Household Penetration Of Sports Betting
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Household Penetration Of Sports Betting
The sports betting market was valued at US$85.047 billion in 2019. Sports betting refers to an activity in which results of any particular sports are predicted in return of a wager on the outcome as a reward of the bet. The sports betting market is projected to witness considerable growth primarily on account of the inclination of the governments of numerous countries towards the legalization of sports betting. Furthermore, the rising penetration of various legal online platforms in some countries is also further supplementing the sports betting market growth in the near future. The market is also poised to grow on account of the rising popularity of international sports events around the globe coupled with the increasing popularity of high-end sports such as cricket, soccer, baseball has gained a lot of traction in the past years, which has led to a decent increase in the sponsorships for clubs, teams, players. Additionally, the rising investments by numerous sports organizations in marketing and promotional activities have led to increased investments by major betting companies in providing sponsorships for sports teams around the globe. Thus, the rising commercialization of sports events is considered to be a key factor that is expected to positively impact the market growth during the next five years. The rising consumer expectations have led to the constant participation of key players of the market in the form of partnerships, collaborations, agreements, and R&D for the launch of various platforms to cater to the rising consumer expectations. For instance, recently in June 2020, Sportech PLC a leading market player in the gaming technology industry of the world announced its strategic partnership with a French gaming operator ZeTurf, the aim of this partnership was to deliver attractive and alternative options for betting on French racing. Similarly, in May 2020, the company announced a successful launch of Tote Betting services in Moscow for client Pari Engineering Rus. Furthermore, the growing partnerships between high end-resorts and casinos with leading market players for availing their services also shows the potential for the market to grow in the near future. For example, in February 2020, William Hill, a leading sports betting company entered into a long-term partnership agreement with the Grand Traverse Band of Ottawa and Chippewa Indians (“GTB”), a federally recognized Indian tribe for exclusively providing online sports betting and online casino gaming throughout Michigan. Also, during the same month, the company also entered into a partnership with CBS Sports with an aim to increase the reach to millions of new sports fans and fantasy players by extending its leadership in sports betting content. Moreover, in February 2019, Churchill Downs Incorporated entered into a partnership agreement with Golden Nugget Casino for the launch of its BetaAmerica online real-money sports betting and online casino platform in New Jersey. However, the sports betting market may be restrained by the fact that still sports betting is considered to be an illegal activity in some parts of the world. Also, the recent outbreak of the novel coronavirus is expected to be a major factor inhibiting the market growth during the short run as the intense outbreak has led to enforcement of directives by the WHO such as social distancing and quarantine measure in almost every country of the world. This has led to the temporary suspension or cancellation of all the major sports events at international, regional, and national levels that include, football, hockey, marathons, cricket, basketball, and more. This is considered to be one of the prime factors that is projected to hamper the market growth for the next ten to eleven months. Growing legalization is offering lucrative opportunities One of the major factors that is propelling the market growth opportunities is the rising government initiatives for the legalization of sports betting with an aim for the generation of revenue. For instance, in 2018 sports betting for the first time was legalized in New Jersey. Furthermore, the inclination of governments of various developing countries such as India and Brazil among others to tap the potential of revenue that the sports betting industry holds is considered to be a prime opportunity for the market to grow in the near future. For example, in 2018, the Law Commission of India stated in its report the recommendations for legalizing sports betting in the country. The global sports betting market has been segmented on the basis of platform, sport, and geography. By platform the segmentation of the market has been done on the basis of online and offline. By sport the market has been classified into cricket, FIFA, horse racing, and others. Geographically, the segmentation of the sports betting market has been done into North America, South America, Europe, Middle East and Africa, and Asia Pacific. Online segment to witness a decent growth By platform, the online segment is projected to witness a healthy growth during the next five years. The rapid internet and smartphone penetration coupled with the launch of new online betting platforms are some of the key factors bolstering the growth of this segment throughout the forecast period. Europe to hold a notable share Geographically, the European region is anticipated to hold a substantial share in the market throughout the forecast period primarily on account of the legalization of betting in several European countries. Also, investments by players in countries of this region for expansion of services further supplement the market growth in Europe during the next five years. Competitive Insights Prominent key market players in the Sports Betting market the 888 Group, Kindered Group plc, Wiliam Hill PLC, and Churchill Downs Incorporated among others. These companies hold a noteworthy share in the market on account of their good brand image and product offerings. Major players in the Sports Betting market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last two years. Segmentation By Platform Online Offline By Sport Cricket FIFA Horse Racing Others By Geography North America USA Mexico South America Argentina Others Europe United Kingdom Spain Others Middle East and Africa Asia Pacific China Japan Australia India Others
1.1. Market Definition 1.2. Market Segmentation
2.1. Research Data 2.2. Assumptions
4.1. Market Drivers 4.2. Market Restraints 4.3. Porters Five Forces Analysis 4.3.1. Bargaining Power of Suppliers 4.3.2. Bargaining Power of Buyers 4.3.3. Threat of New Entrants 4.3.4. Threat of Substitutes 4.3.5. Competitive Rivalry in the Industry 4.4. Industry Value Chain Analysis
5. Sports Betting Market Analysis, By Platform
5.1. Introduction 5.2. Online 5.3. Offline
6. Sports Betting Market Analysis, By Sport
6.1. Introduction 6.2. Cricket 6.3. FIFA 6.4. Horse Racing 6.5. Others
7. Sports Betting Market Analysis, By Geography
7.1. Introduction 7.2. North America 7.2.1. North America Sports Betting Market, By Platform 7.2.2. North America Sports Betting Market, By Sport 7.2.3. By Country 7.2.3.1. USA 7.2.3.2. Mexico 7.3. South America 7.3.1. South America Sports Betting Market, By Platform 7.3.2. South America Sports Betting Market, By Sport 7.3.3. By Country 7.3.3.1. Argentina 7.3.3.2. Others 7.4. Europe 7.4.1. Europe Sports Betting Market, By Platform 7.4.2. Europe Sports Betting Market, By Sport 7.4.3. By Country 7.4.3.1. United Kingdom 7.4.3.2. Spain 7.4.3.3. Others 7.5. Middle East and Africa 7.5.1. Middle East and Africa Sports Betting Market, By Platform 7.5.2. Middle East and Africa Sports Betting Market, By Sport 7.6. Asia Pacific 7.6.1. Asia Pacific Sports Betting Market, By Platform 7.6.2. Asia Pacific Sports Betting Market, By Sport 7.6.3. By Country 7.6.4. China 7.6.5. Japan 7.6.6. Australia 7.6.7. India 7.6.8. Others
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis 8.2. Emerging Players and Market Lucrativeness 8.3. Mergers, Acquisitions, Agreements, and Collaborations 8.4. Vendor Competitiveness Matrix
9.1. the 888 Group 9.2. Kindred Group plc 9.3. William Hill PLC 9.4. Churchill Downs Incorporated 9.5. Sportech PLC 9.6. The Stars Group Inc 9.7. Webis Holdings PLC 9.8. Flutter Entertainment plc
Sports Betting Global Market Report 2022 Report 175 Pages June 2022 Region: Global
Global Sports Betting Market 2022-2026 Report 120 Pages July 2022 Region: Global
Sports Betting (Global) - Industry Report Report 140 Pages August 2022 Region: Global
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Sports Betting Market - Forecasts from 2020 to 2025
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Sports Betting Market Size to Grow by USD 106.25 Billion | By Platform (offline and online), Geography (APAC, Europe, North America, South America, and MEA), and Segment Forecasts, 2021 - 2025
Global Sites
Asia
Brazil
Canada
Czech
Denmark
Finland
France
Germany
India
Israel
Italy
Mexico
Middle East
Netherlands
Norway
Poland
Portugal
Russia
Slovakia
Spain
Sweden
United Kingdom
NEW YORK , March 9, 2022 /PRNewswire/ --
Sports Betting Market Facts at a Glance-
The Sports Betting Market Share is expected to increase by USD 106.25 billion from 2020 to 2025, according to the recent market study by Technavio. The report provides a detailed analysis of drivers & opportunities, top winning strategies, competitive scenario, future market trends, market size & estimations, and major investment pockets.
APAC will register the highest growth rate of 39% among the other regions. China and Australia are the key markets for Sports Betting. Moreover, market growth in APAC will be faster than the growth of the market in other regions.
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The sports betting market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
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Regional Market Outlook APAC will register the highest growth rate of 39% among the other regions. Therefore, the sports betting market in APAC is expected to garner significant business opportunities for the vendors during the forecast period. The increase in demand for online games and fantasy sports platforms will facilitate the sports betting market growth in APAC over the forecast period.
Download our FREE sample report for more key highlights on the regional market share of Sports Betting Market
Latest Drivers & Trends of the Market-
With the recent global digital revolution, cloud platforms are being preferred for storing data, and there has been a burgeoning increase in online transactions and payments among commercial as well as retail users. Also, there has been a significant increase in the consumption of digital content in the last five years, with the growing Internet speed. With extensive digitalization, the sports betting landscape has fundamentally changed, and the global sports betting market has shifted toward online or virtual applications and platforms. Modern consumers can easily engage in sports betting and conveniently connect with sportsbooks due to the easy access to the Internet and the availability of various mobile apps and online platforms. The rapid growth of digital platforms and the increasing Internet penetration have given consumers easy access to online sports betting platforms, which will drive the growth of the global sports betting market during the forecast period.
One of the key trends in the global sports betting market is the increasing impact of technologies such as blockchain, virtual reality, and AI, specifically machine learning tools. The global sports betting market is expected to grow during the forecast period as a direct result of improving consumer demand, driven by technological advances. Major vendors in the market are increasingly focusing a significant part of their investments in machine learning tools and methods, which have shown promising results in prediction. Machine learning helps build predictive algorithms and accurate predictive models for better betting efficiency. As the global sports betting market evolves, it is necessary for consumers to find useful strategies and accurate predictions to increase their efficiency. Sports bettors are expected to increasingly become familiar with new machine learning algorithms that attempt to predict the outcomes of games and races. Thus, the emergence of machine learning will be a positive trend for the global sports betting market during the forecast period.
Find additional information about various other market Drivers & Trends mentioned in our FREE sample report .
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APAC, Europe, North America, South America, and MEA
China, UK, US, Italy, Australia, and Germany
Leading companies, competitive strategies, consumer engagement scope
888 Holdings Plc, Bet365 Group Ltd., 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
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period,
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
About Us 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 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.
Contact Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/
More news releases in similar topics
Sports | It’s Easy (and Legal) to Bet on Sports. Do Young Adults Know the Risks?
It’s Easy (and Legal) to Bet on Sports. Do Young Adults Know the Risks?
Americans wagered $13 billion on sports in 2019. With sports betting now legal in nearly half the states, experts fear the addiction danger is not being adequately addressed.
Saul Malek at his family’s home in Houston. “Making these bets online, it didn’t seem like real money,” he said of his addiction to sports betting. “I didn’t even really know what the value of money was.” Credit... Callaghan O'Hare for The New York Times
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Saul Malek grew up surrounded by sports.
He played soccer and Little League, and shot hoops at the neighborhood court. He was obsessed with the Houston Astros. When they won, he was ecstatic. Once when they lost, he whipped a belt at a wall so hard he chipped the paint.
Mr. Malek joined a fantasy baseball league while in middle school. In college, an acquaintance connected him with a bookie. Winning his first bet — $10 that the Royals would beat the Blue Jays — made him feel “like a big shot,” he said.
But he soon found that he needed “nonstop action.” He would find an online sports book and maybe win enough to pay a former bookie back. More often, though, he’d lose. Then he would block the bookie’s number, find a new sports book and repeat.
His parents bailed him out for hundreds of dollars several times, but he didn’t seek help until he “felt physically uncomfortable” one night after not placing a bet in time. He realized he didn’t have any close relationships left.
Mr. Malek, now 23 and living in Houston, said he had never considered that sports betting could escalate to an addiction that would lead him to lie, cheat and manipulate people for money. And yet he has come to have plenty of company as policy shifts and technological advances have made it easier than ever to wager money on sports.
Analysts and recovery advocates worry that efforts to research the long-term implications of legal sports betting and warn participants about the risks for addiction are falling short, particularly for people in their late teens and early 20s who are most vulnerable.
“We’re now in a phase where the nation has an appetite for sports betting,” said Dr. Timothy Fong, a professor of psychiatry with specialty in addiction at the Univer
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