Market Research Report
Sports Betting Global Market Report 2022
|Sports Betting Global Market Report 2022|
The Business Research Company
Content info: 175 Pages
Delivery time: 2-10 business days
“Sports Betting Global Market Report 2022” from The Business Research Company provides the strategists, marketers and senior management with the critical information they need to assess the global sports betting market.
This report focuses on sports betting market which is experiencing strong growth. The report gives a guide to the sports betting market which will be shaping and changing our lives over the next ten years and beyond, including the markets response to the challenge of the global pandemic.
Where is the largest and fastest growing market for the sports betting? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The Sports Betting market global report” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider sports betting market, and compares it with other markets.
Major players in the sports betting market are: 888 Holdings Plc, Bet365, Betsson AB, Churchill Downs Incorporated, Flutter Entertainment Plc, Kindred Group Plc, Sportech Plc, William Hill, DraftKings, The Stars Group Inc, BetAmerica, Webis Holdings Plc, Gala Coral, Bet-at-home, FanDuel, Betfred, Ladbrokes, Entain plc, IGT, TVG, Twinspires, Watch and Wager, Bwin, and Unibet.
The global sports betting market is expected to grow from $89.65 billion in 2021 to $99.20 billion in 2022 at a compound annual growth rate (CAGR) of 10.64%. The sports betting market is expected to reach $144.34 billion in 2026 at a CAGR of 9.83%.
The sports betting market consists of sales of sports betting services by entities (organizations, sole traders, and partnerships) that refer to both online and offline sports betting platforms used for earning profits by predicting the outcome of a sporting event. Sports betting is a type of gambling in which bets are placed on certain sporting events, for a winning amount if the player or a team betted wins the particular event. It is the process of placing wagers on the outcome of a sports event.
The main types of sports betting are line-in play, fixed old betting, exchange betting, daily fantasy, spread betting, e-sports, pari-mutuel and other types. Line-in play refers to a type of wager in which the bookmaker or sportsbook determines the favored and underdog teams in a match by setting gambling odds. The sports segment includes football, basketball, baseball, horse racing, cricket, hockey and other sports depending on the type of betting. Further, the platform is segmented into online and offline depending on the place of betting.
Western Europe was the largest region in the sports betting market in 2021. The regions covered in the sports betting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increase in the number of sports leagues and events is expected to propel the growth of the sports betting market. A sports league or an event is a group of clubs, countries, associations, or people trying to compete with each other in a game for a championship or a title. These leagues are planned to happen in a particular schedule or during a particular season, in which all the teams or members are required to participate to name an overall champion of the event or league. For instance, according to a study published by Wire, currently, more than 100 professional leagues in various sports are active across the globe. The establishments of new professional sports leagues across the globe are providing customers with the opportunity to diversify their betting expenditures. Therefore, the growing sports leagues and events are driving the growth of the sports betting market.
Implementation of AI and blockchain in sports betting applications is a key trend gaining popularity in the sports betting services market. Sport betting applications are increasingly adopting blockchain technologies to accurately automate real-time data using smart contracts, which help sports betting in payment, bet confirmations, past event analytics, monitoring and event recording. For instance, in May 2021, Bitgame, a Poland-based sports betting platform operator, launched a new website on a sports betting platform powered by blockchain technology. The new website merged blockchain-secured cryptocurrency with sports betting to provide a seamless and interactive experience to customers.
In September 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). Through this acquisition, Endeavor's position in the sports betting ecosystem will strengthen, which is presently led by IMG ARENA, which collaborates with over 470 prominent sportsbook companies across the world to provide official live streaming video and data feeds for over 45,000 sports events each year. OpenBet is a UK-based sport betting entertainment company.
The countries covered in the sports betting market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.