DUBLIN, Nov. 25, 2022 /PRNewswire/ — The “Sports Betting Global Market Opportunities And Strategies To 2031” report has been added to ResearchAndMarkets.com’s offering.
This report describes and explains the sports betting market and covers 2016-2021, termed the historic period, and 2021-2026 termed the forecast period, along with further forecasts for the period 2026-2031. The report evaluates the market across each region and for the major economies within each region.
The global sports betting market reached a value of nearly $58,073.11 million in 2021, having declined at a compound annual growth rate (CAGR) of -7.59% since 2016. The market is expected to grow from $58,073.11 million in 2021 to $185,265.98 million in 2026 at a rate of 26.1%. The market is then expected to grow at a CAGR of 5.85% from 2026 and reach $246,146.39 million in 2031.
Growth in the historic period resulted from an increase in number of sports events, growth in millennial population, a rise in disposable income, and increasing access to smartphones and smart computing devices such as PCs, laptops. The market was restrained by the coronavirus pandemic, high taxation on casinos, weather conditions, and concerns about illegal activities in sports betting.
Going forward, increasing focus of virtual sports betting, focus on product innovations, increasing adoption of 5G networks, increasing in mergers and acquisitions, urbanization, and an increase in internet penetration. Factors that could hinder the growth of the sports betting market in the future include stringent government regulations, limited betting advertisements outside the USA, and cybersecurity and data privacy risks associated with sports betting.
Asia Pacific was the largest region in the sports betting market, accounting for 37.7% of the total in 2021. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the sports betting market will be Middle East, and North America where growth will be at CAGRs of 32.9% and 30.6% respectively. These will be followed by Eastern Europe, and Western Europe where the markets are expected to grow at CAGRs of 28.9% and 27.3% respectively.
The top opportunities in the sports betting market segmented by type will arise in the fixed odd betting market segment, which will gain $35,324.9 million of global annual sales by 2026. The top opportunities in the sports betting market segmented by sports type will arise in the football market segment, which will gain $30,988.1 million of global annual sales by 2026. The top opportunities in the sports betting market segmented by platform will arise in the online market segment, which will gain $99,285.5 million of global annual sales by 2026. The top opportunities in the sports betting market size will gain the most in the USA at $51,178.0 million.
Market-trend-based strategies for the sports betting market include focus on adoption of augmented reality and virtual reality, focus on providing mobile betting services, focus on implementation of artificial intelligence in betting platforms, focus on increasing investment, focus on entering into strategic partnerships, focus on the use of blockchain technology and focus on live streaming-integrated mobile sportsbook.
- By Type: Live/In-Play; Fixed Odd Betting; Exchange Betting; Daily Fantasy; Spread Betting; Pari-Mutuel; Other Types
- By Sports Type: Football; Basketball; Baseball; Horse Racing; Cricket; Hockey; E-Sports; American Football; Other Sports Types
- By Platform: Online; Offline
Key Topics Covered:
1. Sports Betting Market Executive Summary
2. Table of Contents
3. List of Figures
4. List of Tables
5. Report Structure
6. Introduction and Market Characteristics
7. Major Market Trends
8. Global Market Size And Growth
9. Sports Betting Market, Regional Analysis
10. Global Sports Betting Market Segmentation
11. Asia-Pacific Market
12. Western Europe Market
13. Eastern Europe Market
14. North America Market
15. South America Market
16. Middle East Market
17. Africa Market
18. Competitive Landscape And Company Profiles
19. Key Mergers and Acquisitions In The Market
20. Global Sports Betting Market Opportunities And Strategies
21. Sports Betting Market, Conclusions And Recommendations
- Flutter Entertainment plc
- Bet365 Group
- Entain PLS
- Caesars Entertainment
- Kindred Group plc
For more information about this report visit https://www.researchandmarkets.com/r/8yzbfd
Research and Markets
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SOURCE Research and Markets