Sports betting has become increasingly popular over the past few years due to its accessibility, excitement, and potential to earn additional winning
Key Highlights :
The global sports betting market size reached US$ 85.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 153.7 Billion by 2028, exhibiting a growth rate (CAGR) of 10.1% during 2023-2028.
Sports betting is a form of betting where individuals make predictions about the outcomes of sports events and place bets accordingly. It allows fans to demonstrate their expertise and loyalty to specific teams or athletes. Bookmakers, operating both online platforms and offline establishments like casinos and betting shops, facilitate this activity. Sports betting covers a wide range of sports, including rugby, baseball, tennis, hockey, track cycling, basketball, boxing, auto racing, football, and cricket.
The global sports betting market is primarily driven by the increasing number of sports leagues and annual events like IPL, FIFA, and NFL. Furthermore, the growing use of smartphones and the popularity of user-friendly betting apps have positively influenced market growth. The sports sector is experiencing a digitalization trend, and the adoption of wireless connectivity has accelerated the rate of product adoption. The rising popularity of virtual currencies such as Bitcoin, Dogecoin, Ripple, and Litecoin among bettors in sports betting has facilitated convenient transactions and catalyzed market growth. Governments in several countries have implemented favorable initiatives to legalize sports betting activities, propelling market growth.
The report has segmented the market into the following categories:
Breakup by Platform: Offline, Online
Breakup by Betting Type: Fixed Odds Wagering, Exchange Betting, Live/In Play Betting, Pari-Mutuel, eSports Betting, Others
Breakup by Sports Type: Football, Basketball, Baseball, Horse Racing, Cricket, Hockey, Others
Market Breakup by Region: North America (United States, Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others), Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others), Latin America (Brazil, Mexico, Others), Middle East and Africa
The report covers the major market players including: 888 Holdings PLC, Bet365 Group Ltd., Bet-at-home.com AG (BetClic Everest Group S.A.S.), Betfred, Betsson, DraftKings Inc., Entain plc, Flutter Entertainment plc, International Game Technology PLC, Kindred Group plc, Sportech PLC, TwinSpires (Churchill Downs Incorporated).
Overall, the global sports betting market is experiencing growth due to factors such as the popularity of sports leagues and events, smartphone usage, digitalization in the sports sector, legalization initiatives by governments, integration of blockchain technology, machine learning algorithms, and the rise of esports.
