DUBLIN, March 2, 2023 /PRNewswire/ — The “Sports Betting Market – Forecasts from 2022 to 2027” report has been added to ResearchAndMarkets.com’s offering.
The sports betting market was evaluated at US$90.124 billion in the year 2020, growing at a CAGR of 10.92% reaching the market size of US$186.163 billion by the year 2027.
Sports betting refers to an activity in which results of any particular sport are predicted in return for a wager on the outcome as a reward for 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 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, and baseball, has gained much traction in the past years, which has led to a decent increase in the sponsorships for clubs, teams, players.
Major betting businesses have boosted their efforts in providing endorsements for sports teams around the world as a result of the rising spending made by several sports organizations on marketing and promotional operations. Thus, the rising commercialization of sports events is considered a critical factor expected to impact market growth positively during the next five years.
The rising consumer expectations have led to the constant participation of key players in 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; this partnership aimed 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 show 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, to exclusively provide online sports betting and online casino gaming throughout Michigan.
Also, during the same month, the company entered into a partnership with CBS Sports with an aim to increase the reach of 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 to launch 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 market growth in the short run. The intense outbreak has led to the enforcement of directives by the WHO, such as social distancing and quarantine measures in almost every country. This has led to the temporary suspension or cancellation of all the major sports events at international, regional, and national levels, including football, hockey, marathons, cricket, basketball, and more. This is considered to be one of the prime factors that are projected to hamper the market growth for the next ten to eleven months.
Growing legalization is offering lucrative opportunities
One of the major factors propelling the market growth opportunities in 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.
An online segment to witness a decent growth
By platform, the online segment is projected to witness 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 are the 888 Group, Kindred Group plc, Wiliam Hill PLC, and Churchill Downs Incorporated, among others. These companies hold a noteworthy share in the market because 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.
Recent Developments and expansions
The newly founded SI sportsbook, Sports Illustrated’s first foray into US online sports betting and gaming, received Novel Corporation’s quick bank transfer payment system in September 2021 owing to a partnership with 888 Holdings. Consumer deposits on the platform will be powered by Nuvel’s Instant Bank Transfer technology, ensuring smooth, real-time financing of bank accounts.
LeoVegas’ online gaming technical infrastructure, Rhino, saw an expansion into the US in June 2021. Through a contract that grants market access, LeoVegas will now deliver online casinos in the state of New Jersey.
William Hill US and Caesars Entertainment collaborated to start their online and mobile sports book in Virginia in February 2021. The app has a simple and safe registration process, as well as several possibilities to deposit as well as withdraw funds.
Segmentation
By Platform
- Online
- Offline
By Sport
- Cricket
- FIFA
- Horse Racing
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Europe
- United Kingdom
- Germany
- France
- Spain
- Middle East and Africa
- Saudi Arabia
- UAE
- Asia Pacific
- China
- Japan
- Australia
- India
Companies Mentioned
- the 888 Group
- Kindred Group plc
- William Hill PLC
- Churchill Downs Incorporated
- Sportech PLC
- The Stars Group Inc
- Webis Holdings PLC
- Flutter Entertainment plc
For more information about this report visit https://www.researchandmarkets.com/r/zb2vwp-betting?w=5
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SOURCE Research and Markets
