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.
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 research report, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market. Sports betting is a type of gambling where individuals predict the outcomes of sports events and place wagers accordingly. It allows fans to showcase their expertise or loyalty to a specific team or athlete. It is facilitated by bookmakers operating online platforms and offline establishments such as casinos and betting shops. It enables individuals to place wagers on various sports, including rugby, baseball, tennis, hockey, track cycling, basketball, boxing, auto racing, football, and cricket. The outcome of sports betting can result in two possibilities, including winning a profit based on the odds provided by the bookmaker or losing the bet. It is an accessible form of entertainment that involves researching different teams and offers significant enjoyment. Engaging in sports betting adds extra excitement while watching live games and presents opportunities to earn additional winnings. Individuals with extensive knowledge about the athletes and teams involved are more likely to achieve consistent profits through sports betting. At present, sports betting is widely available on both online and offline platforms across the globe. How big is the global 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. Current Trends Shaping the Global Sports Betting Market The global sports betting market is primarily driven by the increasing number of sports leagues and annual events such as IPL, FIFA, and NFL. Moreover, the surging use of smartphones and the rising popularity of user-friendly betting apps are positively influencing the market growth. Apart from this, the emerging digitalization trend in the sports sector and the growing adoption of wireless connectivity have accelerated the product adoption rate. Additionally, the rising popularity of virtual currencies such as Bitcoin, Dogecoin, Ripple, and Litecoin in the sports betting landscape among bettors due to the convenience offered by them for transactions has catalyzed the market growth. Besides this, several favorable initiatives by governments of numerous countries to legalize sports betting activities are propelling the market growth. For instance, the introduction of the Professional and Amateur Sports Protection Act (PASPA) allowed sports betting in eight states in the United States. Furthermore, the integration of blockchain technology with sports betting applications, enabling real-time data automation through smart contracts for payments, bet confirmations, and past event analytics, is contributing to the market growth. Along with this, the introduction of innovative machine learning (ML) algorithms that aim to predict game and race outcomes is another major growth-inducing factor. Other factors, including rising live e-sports coverage platforms, increasing e-sports competition, escalating usage of online betting, the development of digital infrastructure, and a surging number of sports leagues and events, are also anticipated to drive the market further. 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). Request your free sample copy of this report:- https://www.imarcgroup.com/sports-betting-market/requestsample 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 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 Group’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. Contact US IMARC Group 134 N 4th St. Brooklyn, NY 11249, USA USA: +1-631-791-1145 | Asia: +91-120-433-0800 Email: email@example.com Follow us on Twitter: @imarcglobal LinkedIn: https://www.linkedin.com/company/imarc-group/mycompany/