The global Sports Betting Market size is expected to reach
USD 140.26 billion by 2028, according to a new report by Grand View Research,
Inc. The market is expected to expand at a CAGR of 10.1% from 2021 to 2028. The
growing digital infrastructure and the penetration of connected devices are the
key factors driving the market. Additionally, the increase in the number of
sports events and leagues is driving the demand for sports betting platforms.
Sports betting is an activity of foretelling sports
results and placing a bet on the result. Most bets are placed on sports, such
as football, baseball, basketball, hockey, cricket, boxing, and auto racing.
However, sports betting also extends to non-athletic events, such as horse
racing and eSports.
The COVID-19 pandemic led to the cancellation of
sports events, which reduced sports betting opportunities. However, the sports
betting industry is expected to witness lesser financial damage compared to
other industries. As a result of the lockdown of land-based betting facilities,
many customers/bettors shifted to online betting platforms. During lockdowns,
the online sports betting industry witnessed an increase in participation as
users had more time to spare on their phones and desktop computers, making it
convenient for them to place bets.
The market has also benefitted from the growth in
internet penetration, which is driving increased investments in online sports
betting platforms. For instance, according to Global Social Media Overview
April 2021 by DataReportal, there are more than 4.8 billion internet users
across the world. Participation in online betting permits players to monitor
betting activities in real-time through internet-connected devices.
Sports betting platform providers are investing in
research & development activities to introduce innovations in the market
and offer a better experience to users. Additionally, the growing competition
is driving innovations in the sports market.
Related Press Release@ Sports Betting Market Report
Sports Betting Market Report
Highlights
- By platform, the online segment accounted for the largest revenue
share in 2020 and is expected to retain its lead over the forecast period.
This can be attributed to the increase in the penetration of smartphones and
connected devices across the world. The segment is anticipated to expand
at the highest CAGR over the forecast period
- In terms of sports type, the football segment accounted for the
largest revenue share in 2020 and is expected to retain its lead over the
forecast period. Additionally, this segment is likely to register the
highest CAGR over the forecast period
- Europe dominated the market in 2020 and is expected to retain its
position over the forecast period. This can be attributed to factors such
as safety laws and regulations for sports betting, popularity and large
fan base of football, and the presence of many market players in the
region
About Us:
Grand View Research, Inc. is a U.S. based market research
and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
Contact:
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Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
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Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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