Market Analysis
The global Online Sports Betting Market is predicted to increase at a cagr of 13.6%, from USD 24,988.4 million in 2019 to USD 59,530.7 million by the forecast period. The global online sports betting market is expanding due to increased demand for sports, which is essential for reaching development goals. In a number of geographical, cultural, and political contexts, sport can play an important role in promoting societal integration and economic prosperity. Sports impact on social capital, culture, trust, and crime can help with increasing capital accumulation, thereby improving and strengthening market functioning. All these outcomes further reinforce each other to grow the market. Furthermore, participating in sports allows players to live longer and healthier lives.
The global E-Sports market has been expanding in recent years, with an increasing number of players participating as competitors or spectators. The modern sports-only websites are now growing in popularity just like the traditional sports betting website, now offer chances to bet on events and tournaments, similar to how many people bet on E-Sports.
The major growth factor of such market share would be the increasing sports demand and rising demand for e-Sports activities. The online sports betting market is seeing an increase in growth due to rising digital innovation. However, due to Government prohibitions, some nations are expected to put some restrain in the global market expansion. Then again, the enhancement of digital innovation through advanced programming and technological use can bring more opportunities in the global market due to high-quality games.
COVID-19 Impact on the Worldwide Online Sports Betting Market
The spread of new coronavirus has impacted numerous industries, including manufacturing, from raw material production to final product distribution. On the other hand, in order to track the spread of a deadly virus, governments around the world imposed restrictions on a variety of sporting activities. Scheduled events including the English Premier League, Serie A in Italy, La Liga in Spain, Super Lig in Turkey, and Major League Soccer in the United States were canceled or postponed due to a rise in the number of COVID-19 cases globally. Some organizations prefer to reschedule events in order to decrease expenditure losses, such as the Belgian Cup final, which was initially slated for March 2020 but was moved to August 1st. Another case in point is the African Nations Championship 2020 competition, which was scheduled to take place in Cameroon in April 2020 but has been postponed until further notice. Since governments imposed lockdowns to contain and monitor the spread of the fatal virus, a sizable percentage of the workforce has been instructed to remain indoors, resulting in a surge in demand for virtual entertainment and media. Microsoft, for instance, announced a large rise in multiplayer participation in March and April 2020. Furthermore, when physical venues stayed closed to prevent the spread of the virus, online casino gaming and fantasy sports betting grew by more than 30%.
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Market Segmentation
The global online sports betting market is classified into various segments based on sports type, by type, by application. Moreover, on the basis of sports type, the online sports betting market is bifurcated into football, cricket, tennis, baseball, volleyball, basketball, hockey, horse riding, boxing, golf, racing, and many others. Further, the football segment is sub-segments into FIFA, Premier League, UEA/EURO, and others. The market analysis report suggests that the FIFA segment has registered for acquiring the largest market value in the preview period and increasing at a CAGR of 125 in the forecast period.
According to the by Type segment, the online sports betting market is classified into line-in-play, fixed old betting, daily fantasy, e-sports, exchange betting, spread betting, and others.
The online sports betting market is again segregated into web-based and mobile-based based on the application segment.
Regional Analysis
According to the global market analysis report, the regional bifurcation of the online sports betting market includes North America, Europe, Asia-Pacific, and the rest of the world. Moreover, the market study also states that Europe has dominated the online sports betting market in the preview years and is expected to grow at a CAGR of 12.1%. The driving factor would be the increasing zeal of watching sports with the advancement of innovative game formats and gaming modes. However, during the forecast period, the North American market is predicted to grow at the fastest rate of 15.8%.
Key Players
Notable players in the worldwide online sports betting market include 888 Holdings PLC (UK), Flutter Entertainment PLC (UK), Bet365 Group Ltd (UK), Fortuna Entertainment Group (Netherlands), Churchill Downs Incorporated (US), Entain PLC (UK), DraftKings (US), Betsson AB (Sweden), Betfred Ltd (UK), Webis Holdings PLC (Isle of Man), Kindred Group PLC (Malta), Sportech PLC (UK), BetAmerica (US), HKJC Football Betting Limited (Hong Kong), and Megapari (Cyprus).
Industry Updates
In April 2019, Betfred made the debut of its American Sports betting platform at Betting on Sports America 2019 at Meadowlands, New Jersey.
In January 2022, Inspired, one of the leading B2B gaming content providers, announced to have acquired Sportech Lotteries, Inc., a subsidiary of Sportech PLC.
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Table of Contents
1 Executive Summary
2 Scope of The Report
2.1 Market Definition
2.2 Scope of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Market Structure
Continued…
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