Sports Betting Market-Everything You Need To Know.
The worldwide sports betting industry recorded a staggering USD 83.65 billion in 2022 and is projected to grow at an annual compound growth rate of 10.3% from 2023 to 2030. The surge in sports betting demand can be attributed to several factors, including the significant shift in the global gambling sector's regulatory landscape, the proliferation of internet-connected devices, and the advancement of digital infrastructure. The COVID-19 pandemic has undeniably impacted the global sports sector, leading to restrictions on sporting events worldwide. However, online sports betting experienced a surge in popularity during the pandemic, primarily due to the rise of eSports and other similar betting options. Additionally, the widespread use of smartphones has greatly contributed to the accessibility and availability of sports betting, thereby driving the global market forward. A recent survey conducted by Uplatform, a prominent sports betting and casino operating platform, revealed that mobile devices accounted for approximately 70% of online betting revenue in 2020.
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Which is the leading segment in the sports betting market by platform?
The dominant force in the sports betting market is the online platform segment, projected to maintain its leading position until the end of the forecast period, boasting an impressive CAGR of 13%. This sector, encompassing online sports betting, is a stable and continuously expanding component of the global economy expected to catalyze key trends and opportunities within the sports betting market as a whole. The steady growth of this market can be attributed to the widespread adoption of smartphones and the internet on a global scale. Moreover, the advancement of technology and digitalization has significantly influenced the lifestyles of people around the world. The future trends of the sports betting market are intrinsically linked to factors such as financial growth in the industry, improved living standards, and an increase in disposable income.
Which is the leading region in the sports betting market?
The Asia Pacific region generated approximately 30.0% of the overall revenue, making it a key player in the sports betting market. This region is projected to maintain a high compound annual growth rate (CAGR) in the future. One of the primary driving forces behind the development of the sports betting market is the presence of a substantial young population that actively participates in various sports activities. Additionally, gambling holds significant popularity among the residents of China and India, further fueling the growth of the market. With such collective factors and the abundance of sports betting opportunities, the sports betting market is expected to experience significant expansion.
What is the key driver of the Global Sports Betting Market?
People engage in online gambling, particularly sports betting, at various locations. This form of entertainment is predominantly popular among young individuals. It is accessible in numerous countries, whether sports betting is legal or illegal, and even appeals to those who aren't sports enthusiasts. The average age of an online sports bettor is generally 38 years old, whereas a land-based sports bettor tends to be around 45 years old. The increasing interest in sports betting among the population is expected to drive the expansion of the market.
What is propelling the sports betting market?
The anticipated growth of the sports betting market is driven by various factors, such as the expansion of sporting leagues and events. These leagues and events bring together teams, nations, associations, or individuals who compete against each other for a trophy or championship. The scheduling of these leagues during specific times or seasons is crucial in determining the overall champion. This intense competition increases the adoption of sports betting, resulting in positive trends for the sports betting market's future. Moreover, the emergence of new professional sports leagues worldwide provides customers with opportunities to diversify their wagering expenses. This expansion in the number of sports leagues and events contributes to the overall growth of the sports betting market. Another significant factor driving this growth is the global expansion of digital infrastructure, making sports betting more accessible worldwide. Furthermore, the increasing demand for sports betting among millennials and older individuals further fuels the growth of the sports betting market and influences its adoption trends. This continuous expansion and the evolving needs of sports enthusiasts contribute to a thriving sports betting market.
Are sports betting markets efficient or liquid?
Sports with the highest betting limits and the most available information, such as the NFL, possess the most efficient betting markets. This is especially evident when placing bets on Sunday mornings, as the numbers provided by books are incredibly accurate. These books hold all the necessary information, including details on injuries and insights from knowledgeable bettors. Conversely, markets like player props are not as efficient due to their lower betting limits and the absence of many sharp bettors placing bets on them. While major stocks are considered liquid markets, where you can buy or sell large quantities of an asset with ease and at low transaction costs, the same cannot be said for sports betting. None of the markets within sports betting are truly liquid. This is primarily due to the betting limits imposed by sportsbooks to manage risk, preventing bettors from placing as large of bets as they desire, even in high-limit games like the NFL. Even if you were privy to insider information, such as the color of Gatorade to be dumped on the winning Super Bowl coach or a player prop where you believe you have a substantial advantage, your ability to place significant bets would still be limited.
By Sports Type, which Sports Betting Category will remain prominent?
Football Sports Betting aims to outperform the competition within the market, as it accounts for a significant portion of revenue generated by various sports. With football capturing approximately 24% of the market share, its growth potential is expected to be substantial. In addition to football, horse racing follows closely behind in terms of sales volume, projected to expand at a 10.5% compound annual growth rate (CAGR) throughout the forecast period. Moreover, basketball and baseball are also anticipated to experience a notable increase of around 10.2 percent. The growth of numerous sports segments is further driven by the emergence of various sports leagues such as the NFL, IPL, EFL, and others.
Output text: What restrains the sports betting market?
The sports betting market is anticipated to face obstacles due to strict regulations imposed upon the game. Throughout the projected timeframe, concerns about illegal activity are expected to hinder the expansion of the sports betting market. This, in turn, may pose a challenge to the opportunities, trends, and forecasts within the industry. However, by speaking with an analyst, such as Sudip Saha, Principal Consultant, it is possible to identify the sweet spots that generate winning opportunities in this market.