Transparency Market Research delivers key insights on the global sports betting market. In terms of revenue, the global sports betting market is estimated to expand at a CAGR of ~ 11% during the forecast period, owing to numerous factors, regarding which, TMR offers thorough insights and forecasts in the sports betting market report.
Sports betting is a form of gambling where users predict sports results and place a wager on the outcome through online and offline platforms. Sports betting is restricted in some parts of the world due to multiple regulatory norms. However, in the coming years, some countries are expected to ease the regulatory norms pertaining to sports betting in order to avail tax revenues. This helps end users witness and participate in betting activities in real-time through their Internet based or other electronic devices. The hike in the penetration rate of Internet-based devices, wagering through online and offline modes of payment, and relaxation of laws have boosted the sports betting market across the globe.
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In this market report, TMR estimates that the offline platform is expected to remain prominent till the end of 2027, though the online platform is found to be attractive among users in the sports betting market. Rise in the adoption of Internet-based devices and a large base of traditional sports bettors are the primary factors for the robust growth of the sports betting market across the globe. Increasing government initiatives are expected to drive the growth of the sports betting market during the period of 2019 to 2027.
All these factors are leading to the rise in the penetration rate of sports betting. However, most countries, globally, do not have well-defined laws and regulations related to sports betting and related activities. Social and religious stigma attached to the participation in sports betting is expected to hamper the market during the forecast period. In addition, risks associated with the threat of cyber-attacks and betting addiction are also a challenging factor faced by the sports betting market.
The sports betting market has been experiencing huge change since the last few years. Future scenarios that we explored involve a combination of various factors, such as increase in the prevalence rate of betting, increasing disposable income of consumers, trust in wagering through electronic and non-electronic payment modes of sports betting, and growth in the penetration rate of the Internet, along with adoption of Internet based devices, all of which are driving the sports betting market. This is projected to boost the market in the coming years. Moreover, the sports betting market has been experience noticeable technological changes since the last few years, and this has impacted not just the sports betting market, but the global economy as a whole.
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Targeting new regulated markets has created better opportunities for key players to penetrate their products and services. Key players of sports betting are focusing on popularizing their products through a wide range of online platforms and offline betting stations in order to cater to a wide range of bettors across the globe.
Sports Betting Market: Prominent Regions
- Europe, with its smooth laws for sports betting, is expected to remain prominent during the forecast period. Hence, Europe is anticipated to be the biggest market for sports betting during the forecast period.
- Relaxation of laws and regulations in North America and Asia Pacific having high potential for sports betting is expected to boost the market in the coming years.
- Countries such as Australia, South Africa, Brazil, Uruguay, Thailand, and Singapore are observed to gain popularity in sports betting, owing to the large presence of sports followers. In addition, governments all over the globe are promoting tourism and the entertainment sector, which is expected to advance the sports betting market in the coming years.
Sports Betting Market: Key Players
Key players operating in the global sports betting market include Bet 365 Group Ltd, GVC Holding plc, The Stars Group, Paddy Power, Betfair plc, William Hill plc, Fortuna Entertainment Group, Betfred Ltd., mybet Holding, Hong Kong Jockey Club, and Kindred Group.
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