Horse and Sports Betting Market size is set to grow by USD 221.4 million from 2024-2028, Increasing digital connectivity boost the market, Technavio

NEW YORK, June 4, 2024 /PRNewswire/ -- The global horse and sports betting market size is estimated to grow by USD 221.4 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 11.06%  during the forecast period. 

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Market Driver

The global horse and sports betting market is leveraging advanced technologies, particularly machine learning and artificial intelligence (AI), to enhance customer experience and improve business operations. Machine learning algorithms analyze historical and real-time data to provide accurate predictions, enabling effective betting strategies and increased revenues. Vendors are integrating AI tools into their solutions, and the market's growth is anticipated to accelerate due to this technological advancement. 

The horse and sports betting market is currently experiencing significant growth, with various betting options available for horse races and other sports events. Digitalization has played a crucial role in this trend, allowing users to place bets online from anywhere. Football, baseball, and basketball are popular sports for betting, with many bettors also wagering on horse races. Betting types include straight bets, parlay bets, and exotic bets.

Horses are categorized based on their past performance, and bettors use various strategies to increase their chances of winning. Predictive data and analytics are increasingly used to inform betting decisions. Overall, the horse and sports betting market is an exciting and dynamic industry that continues to evolve with technology and consumer demand. 

Market Challenges

• The global horse and sports betting market is subject to various regulatory frameworks in different countries. In some regions like the US and Canada, legalized sports betting is permitted through specific acts and laws. However, in many Asian countries, sports betting is highly restricted, with only authorized entities or online platforms allowed.
• European countries have diverse regulations, with some granting licenses to government-owned entities and others regulating online gambling through specific authorities. Stringent government regulations remain a significant factor hindering market growth.
• The horse and sports betting market faces several challenges. Betting on horses and various sports is popular worldwide, with many choosing to place their wagers online. However, the industry deals with regulatory issues in different regions. Predictive technology and trends, such as volumetric data and real-time analytics, are essential for success.
• Choices are vast, from horse races to football games, making it crucial to offer a wide range of options. Betting on volatility and race conditions is also a challenge. Additionally, customer service and responsiveness are vital to retain clients. Overall, the horse and sports betting market requires continuous innovation and adaptation to meet the evolving needs of consumers.

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Segment Overview 

1. Platform 
• 1.1 Offline betting
• 1.2 Online betting
2. Type 
• 2.1 Fixed odds wagering
• 2.2 Exchange betting
• 2.3 Live betting
• 2.4 esports betting
• 2.5 Others
3. Geography 
• 3.1 Europe
• 3.2 APAC
• 3.3 North America
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Offline betting-  The offline segment of the global horse and sports betting market remains the largest, driven by customer preference and convenience. In regions like North America and Europe, where offline betting is prevalent, companies like Flutter Entertainment dominate with retail outlets. Government regulations and privacy concerns also contribute to the growth of offline betting, particularly in countries with widespread casinos and licensing systems. Self-service terminals and local bookies offering credit betting further boost this segment.

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Research Analysis

The Horse and Sports Betting Market encompasses the activity of wagering on athletic events and horse racing through digital means. With the surge in smartphone usage and wireless connectivity among Indian gambling site users, the market has experienced significant growth. Digital infrastructure development, including the implementation of 5G networks, has facilitated the use of mobile devices for fixed odds wagering and eSports betting.

Internet users increasingly rely on data from sources like DataReportal to inform their betting choices, considering past performance, track conditions, and predicated results. Individuals place bets on various athletic events, such as basketball, and horse races, utilizing the convenience and accessibility offered by the digitalization trends in the betting industry.

Market Research Overview

The Horse and Sports Betting Market encompasses various segments, including horse racing and other sports betting. This market involves wagering on the outcome of horse races and various other sports events. The segment for horse racing betting is significant, with numerous betting types such as win, place, show, exacta, and trifecta.

Betting on other sports, such as football, basketball, and tennis, is also popular. Predictive technologies, like odds prediction and data analysis, play a crucial role in this market. Additionally, mobile platforms and online betting have gained immense popularity, offering convenience and accessibility to users worldwide. The market is subject to regulations and laws, ensuring fairness and transparency.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Platform
• Offline Betting
• Online Betting
• Type
• Fixed Odds Wagering
• Exchange Betting
• Live Betting
• Esports Betting
• Others
• Geography
• Europe
• APAC
• North America
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio