Surge In Sports Leagues and Events: A Key Driver Transforming the Sports Betting Market 2024

The Business Research Company's Early Year-End Sale! Get up to 30% off detailed market research reports-limited time only!

What Does the Future of Sports Betting Market Look Like?

In recent years, the sports betting market has seen substantial growth. The market is slated to surge from $109.01 billion in 2023 to $114.68 billion in 2024 at a compound annual growth rate CAGR of 5.2%. This robust growth can be attributed to several factors including an increase in the number of sports events, a rise in the millennial population, growing disposable income, and an unprecedented surge in accessibility to smart devices like smartphones, PCs, and laptops.

Can we download a sample of the Sports Betting Market Report?

Yes, you can download a sample at https://www.thebusinessresearchcompany.com/sample.aspx?id=5949&type=smp

What Are The Projected Trends And Growth For Sports Betting Market?

Looking ahead, the sports betting market is expected to witness steady progress in the coming years. The market is forecast to rise to $137.48 billion in 2028, growing at a steady CAGR of 4.6%. The momentous growth during the forecast period can be attributed to factors such as an increased focus on virtual sports betting, product innovations, wider adoption of 5g networks, a rise in mergers and acquisitions, urbanization, and an increase in internet penetration. Other key trends expected to shape the market include the adoption of augmented reality and virtual reality, enhanced mobile betting services, implementation of artificial intelligence in betting platforms, increasing investments, strategic partnerships, the use of blockchain technology, and the emergence of live streaming-integrated mobile sportsbooks.

Where can we get the full report on Sports Betting Market?

To access the full report, visit: https://www.thebusinessresearchcompany.com/report/sports-betting-global-market-report

What Are The Key Drivers Of The Sports Betting Market?

The increasing number of sports leagues and events is a significant catalyst expected to propel the growth of the sports betting market. Sports leagues or events, which typically involve a range of clubs, countries, associations, or individuals competing against each other for a championship title, provide ample opportunities for bettors. More than 100 professional leagues in various sports are currently active across the globe, according to a study published by Wire. The establishment of new professional sports leagues is providing customers with the opportunity to diversify their betting expenditures. Therefore, the growing sports leagues and events are driving the growth of the sports betting market.

Who Are The Major Players In The Sports Betting Market?

The sports betting market is served by a host of prominent players including Flutter Entertainment plc, Bet365 Group, Entain PLS, Caesars Entertainment, Kindred Group plc, Churchill Downs Incorporated, DraftKings Inc., Betsson AB, 888 Holdings, IGT, Dream11, and many others. These companies have played a crucial role in shaping the market landscape through innovation and strategic developments.

What Are Some Emerging Trends In The Sports Betting Market?

One of the major trends gaining traction in the sports betting market is the implementation of AI and blockchain in sports betting applications. Sports betting apps are increasingly adopting blockchain technologies to automate real-time data accurately using smart contracts. This helps facilitate bet confirmations, monitoring, past event analytics, event recording, and payment in sports betting. In May 2021, Bitgame, a Poland-based sports betting platform operator, launched a new website on a sports betting platform powered by blockchain technology. This merger of blockchain-secured cryptocurrency with sports betting aims to provide a seamless and interactive experience to customers.

What Does The Sports Betting Market Segmentation Look Like?

The sports betting market report segments the market by type, sports type, and platform as follows:

1 By Type: Live/In-Play, Fixed Odd Betting, Exchange Betting, Daily Fantasy, Spread Betting, Pari-Mutuel, Other Types
2 By Sports Type: Football, Basketball, Baseball, Horse Racing, Cricket, Hockey, E-Sports, American Football, Other Sports Types
3 By Platform: Online, Offline

Is There A Differing Growth Rate Among Regions?

In terms of geography, Western Europe was the largest region in the sports betting market in 2023. The report also offers insights for other major regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ

Learn More About The Business Research Company

The Business Research Company offers over 15000+ reports across 27 industries, covering more than 60 geographies. The reports are based on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

This release was published on openPR.