Dublin, Aug. 31, 2020 (GLOBE NEWSWIRE) -- The 'Sports Betting Market - Forecasts from 2020 to 2025' report has been added to ResearchAndMarkets.com's offering.
The sports betting market was valued at US$85.047 billion in 2019.
The sports betting market is projected to witness considerable growth primarily on account of the inclination of the governments of numerous countries towards the legalization of sports betting. Furthermore, the rising penetration of various legal online platforms in some countries is also further supplementing the sports betting market growth in the near future.
The market is also poised to grow on account of the rising popularity of international sports events around the globe coupled with the increasing popularity of high-end sports such as cricket, soccer, baseball has gained a lot of traction in the past years, which has led to a decent increase in the sponsorships for clubs, teams, players.
Additionally, the rising investments by numerous sports organizations in marketing and promotional activities have led to increased investments by major betting companies in providing sponsorships for sports teams around the globe. Thus, the rising commercialization of sports events is considered to be a key factor that is expected to positively impact the market growth during the next five years.
The rising consumer expectations have led to the constant participation of key players of the market in the form of partnerships, collaborations, agreements, and R&D for the launch of various platforms to cater to the rising consumer expectations. For instance, recently in June 2020, Sportech PLC a leading market player in the gaming technology industry of the world announced its strategic partnership with a French gaming operator ZeTurf, the aim of this partnership was to deliver attractive and alternative options for betting on French racing.
Similarly, in May 2020, the company announced a successful launch of Tote Betting services in Moscow for client Pari Engineering Rus. Furthermore, the growing partnerships between high end-resorts and casinos with leading market players for availing their services also shows the potential for the market to grow in the near future.
For example, in February 2020, William Hill, a leading sports betting company entered into a long-term partnership agreement with the Grand Traverse Band of Ottawa and Chippewa Indians (GTB), a federally recognized Indian tribe for exclusively providing online sports betting and online casino gaming throughout Michigan. Also, during the same month, the company also entered into a partnership with CBS Sports with an aim to increase the reach to millions of new sports fans and fantasy players by extending its leadership in sports betting content.
Moreover, in February 2019, Churchill Downs Incorporated entered into a partnership agreement with Golden Nugget Casino for the launch of its BetaAmerica online real-money sports betting and online casino platform in New Jersey.
However, the sports betting market may be restrained by the fact that still sports betting is considered to be an illegal activity in some parts of the world. Also, the recent outbreak of the novel coronavirus is expected to be a major factor inhibiting the market growth during the short run as the intense outbreak has led to enforcement of directives by the WHO such as social distancing and quarantine measure in almost every country of the world.
This has led to the temporary suspension or cancellation of all the major sports events at international, regional, and national levels that include, football, hockey, marathons, cricket, basketball, and more. This is considered to be one of the prime factors that is projected to hamper the market growth for the next ten to eleven months.
Growing legalization is offering lucrative opportunities
One of the major factors that is propelling the market growth opportunities is the rising government initiatives for the legalization of sports betting with an aim for the generation of revenue. For instance, in 2018 sports betting for the first time was legalized in New Jersey. Furthermore, the inclination of governments of various developing countries such as India and Brazil among others to tap the potential of revenue that the sports betting industry holds is considered to be a prime opportunity for the market to grow in the near future. For example, in 2018, the Law Commission of India stated in its report the recommendations for legalizing sports betting in the country.
The global sports betting market has been segmented on the basis of platform, sport, and geography. By platform the segmentation of the market has been done on the basis of online and offline. By sport the market has been classified into cricket, FIFA, horse racing, and others. Geographically, the segmentation of the sports betting market has been done into North America, South America, Europe, Middle East and Africa, and Asia Pacific.
Online segment to witness a decent growth
By platform, the online segment is projected to witness a healthy growth during the next five years. The rapid internet and smartphone penetration coupled with the launch of new online betting platforms are some of the key factors bolstering the growth of this segment throughout the forecast period.
Europe to hold a notable share
Geographically, the European region is anticipated to hold a substantial share in the market throughout the forecast period primarily on account of the legalization of betting in several European countries. Also, investments by players in countries of this region for expansion of services further supplement the market growth in Europe during the next five years.
Competitive Insights
Prominent key market players in the Sports Betting market the 888 Group, Kindered Group plc, Wiliam Hill PLC, and Churchill Downs Incorporated among others. These companies hold a noteworthy share in the market on account of their good brand image and product offerings. Major players in the Sports Betting market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last two years.
Key Topics Covered
1. Introduction
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
2.2. Assumptions
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Sports Betting Market Analysis, By Platform
5.1. Introduction
5.2. Online
5.3. Offline
6. Sports Betting Market Analysis, By Sport
6.1. Introduction
6.2. Cricket
6.3. FIFA
6.4. Horse Racing
6.5. Others
7. Sports Betting Market Analysis, By Geography
7.1. Introduction
7.2. North America
7.3. South America
7.4. Europe
7.5. Middle East & Africa
7.6. Asia-Pacific
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.1. the 888 Group
9.2. Kindred Group plc
9.3. William Hill plc
9.4. Churchill Downs Incorporated
9.5. Sportech plc
9.6. The Stars Group Inc.
9.7. Webis Holdings plc
9.8. Flutter Entertainment plc
For more information about this report visit https://www.researchandmarkets.com/r/lkiuog
The online gambling industry is expected to witness high growth during the COVID-19 pandemic. Stringent restrictions on people’s movement and closure of land-based casino operations are anticipated to have a positive impact on the market revenue. The players are shifting to online gambling and signing up to their favorite online casino sites. In COVID-19 outbreak, Chapter 2.2 of this report provides an analysis of the impact of COVID-19 on the global economy and the Online Gambling & Betting industry. The total value of the global sports betting market is difficult to estimate because of the lack of consistency in how it is regulated in some parts of the world. Betting makes up about 30 to 40.
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The global sports betting market continues to surge in popularity. In fact, it’s one of the fastest-growing sectors in the world, offering tremendous potential for both sportsbooks and bettors. With the digital revolution in full swing, the sports betting industry continues to undergo dynamic changes, expanding in established markets and forging its way into new ones.
In this article, we’ll lay out the overall size of the global sports betting market, explore some projections for its future growth, and try to pin down the root causes of this rapid market expansion.
How Massive Is the Sports Betting Market?
It’s important to recognize that the overall size of the sports betting market is difficult to estimate because regulations and record-keeping are inconsistent. There is no definitive resource, from nation to nation, that researchers can solidly rely on. Records are too disparate to paint an entirely accurate picture.
That said, it doesn’t mean that there aren’t reliable estimates. International sports betting is estimated to have a market capitalization of $250 billion. According to Statista, a highly-reputable data firm, licensed online sportsbooks (like the ones we review) account for upwards of $39.7 billion of this revenue.
The rest of these sports bets are staked at venues like casinos, at horse tracks, or other global conduits.
The Fastest Growing Sports Betting Market: The United States
In 2009, the sports betting market was valued at $20 billion. By 2016, it was valued at $40 billion. With a present market capitalization of (conservatively) between $60-73 billion, the market has conservatively grown at a rate of $10 billion per year. If this pace continues, American sports betting will occupy an increasingly significant share of the world market.
According to a recent Statista survey, over 50% of US citizens admitted to placing a bet on a sporting event at least once in their life. Given the stigma that still hovers around sports betting in the US, it’s possible that some of those polled in the survey weren’t entirely forthcoming on whether they’d bet on sports.
APAC (Asia-Pacific): The Biggest Sports Betting Market
With a population of more than 4 billion people, it’s of little surprise that the APAC region occupies the most significant percentage of market share in the sports betting industry. It’s estimated that residents falling in the APAC region are responsible for 47% of the world’s sports wagers.
What’s Driving This Increase?
The answer is simple: increased wealth and expansion in digital connectivity.
Historically, Macau and Hong Kong (both within APAC) are two of the most prominent sports betting revenue-generating regions in the world.
Economic prosperity throughout the rest of the region, however, provides disposable income for leisure activities, such as sports betting. As real wages continue to increase in the APAC region (as they are projected to) more and more money stands to end up being placed on sporting events.
Furthermore, internet providers in the APAC region report significantly increased penetration in the market. A better internet connection allows people to consume the latest news and information in sporting. It’s a lot easier to become a sports fan (and sports bettor) when you’re able to keep up with the latest in sports on a weekly, daily, and even hourly basis.
Online Sports Betting Industry Stocks
According to Transparency Market Research, APAC forecasts to expand at a CAGR (Compounded Annual Growth Rate) of 12.9% from 2018-2024. Asia’s projected growth rate for its sports betting market outpaces any other region in the world.
How Much Will Sports Betting Markets Grow Elsewhere?
Sports betting currently accounts for upwards of 40% of global gambling revenue around the world, which is more than any other section (inclusive of lotteries, casinos, poker, and other forms of gaming.). According to the latest projections from market research firm Technavio, the CAGR (Compounded Annual Growth Rate) is expected to increase by a whopping 8.62% from 2018-2022.
While all eyes are on the US and APAC regions, sports betting is still growing in other areas of the world. Though growth may not seem as aggressive or impressive in Australia and Europe, it’s mainly due to a long history of sports betting in these regions. However, sports betting is still growing steadily in these regions.
Africa and Latin America make up a large contingent of the global market, but not as much as APAC or the US. This is primarily linked to broader macroeconomic factors which affect GNP, and limited internet access.
What Are the Most Popular Sports Bets Around the World?
Football (theEuropean kind) has, by far, the greatest betting volume, closely followed by American football. The other big three North American leagues (MLB, NBA, NHL) receive a significant amount of betting volume, too.
Horse racing, while often categorized as a niche market, still receives heavy betting volume in the US, UK, France, Australia, and South Africa, which are all sizeable markets.
The Global Sports Betting Market of eSports
The fastest-growing sports market (in regards to betting volume) is eSports. For those unfamiliar, esports are organized, multiplayer video game competitions which involve profession players. The games may range from Starcraft to Player Unknown Battlegrounds. In 2017, eSports generated over $650 million in revenue, and are projected to create upwards of $1.5 billion by 2020.
According to a senior analyst at the market research firm Technavio, the increased popularity of esports is pushing bookmakers to allow bets on many different esports matches, now including golf, tennis, and rugby. This growing volume is driving revenue generation across the sports betting industry.
As esports transform from a budding industry to a more fully-formed, established one, it will generate a significant revenue stream for the broader sports betting market.
Online Sports Betting Market Share
Where Does the Future of Sports Betting Lie?
Online Sports Betting Industry Statistics
All market research points to one thing behind the continued popularity of sports betting: the digital revolution. The massive projected growth figures for sports betting are in large part due to the proliferation of internet around the world, and sportsbooks’ subsequent investment in their digital platforms, as a response to the demand for online sports betting. It’s never been easier for people around the globe to connect to the internet, and subsequently, start betting via sportsbooks.
The penetration of digital sports betting goes beyond laptops and desktops. Globally, 20% of sports betting now takes place via mobile. By the end of 2019, this figure is projected by to upwards of 45%! Sportsbooks, especially the sites we review, have responded to their consumers’ demand for increased connectivity. Bettors are seizing new opportunities made available by these advances.
Technology has changed how we work, how we play, and the way we live. It’s also transformed how we bet on sports. We’re not entirely sure what the next major advance in the digital revolution is going to be, but we’re sure that it’s going to make betting on sports bigger and better.