Sports Betting Market size to grow by USD 143.73 billion from 2023-2027, Market growth at 10.09% CAGR expected during the forecast period, Technavio

NEW YORK, March 25, 2024 /PRNewswire/ -- The global Sports Betting Market size is estimated to grow by USD 143.73 billion from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 10.68% during the forecast period. APAC held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 42%. 

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What's New?

• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession 
• Global competitiveness and key competitor positions 
• Market presence across multiple geographical footprints - Strong

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Segment Overview
Technavio has segmented the market based on type, Type (Basketball, Horse riding, Football, and Others) and Geography (APAC, Europe, North America, South America, and Middle East and Africa). 

• The basketball betting segment is poised for significant growth, offering various wagering options like point spreads and over/under bets. The market, valued at USD 50.17 billion in 2017, benefits from the rise of NBA events and online platforms like DraftKings and Bet365, driving industry expansion.

Geography Overview
By geography, the global sports betting market is segmented into APAC, Europe, North America, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global sports betting market.

• APAC is expected to contribute 42% to the global industry's growth. Regional trends vary, with emerging APAC countries betting on cricket, horse racing, and soccer. Regulations vary, from China's strict controls to the US's expanding sportsbook operations. Latin America shows potential, with states like Texas and Florida implementing legislation to address growing interest. While gambling is banned in Singapore, India's fantasy sports platforms, like Dream 11, drive industry growth.

Insights on the market contribution of various segments including country and region wise, historic (2017 to 2021) and forecast market size (2023 to 2027) 

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Market Dynamics

The digital revolution is a key factor driving the betting industry's growth:

The digital revolution propels the betting industry's growth, with global Internet penetration surpassing 63% in 2021, led by APAC. Cloud platforms for data storage, increased online transactions, and faster Internet speeds have transformed the landscape. Consumers now prefer online betting due to easy access, mobile apps, and advanced statistics, enhancing market growth.

• A prominent trend in the worldwide market is the growing influence of technologies like blockchain, virtual reality, and AI, particularly machine learning. The market is anticipated to expand due to heightened consumer demand driven by technological advancements. Key market players are directing substantial investments toward machine learning tools, yielding promising predictive results. It is imperative to monitor betting trends. 
• Scandals and illegal practices in betting are key factors hindering the growth of the industry. The recent legalization in the US has led to a focus on preventing corruption. Match-fixing scandals have arisen, leading to efforts to identify and prevent fraud. Sportradar's Universal Fraud Detection System (UFDS) helps monitor sports integrity, with football being the most susceptible.

Insights on Market Drivers, trends, & Challenges, historic period (2017 to 2021) and forecast period (2023 to 2027)

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What are the key data covered in this Sports Betting Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the Sports Betting Market between 2023 and 2027
• Precise estimation of the size of the Sports Betting Market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the Sports Betting Market industry across APAC, Europe, North America, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of Sports Betting Market vendors

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Analyst Review:

The Sports Betting Market is experiencing rapid growth, driven by the rise of Digital Sports Betting platforms and the increasing popularity of online gambling worldwide. According to DataReportal, convenience and the availability of remote sports betting options have contributed to the market's expansion, with secure transaction methods ensuring a seamless betting experience for consumers.

Major sporting events like the FIFA World Cup and European Championships continue to drive significant activity in the sports betting sector, particularly in the football segment. The American Gaming Association reports that the penetration of smartphones has further fueled the growth of online sports betting, with an increase in female participation observed.

Cashless transactions and the adoption of mobile application-based lottery games have revolutionized the industry, attracted a broader audience, and drove revenue growth. Leading firms, such as Betsson and OpenBet, are expanding their operations globally, with collaborations and licensing agreements enhancing their market presence.

The integration of Blockchain Technologies is also reshaping the sports betting landscape, offering enhanced security and transparency. As the global online gambling market continues to expand, the sports betting market is expected to maintain its position as one of the fastest-growing segments, driven by innovation, consumer demand, and strategic partnerships within the industry.

Market Overview:

The Sports Betting Market experiences dynamic growth fueled by technological developments and digitalization trends. Online sports betting markets, including eSports betting, attract modern consumers through seamless experiences offered by betting operators and betting software. Football, horse-racing, basketball, tennis, and baseball remain prominent in diverse sports betting options. Mobile devices and online platforms drive accessibility, enhancing the market's expansion globally. Regulatory landscapes influence betting activities, with fixed odds wagering gaining traction. Technological innovations in betting software ensure a diverse range of options for players, reflecting the broader global population's lifestyle choices. With increasing internet infrastructure and proliferation of smartphones, the market witnesses financial growth, with players engaging in competitive benchmarking and leveraging historical data to capitalize on regional opportunities and stay abreast of the latest trends. Pure Win emerges as a significant player in the online sports betting market, capitalizing on the fastest growing market segment. Furthermore, collaborations such as Uplatform and ventures like Betsson's collaboration with Racing Club de Avellaneda and Betsson's license in France, along with expansions like OpenBet Expansion in the United States, underscore the market's rapid evolution.

Related Reports:

• The Global Horse and Sports Betting Market size is estimated to grow by USD 171.87 million accelerating at a CAGR of 9.64% between 2023 and 2027. 
• The UK Gambling Market size is estimated to grow by USD 3.28 billion at a CAGR of 5.36% between 2023 and 2028. 

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SOURCE Technavio