Sports Betting Market will reach at USD 189.54 billion in 2032 key developmental strategies implemented by the key players:William Hill, GVC Holdings, 888 Holdings, Kindred Group, Paddy Power Betfair, Amaya gaming, Bet365 Group, Bet-at-home.com, BetAmeric

The global sports betting market size was valued at USD 77.23 billion in 2021 and is anticipated to grow at a compound annual growth rate (CAGR) of 11.54% from 2022 to 2032.Sports Betting Market will reach at USD 189.54 billion in 2032 The demand for sports betting is driven by factors like the shifting regulatory landscape of the entire betting sector, the penetration of connected devices, and the developing digital infrastructure. The COVID-19 pandemic greatly influenced the sports sector due to restrictions on sporting activity in most parts of the world. However, online sports betting expanded in popularity during the pandemic due to eSports betting.

Pivotal players studied in the Sports Betting report:

William Hill, GVC Holdings, 888 Holdings, Kindred Group, Paddy Power Betfair, Amaya gaming, Bet365 Group, Bet-at-home.com, BetAmerica, Betfred, Betsson, Draft Kings, Fan duel, Gala coral group, Ladbrokes, Sportech, TVG, Twinspires, Watch and Wager

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Sports Type Insights
In terms of sports type, football events generate the majority of the revenue from all other forms of sports. Football accounts for more than 23.0% of the market share and is expected to multiply in the future. Following football, the horse racing segment accounted for the second-largest market share and is expected to grow at a CAGR of 10.3% during the forecast period. Basketball and baseball segments are also expected to witness a growth of close to 10%. Inclusively many forms of sports are expected to grow. The factors contributing to the development of these segments are the increasing number and annual events of sports leagues such as NFL, IPL, EFL, and more.

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Report Overview
The global sports betting market size was valued at USD 76.75 billion in 2021 and is anticipated to grow at a compound annual growth rate (CAGR) of 10.2% from 2022 to 2030. The demand for sports betting is driven by factors like the shifting regulatory landscape of the entire betting sector, the penetration of connected devices, and the developing digital infrastructure. The COVID-19 pandemic greatly influenced the sports sector due to restrictions on sporting activity in most parts of the world. However, online sports betting expanded in popularity during the pandemic due to eSports betting.

U.S. sports betting market size, by sports type, 2020 - 2030 (USD Billion)
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Technology had a significant impact on every industry. However, the bettingg industry was the most impacted, with the major sports betting companies working hard to simplify their platforms and provide a pleasurable experience. Therefore, the growing need for digitalization is expected to impact the market's online segment, which will witness significant growth in the forecast period. However, the frameworks are being regulated by various governments to provide income opportunities and new experiences to consumers. For instance, once the Supreme Court revoked the Professional and Amateur Sports Protection Act (PASPA) in May 2018, eight states in the United States have allowed sports betting.

Platform Insights
The market in terms of the platform was led by the online platform segment which is expected to dominate the market by the end of the forecast period, showcasing growth at a CAGR of 12.6%. The anticipated growth can be credited to the increasing use of smartphones and the internet worldwide. Technological development and digitalization have impacted the lifestyle of the global population. Codependent factors are financial growth, improvement in the standard of living, and an increase in disposable income.

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Betting Type Insights
The market was dominated by the fixed odds wagering segment in 2021, accounting for a market share of over 25% whereas the eSports betting segment is anticipated to grow at the fastest CAGR of 14.8% during the forecast period. According to DataReportal, 60.0% of the world population has access to the internet. The majority of customers are engaging in leisure activities like sports betting and seeking extra income in addition to entertainment. Additionally, interactive games are gaining the interest of the young. While a significant amount of the population is indulging in competitive matches for entertainment, income, and hobby; eSports competitions attract large audiences. Therefore, the market has begun monetizing the opportunity in form of eSports betting.

Sports Type Insights
In terms of sports type, football events generate the majority of the revenue from all other forms of sports. Football accounts for more than 23.0% of the market share and is expected to multiply in the future. Following football, the horse racing segment accounted for the second-largest market share and is expected to grow at a CAGR of 10.3% during the forecast period. Basketball and baseball segments are also expected to witness a growth of close to 10%. Inclusively many forms of sports are expected to grow. The factors contributing to the development of these segments are the increasing number and annual events of sports leagues such as NFL, IPL, EFL, and more.

Global sports betting market share, by sports type, 2021 (%)
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Regional Insights
The Asia Pacific region accounted for the largest revenue share of around 30.0% in 2021 and is expected to maintain the highest CAGR during the forecast period. The biggest factor contributing to the market's development is the presence of a significant percentage of young populations who also indulge in several forms of sports. betting is a popular characteristic found in the people of China and India. Due to such collective factors, the market is expected to grow the quickest.

The Europe region is predicted to showcase a CAGR of almost 11.0% during the forecast period. The regulations in Europe in regards to sports betting are favorable for its population. The pandemic restricted land-based betting as a result online betting increased notably. For instance, data derived from National Authority Data examined taxations of all the licensed Swedish bettingoperators and denoted the spike in online betting

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Product types uploaded in the Sports Betting are:

Land-Based Sports Betting, Online Sports Betting

Key applications of this report are:

Association Football (Soccer), American Football, Basketball, Hockey, Mixed Martial Arts, Boxing, Other

Opportunities

The large number of customers are engaging in leisure activities such as sports betting and try to seeking extra income with entertainment. Moreover, interactive games are gaining the interest of the young generation. Although a significant number of population is indulging in competitive matches for hobby, entertainment and income which attract large audiences which will act as market drivers and further boost opportunities for the market's growth rate.

Moreover, surge in purchasing power of middle-income groups, expansion of distribution channels, and rise in awareness regarding the products and smart strategic marketing activities will positively affect the growth of the sports betting market. Also, application of 5G networks, A.I. and block chain technologies extend the beneficial opportunities to the market players.

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Drivers

Rising the usage of online betting

There are many areas where peoples involving in onlinebetting, especially sports betting, this attracts mostly the younger population. It also reaches to that population which does not follow the sports and is available in many countries where sport betting is legal or illegal. The average age group of an online sports bettor is 38 years whereas the average age of a land-based sports bettor is 45 years. Due to increasing population towards sports betting are expected to drive the market growth rate.

Growing digital infrastructure

The growth of digital infrastructure and the prevalence of wireless connectivity are expected to drive the sports betting market growth rate. The rising usage of smartphones has changed the way of performance of consumer's activities especially in sports betting. There are around 6.3 billion smartphone users globally and this number is increasing every year which is the main reason for enhancing the population in Sports Betting Market.

Shifting consumer habits

There has been a substantial change in the consumer behavior regarding sports betting. The rise in the popularity of social betting and betting apps will drive the growth of the sports betting market during forecast period. Now, Vendors are taking advantage of those population which is using Internet to develop innovative social betting games. The large number of people participating in social betting which is also growing because of competing with their friends is the major reason for the gamers to adopt social gaming.

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