Sports Betting

Global sports betting will also get boosting over the next five years. According to the WK Research, the key factors influencing the market growth include, increase in penetration of the connected smart smartphones, changing digital arena of the South Asia economies, and a rise in the emergence of online betting among the younger generation. The compound annual growth rate (CAGR) for the 2024-2029 period is projected to be 9.1% base on WK Research regression analysis model.


Analysts’ Viewpoint:
“The young generation and professional bettors are increasingly engaging in sports betting, led by the high popularity of sports in countries across the world. Rise in internet penetration, increase in adoption of smartphones, enactment of favorable government regulations, and surge in online gambling are boosting sports betting industry statistics.
Key players are implementing penetrative marketing strategies, such as sign-up bonuses for new users and risk-free betting for a certain period, to attract sports lovers toward betting. Additionally, developers are securing new system orders from high-growth regions such as North America and Asia Pacific, owing to the rise in interest in sports betting among urban individuals. Sports betting bookmakers are also focusing on strengthening their R&D activities and introducing advanced facilities to create unique betting features. This is anticipated to offer lucrative opportunities for sports betting business growth”, said Kevin Patel, Senior analyst, in Service & Software Center of WK Research.

Market Insight:
Drivers

Rising usage of online betting

Sports betting is known as predicting sports results and making a bet on the outcome. The most popular sports for wagering at the amateur and professional levels include association football, American football, basketball, baseball, hockey, track cycling, car racing, mixed martial arts, and boxing. The frequency of sports wagering varies by culture. In addition to non-athletic events like reality TV competitions and elections, sports betting is legal in non-human competitions like cockfighting, greyhound racing, and horse racing.

Increasing e-sports competition

Every year, more and more people play video games, and more and more of them are entering virtual worlds. The popularity of e-sports games currently brings in more money than the music and film industries combined. For many people, gaming is no longer merely a pastime. The e-sports sector is expanding as a result of the pandemic. Millions of people turned to recreational gaming during the shutdown; some even turned to professional gaming. But the variety of games and genres available is just as impressive as the success of the top e-sports titles.

Restraints/Challenges
Everyone in the world of sports betting is searching for an advantage. While most seasoned, sharp bettors know that growing a bankroll requires careful money management, in-depth analytical research, and much patience, many novice bettors are searching for quick wins.

In the modern world, sports betting has grown highly widespread. Sports betting is a type of gambling in which a wager is made on how a sporting event will turn out. Online betting is one of the many sports betting types available anywhere. Politicians' elections and reality show competitions are only examples of non-athletic activities that can be bet on. The gambling industry has changed how sports are watched and even played. The uncertainty of the outcome is an essential part of the sport's attraction. If the result is pre-determined, the integrity of sports is lost, and with this, a large part of its meaning and appeal for fans. Match fixing is, therefore, a major threat to sports, and the advent of online gambling has increased the risk of match-fixing for financial gain. The huge scale of the global gambling industry is attractive to organized crime, and the range of the types of bets has increased inside misinformation.


Competition Landscape:
The global business is consolidated, with a few vendors accounting for significant share. Most of the companies are investing significantly in comprehensive research and development activities, primarily to improve websites and apps. Expansion of service portfolios and mergers and acquisitions are major strategies adopted by key players.

This WK Research market report is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading sports betting companies that include: 888 Holdings plc., BETSSON AB, Fortuna Entertainment Group a.s. (FEG), Entain, Gal Sports Betting (U) Limited, Kindred Group plc, Flutter, Betway, Bet365, TechSolutions Group N.V.

Segmentation of Sports Betting Market:
According to the type, the market for sports betting is divided into: Football, Basketball, Baseball, Horse Racing, Cricket, Hockey, Others. The football segment is expected to witness the highest CAGR during the forecast period as the popularity of this game. Football players such as Lionel Messi, Cristiano Ronaldo, Neymar, and Robert Lewandowski have contributed to the expansion of this market due to the popularity of the game and its large fan base throughout the world.
Moreover, an increasing number of tournaments such as the UEFA European Championship, FIFA World Cup, FA Cup, Copa America, UEFA Europa League, and UEFA Champions League are driving the popularity of football sport. Also, these factors drive people to increase bet amounts on a regular process.

According to the application, the market for sports betting is divided into: Offline, Online. Online has the largest market share. The segment is expected to maintain its dominance over the forecast period. The growth of the segment can be credited to the proliferation of smartphones and boosting internet infrastructure worldwide.

Sports Betting Market: Regional Analysis
In terms of geography, the global sports betting market has been segmented into: North America, Asia Pacific, Europe, South America, and the Middle East and Africa. Asia Pacific dominated the global market due to the presence of large number of people who have adopted betting as a hobby in Asia. It is likely to be the most attractive region during the forecast period owing to the growth in number of players operating in the market. China is anticipated to be attractive for investment, while Japan offers high wagering potential in sports betting. These factors are expected to drive sports betting market share in the region during the forecasting period.