Sports Betting Market Size to grow by USD 189.3 billion between 2024-2028
According to a research report “ Sports Betting Market” by Platform (Online, Offline) Type (Basketball, Horse riding, Football, Others) Geography (APAC, Europe, North America, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 189.3 billion, at a CAGR of 12.02% during the forecast period. In the current digital era, the global Internet penetration rate surpassed 63% in 2021, with the Asia Pacific region leading the way in terms of Internet user volume. The digital revolution has resulted in a preference for cloud platforms for data storage and an increase in online transactions and payments among businesses and consumers alike. Moreover, the consumption of digital content has experienced significant growth over the past five years, driven by increasing Internet speeds. These trends have significantly impacted the sports betting industry, leading to a fundamental shift towards online or virtual applications and platforms. The global sports betting market has embraced digitalization, offering convenience, accessibility, and enhanced user experience to a growing customer base. This transition has been further facilitated by the increasing acceptance and regulation of online sports betting in various regions..
Browse market data tables, figures, and in-depth TOC on “Sports Betting Market” by Platform (Online, Offline) Type (Basketball, Horse riding, Football, Others) Geography (APAC, Europe, North America, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample
By Platform, the Online segment is projected to dominate the market size in 2024
The online sports betting market is experiencing robust growth, driven by technological advancements and favorable regulatory changes. Key factors fueling this expansion include the continuous development and innovation of online betting products, the increasing penetration of the Internet and smartphones, and the structural migration of customers from retail to online channels in emerging markets. Furthermore, the quality of online betting platforms is continually improving, with betting applications providing a user-friendly experience. Regions such as APAC and MEA, with their extensive digitalization and rising smartphone penetration, present significant growth opportunities for the online sports betting sector.
By Type, Basketball segment is expected to hold the largest market size for the year 2024
Basketball betting refers to the business practice of wagering on the outcome of professional basketball games. This market encompasses various types of bets, such as straight-up wagers, point spreads, and over/under bets. The NBA and other basketball leagues host an increasing number of events, fueling the growth of this sector. Online betting platforms, including DraftKings, FanDuel, PointsBet, BetRivers, BetMGM, Caesars, Bet365, Unibet, and WynnBET, offer significant discounts, bonuses, and convenience, making them the preferred choice for basketball bettors in legalized markets. These platforms cater to diverse betting preferences, from popular team selections to underdog bets and basketball totals.
APAC is forecasted to hold the largest market size by region in 2024
As a seasoned business analyst, I'm well-versed in the intricacies of the sports betting market. This sector represents a significant revenue generator, with millions wagered daily on various sporting events. Key drivers include fan engagement, technological advancements, and regulatory frameworks. Strategic partnerships and innovative marketing campaigns further fuel market growth. However, challenges such as regulatory compliance and consumer protection remain paramount.
The Sports Betting Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The sports betting market has seen a significant surge in growth, particularly among smartphone users who value the convenience of wireless connectivity. According to DataReportal, there are currently over 3.8 billion unique mobile users worldwide, creating a vast digital infrastructure for online betting platforms to thrive. Uplatform, a leading firm in the industry, has capitalized on this trend by offering virtual reality betting experiences for popular sports types like Tennis, NFL, Horse Racing, Cricket, Basketball, and Baseball. With the ability to place bets on mobile devices from anywhere, users can now engage in casino gambling and sports betting in a more immersive way than ever before. Platforms like Uplatform are revolutionizing the industry, providing users with a seamless and convenient betting experience that caters to their on-the-go lifestyles. Whether it's the excitement of a live tennis match or the thrill of placing a bet on the NFL, these platforms offer an unparalleled level of access and convenience for sports fans.
Market Research Overview
The sports betting market has undergone significant changes in recent years, driven by advancements in technology and lifestyle shifts. With increasing internet penetration and improved internet infrastructure, sports betting operators have been able to expand their reach through betting software and smartphone apps. The rise of 5G networks and connected devices, including smartphones, has made online betting more convenient than ever before. Leading sports betting firms like Uplatform and Pure Win have capitalized on this trend, offering virtual reality experiences and live video streaming of athletic events, from football clubs in the FA Cup to horse racing and tennis matches. The market for online sports betting is diverse, encompassing various sports types such as the NFL, EFL, NBA, MLB, cricket, and eSports. The convenience of mobile devices and cashless transactions has made betting more accessible to a wider audience. According to DataReportal, there are now over 3.6 billion smartphone users worldwide, and the number is expected to continue growing. This presents a significant opportunity for betting sites to attract new customers and retain existing ones. The future of sports betting looks bright, with advancements in digital infrastructure and technology set to transform the industry further.
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