Sports Betting Market Size, Growth, Share, Trends & Forecast 2023-2028

IMARC Group, a leading market research company, has recently released a report titled "Sports Betting Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028". The study provides a detailed analysis of the industry, including the global sports betting market, size, share, trends and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How big is the Sports Betting Market?

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.

What is Sports Betting?

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 outcome of sports betting can lead to two possibilities: winning a profit based on the bookmaker's odds or losing the bet. Sports betting is an accessible form of entertainment that involves researching different teams and provides significant enjoyment. It adds excitement while watching live games and offers opportunities to earn additional winnings. Those with extensive knowledge about the athletes and teams involved have a higher chance of achieving consistent profits through sports betting. Currently, sports betting is widely available on both online and offline platforms across the globe.

Request for a sample copy of this report: https://www.imarcgroup.com/sports-betting-market/requestsample

What are the growth prospects and trends in the sports betting industry?

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. For example, the introduction of the Professional and Amateur Sports Protection Act (PASPA) allowed sports betting in eight states in the United States. Additionally, the integration of blockchain technology into sports betting applications, enabling real-time data automation through smart contracts for payments, bet confirmations, and analytics of past events, is contributing to market growth. The introduction of innovative machine learning algorithms aimed at predicting game and race outcomes is another significant growth factor. The rise of live esports coverage platforms, increasing esports competitions, growing usage of online betting, development of digital infrastructure, and the expansion of sports leagues and events are anticipated to drive the market further. 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.

Browse Full Report with Table of Contents : https://www.imarcgroup.com/sports-betting-market

What is included in market segmentation?

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

Who are the key players operating in the industry?

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)

Ask an Analyst : https://www.imarcgroup.com/request?type=report&id=6028&flag=C

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

Contact US
IMARC Group
Email: sales@imarcgroup.com
USA: +1-631-791-1145 | Asia: +91-120-433-0800
Address: 134 N 4th St. Brooklyn, NY 11249, USA
Follow us on Twitter: @imarcglobal

About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.