The value of the sports betting market is anticipated to reach US$ 491,940.9 million in 2023 and to increase to US$ 245,792.4 million in 2033 at a CAGR of 10.3%. The growing popularity of connected devices, the acceptance of sports betting, and the development of digital infrastructure all contribute to the growth in demand for sports betting.
The online portion of the sports betting market, which is anticipated to experience significant growth over the projected period, may benefit from the rising desire for the digitalization of sports betting. However, a number of governments are developing frameworks that will have an impact on future trends in the sports betting sector to give customers new job and enriching experience possibilities.
One of the important developments in the sports betting market is the expanding impact of technologies including blockchain, virtual reality, and AI, notably machine learning tools. Moreover, the sports betting market is predicted to grow over the forecast period due to rising consumer demand for sports betting, which is being fueled by technological developments.
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Key companies in the sports betting sector are progressively focusing a considerable amount of their efforts on machine learning tools and approaches that have shown promising outcomes in prediction. Further, machine learning aids in accelerating the creation of predictive algorithms and precise forecasting models, resulting in increased betting efficiency.
Sports bettors are likely to become familiar with new machine-learning algorithms that seek to forecast the outcomes of games and races. As a result, during the projected period, the expansion of machine learning is estimated to be a benefit to the global sports betting business.
Key Takeaways
- In 2022, North America held a 28.1% market share.
- In 2022, the United States captured a 16.5% market share.
- India’s market is expected to develop at a CAGR of 13.4%.
- China’s market is expected to increase at an 8.2% CAGR.
- The football segment accounted for 20.2% of the worldwide sports betting market.
Competitive Landscape
The top sports betting market operators focus on establishing engaging websites and giving exclusive deals to acquire a competitive edge in the sports betting business.
- Bet365’s e-sports betting service was available in Colorado beginning in September 2022. The sportsbook company was operating with its betting service on the market after obtaining one of Century Casinos’ master licenses from the state.
- William Hill, a sports betting and web-based casino administrator, created its main brand and stated plans to significantly increase its profits in Latvia in May 2022. In addition, William Hill intends to leverage existing media relationships with bespoke creatives based on the Brotherhood brand approach.
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Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global sports betting market presenting a historical analysis from 2018 to 2022 and forecast statistics between 2023 and 2033.
The study reveals essential insights ByPlatform (Offline, Online), by Betting Type(Football, Basketball, Baseball, Horse Racing, Cricket, Hockey, Others), By Sports Type (Football, Basketball, Baseball, Horse Racing, Cricket, Hockey, Others)& Region.
Key Segmentation
By Platform:
- Offline
- Online
By Betting Type:
- Fixed Odds Wagering
- Exchange Betting
- Live/In-Play Betting
- Pari-mutuel
- eSports Betting
- Others
By Sports Type:
- Football
- Basketball
- Baseball
- Horse Racing
- Cricket
- Hockey
- Others
Key Segmentation
By Platform:
- Offline
- Online
By Betting Type:
- Fixed Odds Wagering
- Exchange Betting
- Live/In-Play Betting
- Pari-mutuel
- eSports Betting
- Others
By Sports Type:
- Football
- Basketball
- Baseball
- Horse Racing
- Cricket
- Hockey
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa (MEA)
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa (MEA)
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About Us
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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