Pune, India, Sept. 22, 2022 /PRNewswire/ — The New Report “Global Sports Betting Market SizeStatistics, Trend Analysis, and Forecast Report, 2022 – 2032” estimates the Global Sports Betting Market size at US $84.6 Billion in 2022 (year-end adjusted data) and forecasting to reach US $288.2 Billion by 2032. The fastest growing regions include the North American and Asia-Pacific with Asia-Pacific accumulating around 30% of the total revenue. Global Sports Betting Market is promoting set to grow at a fast pace companies like NoLimit City and Nuvei Corporation.
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“The global digital revolution has boosted the Sports Betting market as there has been a surge in commercial and retail online transactions due to growth in digital infrastructure. Market Decipher has completely revised the huge database on the Global Sports Betting market covering all major regions and companies The latest insights and forecasts have revealed new areas of profitability. Asian-Pacific (holding 30%) is showing the fastest growth during the forecast period 2022-2032. Football makes for more than 23% of the Global Sports Betting Market and is anticipated to grow in the future.”
– Chandradeep Singh
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Massive Revenue Crunch & Need for New Income Sources during COVID to Drive Market Growth
The lockdown imposed as a result of Covid-19 had severely affected economic activities. It had played havoc on earning sources as well as the GDP of several countries. Countries across the world found sports betting as their new source of income that increases sponsorships & data sales, driving the sports betting market trends. Besides this, the sports betting market can also assist in aiding indirect revenue for the government with a surge in sports fan engagement, merchandise sales, partnerships, and media rights transactions. Revenue earned from sports betting activities is used to offset the decline in earnings from other revenue sources affected due to the COVID-19 pandemic. The broadcasters make use of over-the-top tools for creating new digital products that help in delivering a second-screen experience to viewers while watching live sports activities, this can unlock new growth opportunities for the sports betting market.
The sports betting firms are eager in forming strategic alliances with various traditional sports institutes through sponsorships, and the sports betting market earnings are anticipated to grow. Furthermore, the rise in esports activities has also contributed significantly towards growth in industry revenue.
Introduction of AI in Sports Betting Application
The adoption of blockchain and AI in sports betting applications and websites is gaining popularity in the sports betting market. These methods are adopted to accurately automate real-time data, help sports betting payment, past event analytics, monitoring, and event recording.
Asia Pacific Accounted for 30%, Largest Market Share
Asian-Pacific enjoys huge popularity of sports betting capturing around 30% of the global market. China and India are two major countries with popular betting characteristics in young population. New entrants are entering the APAC market considering the scope. Key aspect of the region is that the growth trend is not expected to experience any downfall in 10 years even in economic uncertainties. Twenty-four states in the US passed legislation in October 2020 for reforming sports betting laws, resulting in immense growth in the North American Sports Betting market. Canada also legalized single-game sports betting in 2021. The sports betting market in Canada will expand nearly seven times the size of the spectator-sports market in the country in the coming years.
Recent Development by Companies:
- May 2022Playtech signs a deal to provide its Live Casino and random number generator (RNG) games to 888casino, starting in New Jerseywith other states to follow.
- May 2022the online sportsbooks, bet365, has announced that it is working on a new Sports and Betting News website which will be launched in the coming months and it will be a platform where customers can read the latest developments in the world of sports.
- May 2022Nolimit City, the multi-award-winning software supplier, has signed a deal with industry giant bet365, with the agreement taking the former’s content on the latter’s games vertical.
- May 2022Nuvi Corporation announces that it has partnered with Swedish-based online gaming operator Betsson Group to enable instant deposits and withdrawals on its proprietary online sportsbook in Coloradoin the US which it launched under the brand name, Betsafe.
- 2021, Endeavor Group Holdings Inc, a US-based entertainment and sports company acquired OpenBet from Scientific Games, for US$1.2 billion through a combination of cash ($1 billion) and Endeavor’s Class A common stock ($200 million).
- Bitgame, to Poland-based sports betting platform operator, launched a new website on a sports betting platform powered by blockchain technology to provide a seamless and interactive experience to customers.
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Number of Pages: 182
Number of Tables: 56
Number of Charts and Graphs: 60
Key Companies Covered
- 888 Holdings Plc
- Betson AB
- Churchill Downs Incorporated
- Entain plc
- Flutter Entertainment Plc
- Kindred Group Plc
- Sportech Plc
- William Hill Plc
Key Report Takeaways:
- Estimate/projections/forecast for revenue (2022 – 2032)
- Data breakdown for every Industry segment (2022 – 2032)
- Gross margin and profitability analysis of companies
- Impact Of COVID-19 On Sports Betting
- Business trend and expansion analysis
- Competition analysis/market share
- Product Innovation Listing
- Client list and case studies
- Market entry strategy
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SOURCE Market Decipher