Growing Safe Betting Campaigns Coupled with Digital Advancements to Push Sports Betting Market to Exhibit CAGR of 11% from 2019 to 2027, finds TMR
As the landscape of virtual sports betting flourishes and provides real value to the economies of several countries, there has been a fundamental change in terms of how sports betting is now being perceived
Legalization of sports betting in some regions is expected to help bring a transformative growth in future years.
ALBANY, New York, Feb. 6, 2020 /PRNewswire/ -- A recent research published by Transparency Market Research provides the reader with ample information and insights about the overall working dynamics of the global sports betting market. The research report expects the global market to exhibit a highly promising CAGR of 11% over the course of the given period of forecast ranging from 2019 to 2027. The market initially registered a valuation worth US$238.09 bn in the year 2018. And in 2019, the market reached the valuation of US$261 bn. naturally, with such high rate of growth, the market is on course to achieve a stellar valuation in the near future.
"The growth of the global sports betting market is actually boosted by the growing usage of smartphone devices. The trend of 'bet anytime anywhere' is taking a massive hold on the masses. Growing penetration of new wireless gadgets and introduction of highly interactive and user-friendly applications are expected contribute considerably in terms of market development," notes TMR analysts.
Key Findings of the Research Report:
Depending on the game type, the global sports betting market is further segmented into football, baseball, basketball, hockey, cricket, tennis, golf, boxing, auto racing, horse racing, and others.
Of these, the segment of football presents the most lucrative business opportunities in the near future because of its mass following and euphoria surrounding the matches.
In terms of platform, the global market is further segmented into online and offline. The offline segment has traditionally been the dominant segment. However, with the growing penetration of internet, legalization of betting in some key areas, and growing trend of bet anywhere anytime is pushing the growth of the online segment. Furthermore, the leading companies in the global market are coming up with interactive and user-friendly mobile applications. This too is projected to drive the growth of the online sports betting segment.
Explore a report with detailed research, incisive insights, and in-depth country levels estimations. Gain business intelligence on global Sports Betting Market - Platform: Online, Offline; Game Type: Football, Baseball, Basketball, Hockey, Cricket, Tennis, Golf, Boxing, Horse Racing, Auto Racing, Others – 2019 – 2027 at: https://www.transparencymarketresearch.com/sports-betting-market.html
Global Sports Betting Market – Key Drivers
One of the biggest drivers for the market in recent years is the emergence of online sports betting. Growing penetration of the internet allows users to stay more updated and make informed bets with higher percentage of winning.
Another key driving factor for the market growth has been the introduction of safe betting campaigns and bet responsibly campaigns. These campaigns are undertaken by the sport betting market players to promote betting in a healthy manner. Moreover, the new applications have built in caps to restrict the amount of daily play. Such steps are thus helping to promote sports betting as part of an overall sport entertainment package.
With sports activities only increasing each passing year and with growing number of events to cover, this provides the sports betting enthusiasts with broad range of options to bet on.
Growing legalization of sports betting in some of the key regions across the globe is expected to act as strong market driver.
There are however some factors that may impede the growth of the global market and stop it from reaching its full potential.
Even though there are some strict norms in place, betting is still looked upon as an addiction, and which is actually true. This is the reason why sports betting is still illegal in several parts of the globe.
Moreover, there is serious lack of awareness and programs that promote healthy betting. Such programs and campaigns are currently limited to only select areas and thus their slow outreach may act as restraining factor for the market growth.
Another important restraining factor is the threat of online malware attack. With the current systems not being entirely hack-proof, there are some chances of malicious cyberattacks threatening the growth of the sports betting market.
Europe is expected to remain the global leader in terms of revenue and growth. Presence of several key brands and frenzied sports following in the region are some of the key reasons behind the dominance of the region.
Asia Pacific is expected to show great promise, particularly led by emerging nations such as India and China.
Analyze Sports Betting Market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Global Sports Betting Market – Competitive Analysis
The vendor landscape is fragmented due to presence of several key players. These companies are trying to outpace each other with innovative product offering and attractive sports betting odds. Moreover, technological expertise is also helping some of the key players to stand out from the others.
Some of the notable brands in the global market are Bet 365 Group, GVC Holding, The Star Group, and William Hill Plc among others.
The global sports betting market has been segmented as follows:
Global Sports Betting Market by Platform
Global Sports Betting Market by Game Type
Global Sports Betting Market by Region
Rest of North America
Rest of Europe
South East Asia
Rest of Asia Pacific
Middle East & Africa
Rest of Middle East & Africa
Rest of South America
Explore Transparency Market Research's award-winning coverage of the Global Consumer Goods and Services Industry:
Online Gambling & Betting Market– The Global market is expected to reach a value of US$ 128.2 Bn by 2026. Increase in prevalence rate of gambling, rise in disposable income of consumers, trust in the mode of online gambling and betting, growth in penetration rate of Internet, and adoption of Internet-based devices are major factors driving the market.
Sports Betting Kiosk Market – In recent years, there has been a growing demand for sports betting kiosks at sports clubs and stadiums. This factor coupled with the lenient betting laws in some of the geographical regions are expected to be the chief driving factors for the growth of the global market.
Board Games Market – Increasing popularity of board games due to growing number of games bars and cafés all over the world is boosting the market growth. Rising count of teenagers and adults interested in strategy and war based games is expected to stimulate the growth of the board games market in the coming years
Playing Cards Games Market– The market is expected to grow competitive with passing time. This is because of the re-emergence of these table top games in their digitize avatars. Based on the vast reach of internet and growing use of smartphones by people of every generation are the major factors toughening the competition for the players in global market.
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