Market Overview –
Global online sports betting market is expected to rise at a 10.23 percent CAGR between 2017 and 2022. (2022-2027). People turned to the internet more frequently during lockdowns during the COVID-19 epidemic because they needed a way out of their financial, social, and psychological issues. Consumer interest in online betting platforms has grown as a result of the simplified experience of being able to access the full list of betting markets from their desktop or mobile devices, according to a study by Lund University in Sweden.
FIFA World Cup and European Championships are two major tournaments where online sports betting is used. Horse racing and tennis are some popular sports for which bets may be placed online. Sponsoring several teams is a common marketing strategy for many of the major online sports betting providers. The Gaming Innovation Group (GIG) has unveiled a cutting-edge sports betting technology in time for the 2020 UEFA Euro Cup. Operators will be able to outperform their competition by providing their customers with a superior user experience thanks to platform services that are quick, adaptable, and data-driven in nature.
Market Scope –
Sport betting is the practise of wagering money on the outcome of a sporting event. The most popular sports to wager on are football, basketball, horse racing, cricket, and a variety of others. In the global online sports betting industry, you may bet on anything from football to horse racing to e-sports.
By platform, the market is divided into desktop and mobile. The craft beer market in rising and established regions like North America, Europe, Asia-Pacific, and the rest of the world is also examined in this report. There are market estimates and forecasts for each of the above segments of the online sports betting market in terms of value (USD million).
Market Challenge –
The sports betting business will face a big obstacle due to severe government controls and limits. In many nations, sports betting is heavily regulated by the government through regulatory acts and particular laws. Most countries have heavily controlled sports betting, despite the fact that other countries, including the United States, have authorised sports betting in various states.
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Some governments allow betting on certain sports, while others allow just online betting or the management of sports betting by recognised firms. Most nations in Asia prohibit or severely regulate sports betting. Because of this, monopolies have grown in a number of countries. Strict government regulations around the globe are predicted to impede the expansion of the global sports betting industry over the forecast period.
Market Report Highlights –
In terms of platforms, online was the most profitable in 2020 and is anticipated to remain so for the foreseeable future. Increasing use of smartphones and other connected gadgets can be linked to this. Over the projection period, the fastest rate of growth is expected in this market.
In 2020, the football segment accounted for the biggest percentage of sports-related revenue, and it is predicted to hold that position throughout the forecast. Over the course of the forecast period, this segment is expected to grow at the fastest rate.
In 2020, Europe is likely to hold on to its position as the market leader. Sports betting rules and restrictions, popularity, and a strong fan base for football, as well as a slew of market participants in the area, are all to blame for this.
Key Players –
888 Holdings Plc
Bet365 Group Ltd.
Churchill Downs Inc.
Flutter Entertainment Plc
GVC Holdings Plc
Kindred Group Plc
The Stars Group Inc.
Webis Holdings Plc
William Hill Plc
By Type –
Other Sports Types
By Applications –
Others Sports Applications
Recent Development –
When Sports Illustrated’s maiden foray into US online sports betting and igaming was launched in September 2021, Novel Corporation teamed up with 888 Holdings to supply its fast bank transfer payment system. Using Nuvel’s Instant bank transfer technology, consumers will be able to fund their bank accounts in real time.
Rhino, LeoVegas’ online gambling technology platform, will be launched in the United States in June 2021. As a result of a market access deal, LeoVegas is now able to provide online casinos in New Jersey.
By 2021, William Hill US and Caesars Entertainment partnered to open a sportsbook on the go for customers in Virginia. The app’s registration process is swift and safe, and there are numerous ways to deposit and withdraw money.