DUBLIN, Aug. 24, 2023 /PRNewswire/ — The “Online Sports Betting Market – Growth, Trends, and Forecasts (2023-2028)” report has been added to ResearchAndMarkets.com’s offering.
Global Online Sports Betting Market Poised for Impressive Growth
The global online sports betting market is projected to achieve an exceptional Compound Annual Growth Rate (CAGR) of 10.23% over the next five years. This growth is attributed to a combination of factors, including technological advancements, the rising popularity of online gambling, and strategic expansions by key players in the industry.
Technological Advancements Drive Market Growth
Technological innovations have significantly transformed the gambling industry, with major sports betting companies striving to enhance user experiences and simplify their platforms. The integration of cashless payment methods and the increasing participation of female casino patrons are expected to contribute to market growth. Furthermore, the adoption of virtual reality and blockchain technologies is predicted to further fuel the expansion of the online sports betting industry.
Increased Popularity of Online Gambling
The surge in global popularity of both sports betting and football, especially in European countries like Italy, France, and Spain, has led to a high volume of bets in the football segment of the international online sports betting market. Online betting is particularly prominent in major football events such as the FIFA World Cup and European Championships. Many online sports betting companies have strategically expanded their product offerings, including bets on eSports categories, to cater to diverse consumer preferences.
Europe Leads the Market
Europe has emerged as the largest market for online sports betting, driven by high demand from European consumers who engage in bets across multiple leagues, both pre-match and in-play. Revenue generation from regulated markets, such as the United Kingdom, Spain, and Germany, has contributed significantly to the growth of the European online sports betting market. The popularity of online sports betting is evident from events like the Wimbledon Championship and the UEFA Euro Cup, which attract substantial betting activity.
The global online sports betting market is characterized by intense competition and fragmentation, with key players like Bet365, GVC Holdings PLC, the Stars Group, 888 Holdings PLC, and William Hill PLC dominating the industry. These players compete on various fronts, including offerings, user experience, brand equity, personalized payoffs, and multi-platform accessibility. Mergers and strategic partnerships have been prominent strategies among major players, aimed at expanding market share and improving profitability.
Future Prospects and Beyond
With technological advancements continuing to shape the online sports betting landscape, along with increasing acceptance and adoption of online gambling, the global market is poised for significant growth. The integration of innovative technologies, expansion into new markets, and strategic partnerships are expected to be key drivers of the industry’s expansion over the forecast period.
A selection of Companies mentioned in this report includes
- 888 holdings PLC
- Entain PLC
- BET 365
- William Hill PLC
- The Stars Group
- Betsson AB
- Churchill Downs Incorporated
- Paddy Power Betfair PLC
- Cherry AB
- Flutter Entertainment PLC
For more information about this report visit https://www.researchandmarkets.com/r/svjyqe
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Originally published at https://www.prnewswire.com/news-releases/the-global-online-sports-betting-market-is-expected-to-grow-at-a-cagr-of-10-23-during-2023-2028–301909127.html
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