NEW YORK, Nov. 2, 2023 /PRNewswire/ — The global sports betting market size is estimated to increase by USD 143.73 billion from 2021 to 2026. The market’s growth momentum will accelerate at a CAGR of 10.68% during the forecast period, according to Technavio The global sports betting market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer sports betting in the market are 888 Holdings Plc, Bet365 Group Ltd., BetOnline, Betsson AB, Caesars Entertainment Inc., Churchill Downs Inc., DraftKings Inc., Entain Plc, Flutter Entertainment Plc, Kindred Group Plc, LeoVegas Gaming Plc, Penn National Gaming Inc., Sportech Plc, SportsBetting.ag., The Betway Group, The Hong Kong Jockey Club, The Palace Group, Webis Holdings Plc, and others. – Request a sample report
Global sports betting market – Vendor analysis
Vendor landscape –
The global sports betting market is moderately competitive. Factors such as the digital revolution, legalization of sports across different counties, and the growing commercialization of sports will increase the number of new entrants in the market, which is intensifying the competition. The market also faces competition in terms of expenditure on sports betting from the overall consumer discretionary spending on other activities such as online fantasy sports platforms and other entertainment and gaming options. The increasing competition in the global sports betting market and the demand for inorganic innovation have resulted in market consolidation. Many major market vendors are engaging in M&A to grow inorganically and increase their market share. Such consolidations will boost the growth of the market.
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Global sports betting market – Customer landscape
To help companies evaluate and develop growth strategies, the report outlines –
- Key purchase criteria
- Adoption rates
- Adoption lifecycle
- Drivers of price sensitivity
Global sports betting market – Segmentation assessment
Technavio has segmented the market based on platform (online and offline).
- The online segment will grow at a significant rate during the forecast period. APAC and MEA are expected to provide growth opportunities in this segment, with extensive digitalization and rising smartphone penetration. Factors such as the expansion of the betting market, growing penetration of the Internet and smartphones, structural migration of customers from retail to online, and continuous improvement in the quality of platforms are driving the growth of the online segment.
Based on geography, the global sports betting market is segmented into APAC, Europe, North America, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global sports betting market.
- APAC will account for 42% of the market’s growth during the forecast period. China and Australia are the key contributors to the sports betting market in the region. Moreover, market growth in this region will be faster than the growth of the market in other regions. The growth of the regional market is attributed to factors such as the increase in demand for online games and fantasy sports platforms.
Global sports betting market – Market dynamics
Leading drivers – The digital revolution is driving the market’s growth. Cloud platforms are used for storing data, with the increase in number of online transactions and payments. Digitalization has changed the sports betting landscape, and the market has shifted toward online or virtual applications and platforms. Consumers can engage in sports betting and connect with sportsbooks with easy access to the Internet and the availability of various mobile apps and online platforms. Thus, the rapid growth of digital platforms and the increasing Internet penetration will fuel the growth of the market growth during the forecast period.
Key trends – The emergence of machine learning, blockchain, virtual reality, and AI in sports betting is a trend in the market. Vendors are investing in machine learning tools and methods. Machine learning helps build predictive algorithms and accurate predictive models for better betting efficiency. Sports bettors are becoming familiar with new machine learning algorithms that can predict the outcomes of games and races. Thus, the emergence of machine learning will support the sports betting market growth during the forecast period.
Major challenges – Stringent government regulations and restrictions are challenging the sports betting market. Government authorities are regulating sports betting via regulatory acts, legislation, and specific laws. Some countries allow only online betting. In most of the countries in APAC, sports betting is restricted or illegal, which has resulted in monopolies. Thus, strict government regulations are expected to hinder the growth of the global sports betting market during the forecast period.
What are the key data covered in this sports betting market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the sports betting market between 2022 and 2026
- Precise estimation of the size of the sports betting market and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the sports betting market across APAC, Europe, North America, South America, and Middle East and Africa
- A thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of sports betting market vendors
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Table of contents
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Platform
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide 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 consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. 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.
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