The sports betting market is one of the fastest-growing markets globally and continues to gain the attention of people of every generation. Sports betting is a gambling activity in which one places the wager according to what he predicts about the outcome of the game. Betting is done in various sports such as cricket, football, horse racing, and many others. The sports betting market offers enormous development potential for both bettors and sportspersons. With the internet penetrating and changing the world consistently, the sports betting market is probably going to progress in the future. Among all online betting sports, European football is attracting the highest revenue, followed by baseball. The growth of online betting platforms is faster compared to the offline betting platform. The online sports betting platform is dominating the offline betting platform due to the spread of more awareness about the use of technology. Virtual sports are getting popular these days, further transforming the way sports betting is done. But, there are still many countries who consider sports betting illegal and this is the major reason that hampers the growth of the sports betting market.
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Market scope and structure analysis:
|Market size available for years||2020–2027|
|Base year considered||2019|
|Forecast units||Value ($US)|
|Segments covered||Platform, Type, Sports Type, Device Outlook, and Region|
|Regions covered||North America (U.S. and Canada), Europe (Germany, UK, France, Italy, Spain and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Malaysia, Thailand, Indonesia, and Rest of Asia-Pacific), LAMEA (Middle East, Brazil, and Rest of LAMEA)|
|Companies covered||888 Holdings Plc, Bet365, Churchill Downs Inc., Flutter Entertainment Plc, GVC Holdings Plc, Kindred Group Plc, Sportech Plc, The Stars Group Inc., Webis Holdings Plc, and William Hill Plc|
COVID-19 Scenario Analysis:
- The outbreak of COVID-19 has a dual impact on the online sports and gambling industry.
- Social distancing is being practiced across the globe to prevent the spread of disease. Many major sports events have been canceled all across the globe, thereby adversely affecting the online sports betting and gambling industry.
- Although, stringent restrictions on people’s movement will have a significant impact on online sports and betting activities, as this will favorably reshape the global on land-based casino operations.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
A lot of new technology is coming up in the market day by day like virtual reality, machine learning, and artificial intelligence. This technology is accepted in the sports betting market because of its betting ability and promising results in prediction. Hence, more development in such technologies drives the growth of the online sports betting market. The rise in the legalization of sports betting in different countries is increasing the number of viewers as well as participants in the online sports betting market, which will further benefit the sports organizations, clubs, and associations. These organizations can charge high fees on broadcasting and thus increase their revenue. Technology innovation in mobiles, such as an improvement in graphics, storage capacity, reasonable prices are also driving the online sports betting market. Another factor that fuels the demand for the online sports betting market is the large number of the population who follow sports across the globe.
While, on the contrary, the online sports betting market is also leading to a rapid increase in cybercrime. Signal manipulation and hacking activities hamper the growth of the market. In addition, compulsive betting and gambling activities can affect a person’s health and personal relations. It can lead to issues such as depression and can also increase one’s debt.
A great opportunity for the online sports betting market is the legalization as this will guarantee a high rate of employment, and will also generate huge revenue.
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Trends in online sports betting market are as follow:
Increase in popularity of e-sports betting:
The emergence of the internet and a variety of video games available have contributed to the e-sports industry. This increase in the e-sports activities has led the bookmakers to offer numerous bets on these online sports. Betting in the e-sports is continuously increasing in various sports like golf, rugby, tennis, and many others. This widening of e-sports platforms has generated huge revenue for the online sports betting market.
Legalization of betting in sports:
Sports betting activities are considered illegal in many different states or countries. But now the government is taking initiatives to legalize sports betting activities, thereby increasing opportunities for the online sports betting industry. For instance, the popularity of online sports betting was boosted to a great extent when the Singaporean Government legalized e-sports betting in September 2016. The trend of legalizing e-sports activities is continuously increasing, and it is expected that this will drive the growth of the online betting market during the forecast years. Also, in 2019, California announced its plans to legalize sports betting activities throughout the state. In India as well, these activities have been made legal in the state of Sikkim and Goa.
Key Segments Covered:
Key Benefits of the Report:
- This study presents the analytical depiction of the global online sports betting industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global online sports betting market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the global online sports betting market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global online sports betting market analysis based on competitive intensity and how the competition will take shape in coming years.
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