Sports Betting Market size is set to grow by USD 189.3 billion from 2024-2028, Digital revolution to boost the market growth, Technavio

NEW YORK, June 5, 2024 /PRNewswire/ -- The global sports betting market size is estimated to grow by USD 189.3 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  12.02%  during the forecast period. 

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Key Market Trends Fueling Growth

The sports betting market is experiencing significant growth due to technological advancements, particularly machine learning tools. Vendors are investing heavily in these methods, which make accurate predictions based on real-time data from various sources. Machine learning models require well-organized data for analysis, making them ideal for sports events with large volumes of data.

As machine learning becomes more prevalent, automated tools and robots are expected to dominate the market, driven by vast amounts of data. Tech companies with access to cutting-edge technologies and large data sets are poised to become major players in the industry. Sports bettors will need to familiarize themselves with new machine learning algorithms to increase their efficiency. 

The sports betting market is currently experiencing significant growth, with key trends including the use of mobile platforms for betting, cashless transactions, and real-time betting. Betting on sports such as football, basketball, and tennis is popular, with many operators offering various markets and live streaming services. Devices like smartphones and computers enable users to place bets from anywhere at any time.

Additionally, the integration of technology like artificial intelligence and machine learning is enhancing the betting experience by providing personalized recommendations and analysis. Overall, the sports betting industry continues to evolve, offering new opportunities for businesses and consumers alike. 

Market Challenges

• Government regulations significantly impact the global sports betting market. In various countries, betting in sports is regulated through acts, legislation, and specific laws. Some countries allow betting on certain sports or online betting, while others have monopolies. Strict regulations in Europe limit the number of licensed entities and impose high tax rates.
• Countries like Indonesia, Brazil, Iran, Qatar, Saudi Arabia, and Alabama have banned or restricted gambling in various forms, resulting in lost revenue for operators and platform providers. These regulations are expected to challenge the growth of the global sports betting market.
• The sports betting market faces several challenges in the modern world. Devices and technology, such as smartphones and the internet, enable betting from anywhere at any time. However, this convenience comes with risks, including the potential for problem betting and underage access. Regulations and laws vary widely, making it difficult for firms to operate consistently.
• Additionally, sports organizations and leagues must consider the impact of betting on the integrity of their competitions. Sports betting is a significant industry, with millions of users worldwide. However, firms must navigate these challenges to ensure they provide a safe and fair betting experience for their customers.

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Segment Overview 

1. Platform 
• 1.1 Online
• 1.2 Offline
2. Type 
• 2.1 Basketball
• 2.2 Horse riding
• 2.3 Football
• 2.4 Others
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Online-  The online sports betting market is experiencing robust growth, driven by technological advancements and favorable regulatory changes. Key factors include the expanding betting market, Internet and smartphone penetration, customer migration, and platform quality. Regions like APAC and MEA offer significant growth potential due to digitalization and smartphone usage.

Strategic alliances, such as DraftKings' acquisition of Golden Nugget Online, and favorable regulations, like Germany's new State Treaty on Gambling, are major drivers. Despite challenges in unregulated markets, the online segment is expected to continue growing due to increased mobile usage and positive regulatory changes.

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Research Analysis

The Sports Betting Market encompasses various types of sports, including Baseball, Basketball, Cricket, NFL, Horse Racing, Tennis, and more. Betting sites and platforms have become increasingly popular among convenience-seeking users, particularly those utilizing Mobile devices and Smartphones.

Digital infrastructure and wireless connectivity are essential components, enabling Online betting on a global scale. Sports Type diversity caters to DataReportal's extensive user base, with Virtual Reality technology adding an immersive experience. Casino Gambling is also a significant sector within this market. Uplatform and other similar services provide users with a one-stop solution for various betting needs.

Market Research Overview

The Sports Betting Market encompasses various betting types and sports, providing entertainment and potential financial gains for participants. Betting types include straight bets, parlays, futures, and live betting. Popular sports for betting include football, basketball, baseball, tennis, golf, and horse racing. Betting strategies, such as handicapping and trend analysis, are employed to increase the chances of winning.

Cash out options allow bettors to settle their bets before the event's conclusion. Devices and platforms, like desktops, mobile phones, and betting apps, facilitate convenient access to sports betting markets worldwide. Sports betting involves risks, and it is essential to gamble responsibly and adhere to local regulations.

Table of Contents:

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

• Platform
• Online
• Offline
• Type
• Basketball
• Horse Riding
• Football
• Others
• Geography
• APAC
• Europe
• 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