Sports Betting Market Size Is Likely to Experience a Tremendous Growth of USD 167.66 billion by 2029, registering a CAGR of 10.26 % by Size and Share, Industry Growth, Regional Outlook, Challenges and Analysis

 

A Qualitative Research Study accomplished by Data Bridge Market research’s database of 350 pages, titled as “Global Sports Betting Market” with 100+ market data Tables, Pie Charts, Graphs & Figures spread through Pages and easy to understand detailed analysis. Sports Betting Market research report works as a best solution to know the trends and opportunities in the Sports Betting Market industry. The report has been framed with the most excellent and superior tools of collecting, recording, estimating and analyzing market data. This report gives broader perspective of the market place with its all-inclusive market insights and analysis. The information, statistics, facts and figures delivered via this report helps companies in Sports Betting Market industry to maximize or minimize the production of goods depending on the conditions of demand.  Sports betting markets are similar to traditional financial markets in several aspects. Sports betting markets potentially have much in common with stock markets. Events on which wagers are made could be anything from more traditional activities such as dog or horse to sports like American football and soccer. Bets are normally made through bookmakers which is also known as sports books. These bookmakers operate both as land-based establishments, such as at casinos or betting shops, and online.

Data Bridge Market Research analyses that the Sports Betting Market was valued at USD 76.75 billion in 2021 and is expected to reach USD 167.66 billion by 2029, registering a CAGR of 10.26 % during the forecast period of 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and consumer behavior.

Market Overview:-

Sports betting markets are similar to traditional financial markets in several aspects. Sports betting markets potentially have much in common with stock markets. Events on which wagers are made could be anything from more traditional activities such as dog or horse to sports like American football and soccer. Bets are normally made through bookmakers which is also known as sportsbooks. These bookmakers operate both as land-based establishments, such as at casinos or betting shops, and online.

Sports betting are the activity which is work for predicting sports results and then placing a wager on the outcome. The occurrence of sports bet upon differs by culture, with the vast mainstream of bets being placed on association such as mixed martial arts, American football, basketball, baseball, hockey, track cycling, auto racing, and boxing at both the personal and amateur levels. Sports betting can also prolong to non-athletic events, like politics election and reality show contests. This is also for non-human contests like greyhound racing, horse racing, and illegal, underground cockfighting.

Opportunities

The large number of customers are engaging in leisure activities such as sports betting and try to seeking extra income with entertainment. Moreover, interactive games are gaining the interest of the young generation. Although a significant number of population is indulging in competitive matches for hobby, entertainment and income which attract large audiences which will act as market drivers and further boost opportunities for the market’s growth rate.

Moreover, surge in purchasing power of middle-income groups, expansion of distribution channels, and rise in awareness regarding the products and smart strategic marketing activities will positively affect the growth of the sports betting market. Also, application of 5G networks, A.I. and block chain technologies extend the beneficial opportunities to the market players.

Some of the major players operating in the sports betting market are:

  • 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.)
  • Fan duel (U.S.)
  • Gala coral group (U.K.)
  • Ladbrokes (U.K.)
  • Sportech PLC (U.K.)
  • TVG (U.S.)
  • Twinspires (U.S.)
  • Watch and Wager (U.S.)

Research objectives

  • To study and forecast the market size of this in global market
  • To analyze the global key players, Porte’s Five Forces analysis, value and global market share for top players
  • To define, describe and forecast the market by type, end use and region
  • To analyze and compare the market status and forecast among global major regions
  • To analyze the global key regions market potential and advantage, opportunity and challenge, restraints and risks
  • To identify significant trends and factors driving or inhibiting the market growth
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies

Sports Betting Market Dynamics

Drivers

Rising the usage of online betting

There are many areas where peoples involving in online gambling, especially sports betting, this attracts mostly the younger population. It also reaches to that population which does not follow the sports and is available in many countries where sport betting is legal or illegal. The average age group of an online sports bettor is 38 years whereas the average age of a land-based sports bettor is 45 years. Due to increasing population towards sports betting are expected to drive the market growth rate.

Growing digital infrastructure

The growth of digital infrastructure and the prevalence of wireless connectivity are expected to drive the sports betting market growth rate. The rising usage of smartphones has changed the way of performance of consumer’s activities especially in sports betting. There are around 6.3 billion smartphone users globally and this number is increasing every year which is the main reason for enhancing the population in Sports Betting Market.

Shifting consumer habits

There has been a substantial change in the consumer behavior regarding sports betting. The rise in the popularity of social gambling and gambling apps will drive the growth of the sports betting market during forecast period. Now, Vendors are taking advantage of those population which is using Internet to develop innovative social gambling games. The large number of people participating in social gambling which is also growing because of competing with their friends is the major reason for the gamers to adopt social gaming.