PUNE, India, September 22, 2022 / PRNewswire / – The new report “Size of the global sports betting marketStatistics, trend analysis and forecast report, 2022-2032“estimates the size of the global sports betting market a 84.6 billion dollars in 2022 (adjusted year-end data) and is expected to reach the United States $ 288.2 billion by 2032. The fastest growing regions include North America and Asia-Pacific with Asia-Pacific amassing approximately 30% of total revenue. The global sports betting market is set to grow rapidly by promoting companies such as NoLimit City and Nuvei Corporation.
Get detailed research information: https://www.marketdecipher.com/report/sports-betting-market
“The global digital revolution has boosted the sports betting market as there has been an increase in commercial and retail online transactions due to the growth of digital infrastructure. Market Decipher has completely overhauled the huge database on the global sports betting market. covering all major regions and societies Asia Pacific (with a 30% share) is showing the fastest growth during the forecast period from 2022 to 2032. Football accounts for over 23% of the global sports betting market and it is expected to grow in the future “.
– Chandradeep Singh
Download the example of version 2022: https://www.marketdecipher.com/report/sports-betting-market
Strong revenue crunch and need for new sources of income during COVID to drive market growth
The lockdown imposed following Covid-19 has seriously affected economic activities. It had devastated the sources of income and GDP of several countries. Countries around the world have found sports betting as their new source of income that increases sponsorships and data sales, driving trends in the sports betting market. In addition to this, the sports betting market can also help aid indirect government revenue with an increase in sports fan engagement, merchandise sales, partnerships, and media rights transactions. Revenues earned from sports betting businesses are used to offset the decline in earnings from other sources of income affected by the COVID-19 pandemic. Broadcasters use exaggerated tools for creating new digital products that help provide a second screen experience to viewers while watching live sports, this can unlock new growth opportunities for the sports betting market.
Sports betting companies are keen to form strategic alliances with various traditional sports institutions through sponsorships and the earnings of the sports betting market are expected to grow. In addition, the increase in eSports activities has also contributed significantly to the growth of the sector’s revenues
Introduction of AI in the sports betting application
The adoption of blockchain and artificial intelligence in sports betting applications and websites is gaining popularity in the sports betting market. These methods are used to accurately automate data in real time, help pay for sports bets, analyze past events, track and record events.
Asia Pacific accounted for 30%, the largest market share
Asia Pacific enjoys tremendous sports betting popularity which captures around 30% of the global market. China and India are two main countries with popular betting characteristics in the young population. New entrants are entering the APAC market considering the scope. The key aspect of the region is that the growth trend is not expected to decline in 10 years even in the presence of economic uncertainties. Twenty-four states in the United States passed legislation in November 2020 to reform sports betting laws, resulting in immense growth in the North American sports betting market. Canada also legalized single match sports betting in 2021. Canada’s sports betting market will expand nearly seven times the size of the country’s spectator sports market in the coming years.
Recent development by companies:
- July 2022, Playtech signs an agreement to supply its live casino games and RNGs to 888casino, starting in New Jersey, with more states to follow.
- July 2022, the online bookmaker, bet365, has announced that it is working on a new sports and betting news website that will be launched in the coming months and will be a platform where customers can read about the latest developments in the world of sports.
- July 2022, Nolimit City, the award-winning software provider, has signed an agreement with the industry giant bet365, with the agreement taking the contents of the former on the vertical of the games of the latter.
- May 2022, Nuvi Corporation announces that it has partnered with Sweden-based online gaming operator Betsson Group to allow instant deposits and withdrawals to its proprietary online bookmaker in Colorado, United States, which it launched under the Betsafe brand.
- In 2021, Endeavor Group Holdings Inc, a U.S.-based entertainment and sports company, acquired OpenBet from Scientific Games, for $ 1.2 billion through a combination of cash ($ 1 billion) and Class common stock. A of Endeavor ($ 200 million).
- Bitgame, a Polish-based sports betting platform operator, has launched a new website on a blockchain-based sports betting platform to offer customers a seamless and interactive experience.
Custom report can be obtained upon request: https://www.marketdecipher.com/report/sports-betting-market
Report details:Number of pages: 182Number of tables: 56Number of charts and graphs: 60
Key companies covered
- 888 Holdings Plc
- Betsson AB
- Churchill Downs Incorporated
- Entertaining plc
- Flutter Entertainment Plc
- Kindred Group Plc
- Sportech Plc
- William Hill Plc
Key findings of the report:
- Estimate / projections / forecast of revenue (2022 – 2032)
- Breakdown of data for each sector segment (2022 – 2032)
- Analysis of the gross margin and profitability of companies
- Impact of COVID-19 on sports betting
- Analysis of the progress and expansion of the business
- Competition / market share analysis
- Product innovation list
- Client list and case studies
- Market entry strategy
Get this research report: https://www.marketdecipher.com/report/sports-betting-market
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Contact:David CorreaDecipher Business Insights Pvt. Ltd. Zen Business Center, Wakad, Mumbai-Bangalore Highway, Pune – 411057, Maharashtra Website: www.marketdecipher.com
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SOURCE Market decipherer