The sports betting market to augment at a CAGR of 10.3% between 2022 and 2032, totalling around US$ 225.65 Million by 2032. The number of sports leagues and events mounting demand for the sports betting market.
Customers can broaden their betting expenditures as innovative professional sports leagues are established around the world. As a result, the exponentially growing sports leagues and events are fuelling the global sports betting market.
The use of AI and block chain in sports betting applications is a key trend that is gaining steam in the sports betting services market over the 2022-2032 forecast period. With the recent global digital revolution, cloud platforms are being favored for data storage, and there has been a surge in commercial and retail online transactions and payments. In addition, with the escalating speed of the Internet, there has been a substantial consumption of digital content over the last five years.
From 2017 to 2021, sales witnessed significant growth, registering a CAGR of 5%. Successive governments are legislating the frameworks to provide consumers with earning expansion and career experiences. For example, eight states in the United States have decriminalized sports betting since the Supreme Court overturned the Professional and Amateur Sports Protection Act (PASPA) in May 2018.
The burgeoning need for digitalization is found to affect the market's online segment, which is presumed to grow significantly during the forecast period. However, successive governments are legislating the frameworks to provide consumers with earning expansion and career experiences.
By Betting Type, which Sports Betting Category will lead the Market?
E-Sports betting segment to lead the market growth
The fixed odds wagering segment led the market in 2021, accounting for more than 25.2% of the market share, while the eSports betting segment is expected to witness the fastest growing CAGR of 15% during the forecast period.
The internet is available to approximately 60.0 percent of the world's population. The majority of customers are entangled in leisure activities such as sports betting and are looking for alternative income in addition to entertainment.
Key Takeaways from the Market Study
During the forecast period, the Europe region is expected to grow at a CAGR of 11.6%
During the forecast period of 2022 to 2032, the North American segment is anticipated to grow at a CAGR of around 12%.
The Asia Pacific region attributed for around 30% revenue in 2021
Football accounts for around 24% of the market and is expected to grow significantly.
Following football, horse racing held the second-largest sales volume and is anticipated to expand at a 10.5 percent CAGR during the forecast period.
“During the projected timeframe, the Sports Betting Segment is expected to rise due to spurred technological evolvement in online sports gaming. Digital platforms allow gamblers to place bets from anywhere in the world, reducing cost on travel. Additionally, the convenience of digital operations makes it a substantial driver for the Sports Betting Market.” says an analyst at Fact.MR
To gain a competitive edge in the market, the major players focus on developing engaging websites and offering exclusive deals. Companies are also focusing on integrating technology such as APIs to improve functionality and provide a more user-friendly interface. Third-party offers are also available in the market that progress requirements for sports betting companies.