PUBLISHER: UnivDatos Market Insights Pvt Ltd | PRODUCT CODE: 1081024
PUBLISHER: UnivDatos Market Insights Pvt Ltd | PRODUCT CODE: 1081024
The Global Internet Sports Betting Market is anticipated to grow with an elevated CAGR of 11% over the forecast period (2021-2027). Surging internet penetration, adoption of smartphones and smart devices coupled with favorable government regulation are some of the key factors contributing to the growth of the internet sports betting market. Supreme Court struck down a federal ban on sports betting in 2018, any state can choose to legalize it. To date, 25 states and Washington, D.C. have already done so, and many will profit from the newly legal industry. In the UK, there have been growing calls for this kind of mandatory industry tax to pay for gambling addiction treatment.
Moreover, escalating disposable income in regions such as Asia and Europe are also adding pace to the growth of the market. One-third of the global gambling gross win comes from Asia. Moreover, the Growing popularity of several sports such as football, cricket, snooker, etc., across the globe is also contributing to the market growth., As per Forbes. Sports bettors have higher rates of gambling problems than other gamblers (at least twice as high), and gambling problems increase with online betting, 45% of sports betting now takes place online; this is problematic because online gambling is available any time, providing more convenience and privacy. Young people have higher rates of gambling problems than adults; 75% of students gambled, according to data from 2018.
Moreover, the ongoing strategic alliances in the country are also leading to the growth of the market. In 2022, Global B2B sports betting & gaming service provider FSB has announced they have secured regulatory approval from the Alcohol and Gaming Commission of Ontario (AGCO) to launch its services in the Canadian province. And in June 2019, the National Basketball Players Association and gaming supplier Highlight Games entered a partnership for a simulated, real-money sports gambling product using NBA highlights and footage. The product is expected to be called "NBA Last 90." The product is set to debut in the US and European gaming and lottery markets during the 2019-20 NBA season.
Cyber Bet, Betway Group, Flutter Entertainment, Fortuna Entertainment Group, William Hill Limited, Unikrn Inc., Unibet, Kindred Group, Entain Plc., 888 Holdings Plc. etc, are some of the prominent players operating in the Internet Sports Betting market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with innovative products.
Insights Presented in the Report
"Amongst game type, football segment grabbed major market share"
Based on the game type, the market is fragmented into Cybersports, Football, Basketball, Hockey, Cricket, and Others. The football segment grabbed the major market share and dominated the market. The market of this segment would reach USD XX Mn by 2027/ Growing number of football tournaments and the growing popularity of football in European countries are leading to the growth of this segment.
"Amongst device type, mobile & tablet segment to grab considerable market share"
Based on the device type, the market is fragmented into Desktops & Laptop, Tablets & Mobile. The tablets & mobile segment grabbed XX% market share and captured USD XX Mn market in 2020. The growing adoption of smartphones coupled with the availability of phones and tablets at affordable prices is leading to the growth of this segment.
"Europe represents one of the largest markets of Internet Sports Betting market"
For a better understanding of the market adoption of the Internet Sports Betting Market, the market is analyzed based on its worldwide presence in the countries such as North America (the United States and Canada), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Europe region grabbed XX% market for the Internet Sports Betting Market industry and generated revenue of USD XX Million in 2020. However, the Asia -Pacific region would witness the highest CAGR during the forthcoming years.
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The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
The study comprehensively covers the market across different segments
Deep dive regional level analysis of the industry
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