarded ‘Brazilian Market Entrant of the Year’, and ‘Marketing Campaign of the Year’, the two wins follow an impressive year of growth and exposure for Kaizen Gaming, as well as its premium brand Betano, across Latin America and globally.
Betano is rapidly growing its user base and presence in Brazil, serving as the main and title sponsor of Brasileirão Betano and Copa Betano do Brasil. As a founding member of the ANJL and IBJR regulatory bodies, Betano is recognised for its dedication to upholding the highest standards of responsible gaming and integrity. Furthermore, the Betano brand has launched multiple CSR initiatives across the country in partnership with sponsored team, Clube Atlético Mineiro. It also recently launched the “Juntos em Campo” long-term program in cooperation with CBF (Brazilian Football Confederation) to promote initiatives focused on gender equality.
Awarded for the results and creativity of its innovative “Football in America” marketing campaign, Betano successfully introduced Latin America to its “Confia” brand platform by leveraging on its CONMEBOL Copa America 2024 sponsorship. The campaign chimed with the spirit of fans across the continent by celebrating Latin America’s rich football heritage, playfully responding to Kylian Mbappe’s 2022 comments questioning the region’s football quality.
Vangelis Skarkalis, Kaizen Gaming Senior Commercial Director LATAM, said: “Latin America is one of the world’s most dynamic and exciting regions for i-gaming. Being recognised as a leading player in this important market with two wins at the prestigious SBC Awards Latinoamérica is a great honour – especially on the heels of our recent double-win as ‘Operator of the Year’ at both the EGR Operator Awards and SBC Awards. Achieving this success requires an exceptional team of dedicated, ambitious professionals. This award honours everyone’s hard work and commitment to always going above and beyond in delivering the best experiences for our customers not only in Latin America, but worldwide too.”
Latest News
Amusnet Teams Up with Betcity.nl for Market Expansion in the Netherlands
Amusnet proudly announces its partnership with the Netherlands operator Betcity.nl, marking a key step in strengthening its presence within the Dutch market. This collaboration combines Amusnet’s dynamic gaming content with Betcity.nl’s established reputation for providing exceptional online experiences to Dutch players. The partnership promises to offer an enriched gaming selection while maintaining the highest compliance standards in the Netherlands’ regulated market.
“Teaming up with Betcity.nl represents an exciting and strategic opportunity for Amusnet to bring forward our portfolio to the Dutch market in collaboration with a trusted local brand. We are motivated to jointly enhance the gaming experience with high-quality content that aligns with local players’ preferences,” said Dimitri De Temmerman, Managing Director Amusnet BNL.
The post Amusnet Teams Up with Betcity.nl for Market Expansion in the Netherlands appeared first on European Gaming Industry News.
Balkan's
BEGE celebrates 15 years as Eastern Europe’s premier gaming expo
The most significant event for the gaming industry in Eastern Europe – the Balkan Entertainment & Gaming Expo (BEGE) – will bring together leading companies, innovators, and industry representatives on November 27 and 28 for its 15th-anniversary edition. In celebration of this milestone, the organizers have prepared numerous surprises and special awards.
Once again, BEGE will offer a rich program, uniting industry leaders, investors, and successful entrepreneurs to share ideas, technologies, and inspiration. Visitors will have a unique opportunity to explore the latest gaming technologies, try out innovative solutions, and enjoy impressive demonstrations.
Traditionally, the first and second days of the event feature the EEGS conference, where internationally recognized speakers will present analyses and discussions critical to the development of the gaming industry. Special panels will provide a platform for leading gaming experts to discuss the future of the industry, emerging trends, and initiatives promoting responsible gaming practices.
For the first time, BEGE will welcome startups, offering them the opportunity to participate in Gaming StartUp Challenge 6.0. This challenge provides a unique opportunity to meet with key industry figures. The most promising startups will be recognized and granted invaluable access to the experience and insights of industry leaders.
As always, the exhibition begins with the BEGE Awards ceremony, a symbol of recognition for innovation, outstanding achievements, and success across various sectors of the gaming industry, with awards such as “Online Provider of the Year” and “Online Game of the Year.” The awards will be presented on November 26 at an elegant dinner at Black&White club in Sofia’s Grand Hotel Millennium.
A key highlight of the program is the Proximity Zone, providing companies with additional visibility through live-streamed interviews and product presentations with leading global brands and experts.
BEGE is a must-attend event for anyone with an interest in the gaming industry. This year, more than 80 exhibitors and over 6,000 visitors from 70 countries are expected, making it a place where the passion for gaming and innovation meets business opportunities.
The post BEGE celebrates 15 years as Eastern Europe’s premier gaming expo appeared first on European Gaming Industry News.
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