07 Sep, 2021, 08:30 ET
NEW YORK, Sept. 7, 2021 /PRNewswire/ -- As per the findings of Zion Market Research study, sports betting industry gathered revenue about US$ 131.1 billion during 2020 and is slated to earn revenue of approximately US$ 179.3 billion during 2028. The sports betting market is projected to register highest gains of approximately 8.83% during 2021-2028. Additionally, sports betting activities coincide with events witnessed in stock markets. Moreover, in both sports & stock betting markets huge number of players risk capital along with acting on best available information in competitive settings. One can find a reasonable proportion of efficiency in both sports as well as stock betting markets. Nevertheless, some weak form of inefficiency is experienced in sports betting in baseball and basketball as compared to betting in horse racing. With outbreak of COVID-19 pandemic, online sports betting activities are gaining traction across globe. Reportedly, legalization of sports betting activities in the U.S. is predicted to boost popularity of sports betting activities in coming years. For the record, in May 2018, the U.S. Supreme Court overturned PASPA (Professional and Amateur Sports Protection Act) of 1992 through introduction of tenth amendment that restricted sports betting activities to only few states since past two decades. Moreover, due to this legislation nearly seven states had legalized sports betting by 2018.
Earlier, due to the law only four states including Montana, Oregon, Nevada, and Delaware were permitted sports betting. Reportedly, nearly eight states have legalized sports betting in 2019 and more likely to follow suit in coming years. Sports betting remain one of few key growth areas for online gambling & betting and will witness humungous growth in years ahead. Rise in penetration of smartphones across globe will aid demand for online sports betting activities, thereby driving market trends. With laws pertaining to gambling & betting beginning to change in Asia, the market for sports betting in region is anticipated to expand in near future. Reportedly, in Australia, National Basketball Association (NBA) has entered into partnership with BetEasy- a firm offering online sports betting. The latter possesses rights for accessing NBA assets in its promotional content and in return promotes NBA sports activities throughout Australia.
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Sports Betting Market: Report Scope
Market Size 2020 Value
US$ 131.1 billion
Market Forecast for 2026
US$ 179.3 billion
Expected Growth Rate
CAGR 8.83% from 2021-2028
Top Market Players
William Hill PLC, Bet365 Group Ltd., 888
By Sports Type, By Platform, and Regions
North America, Europe, Asia Pacific, Latin
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Furthermore, sports betting activities are set to witness increase in demand in territories outside UK as the latter has strict laws governing sports betting. This will further influence growth of sports betting market over years ahead. For the record, in November 2020, federal justice minister in Canada introduced a Bill C-13 for amending criminal code, thereby overturning ban on single event sport betting. This could result in avoiding funding of illegal sports betting activities and will drive growth of sports betting market in Canada. Apart from this, the bill if passed can help in garnering huge revenues for state. All such strategic moves can aid growth of sports betting market within next few years.
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Massive Revenue Crunch & Need for New Income Sources during COVID to Drive Market Growth
Economic activities have taken severe hit due to lockdown as a result of onset of COVID-19 pandemic. This has disrupted earning source as well as GDP of several countries. Hence, countries across globe are trying to search for new revenue streams and have found sports betting as a new source of direct revenue that can increase data sales & sponsorships as well as ads with sports books. This will drive sports betting market trends. Apart from this, sports betting reforms can also assist in aiding indirect revenue for government with surge in sports fan engagement, merchandise sales, partnerships, and media right transactions. Revenue accrued from sports betting activities can offset decline in earnings from other revenue sources impacted due to COVID-19 pandemic. Apparently, broadcasters make use of over-the-top tools for generating new digital products that help in delivering second-screen experience to viewers while broadcasting live sports activities and this can unlock new growth opportunities for sports betting market over coming years.
With sports betting firms eager for entering into strategic alliances with various traditional sports institutes through sponsorships, the sports betting market earnings is anticipated to reach its peak in coming decade. Furthermore, rise in esports activities will also contribute significantly towards overall industry size in forthcoming years.
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North American Sports Betting Industry to Witness Massive Surge By 2028
With nearly twenty-four states in the U.S. passing legislation in November 2020 for reforming sports betting, the market in North America is slated to register immense growth over forecast period. As per Canadian Gaming Association, C$ 15.2 billion was spent on sports betting in Canada during 2020. With legalization of single game sports betting in Canada in August 2021, the sports betting market revenue in country is likely to hit nearly c$ 28.1 billion by 2026 with a CAGR of nearly 123% in next five years. This means, sports betting market in Canada will expand nearly seven times the size of spectator-sports market in the country over 2021-2026. All these aspects will create new growth avenues for sports betting market in North America during 2021-2028. Furthermore, legalization of sports betting activities in countries such as the U.S. and Canada is slated to benefit provincial governments as well as industries in these countries.
Key stakeholders in sports betting ecosystem are focusing on creating new revenue streams through increase in fan & customer engagement, thereby driving sports betting business throughput in terms of revenue. Some of the stakeholders profiled in our report include William Hill PLC, Bet365 Group Ltd., 888 Holdings PLC, DraftKings, GVC Holdings PLC, Betsson AB, Kindred Group, The Stars Group Inc., Paddy Power Betfair PLC, and BetAmerica.
This review is based on a report by Zion Market Research, titled, "Global Sports Betting Market-by Platform (Online and Offline), by Type (Line-In-Play, Fixed Old Betting, Exchange Betting, Daily Fantasy, Spread Betting, E-Sports, Pari-Mutuel, and Others), and by Sports Type (Football, Baseball, Basketball, Hockey, Cricket, Tennis, Golf, Boxing, Horse Riding, Auto Racing, and Others): Industry Perspective, Comprehensive Analysis, and Forecast, 2021—2028"
This report segments the global sports betting market into:
- Fixed Old Betting
- Exchange Betting
- Daily Fantasy
- Spread Betting
By Sports Type
- Horse Riding
- Auto Racing
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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