April 14, 2024

ONLINE SPORTS BETTING MARKET: GROWTH, TRENDS AND PREDICTIONS

The global online sports betting market is segmented by sport type (soccer, basketball, baseball, horse racing, esports and others); By device (desktop and mobile); and by geography (North America, Europe and the rest of the world). The report offers market size and value projections (USD million) for the above segments.

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Market Review

The global online sports betting market is forecast to grow at a CAGR of 10.23% during the forecast period (2022-2027).

The COVID-19 pandemic has had a positive impact on the market as consumers have increased their use of the internet platform to overcome financial, social and psychological crises during the quarantine during the COVID-19 pandemic. According to a study by Lund University in Sweden, consumer interest in online betting platforms has grown as a result of convenient access to the full list of betting markets from their computers or even mobile devices.

Online sports betting is mainly applied to events such as the World Cups and the European Championships. Online betting is also popular in horse racing and tennis. Many online sports betting companies sponsor various teams as part of their marketing initiatives and strategic expansions.

For the UEFA Euro Cup 2020, the Gaming Innovation Group (GIG) has launched a cutting-edge and innovative sports betting platform. Product-integrated platform services with ultra-responsiveness, flexibility and data control will help operators perform better than their competitors, creating the best possible user experience.

The Rising Popularity of Online Gambling

Due to the growing global popularity of both sports betting and football as a sport, the football segment of the global online sports betting market is registering a large betting volume with a growing number of bets, especially from European countries such as Italy, France and Spain. where football is very popular. The online betting segment is mainly used in the sports category, especially in football events such as the World Cup and the European Championship. Many of the online sports betting companies sponsor different teams as part of their marketing innovations and strategic expansions. For example, the Bwin brand, a pioneering online sports brand in continental Europe, has gained worldwide recognition through the sponsorship of famous football clubs such as Real Madrid and AC Milan. Currently, the vast majority of football betting is placed online, due to significant changes in products and the various betting markets that bookmakers offer. It has become commonplace that there are over 100 different betting markets for any given football match. The popularity of online sports betting is growing all over the world. .

Europe has become the largest market

The market is seeing strong demand from European betting consumers who bet on multiple leagues, pre-match and in-play. The market generates most of its income from the UK, Spain, Germany and other European countries, as most companies use entering regulated markets as their strategy to generate sustainable revenue. Since online sports betting is mainly applied at events such as the World Cup, Wimbledon Championship and European Championships, the European online sports betting market has grown significantly over the past few years thanks to the 2021 Wimbledon Championship. the biggest sports betting in 2021 despite Wimbledon being held at the same time as the UEFA Euro Cup, indicating the growing popularity of online sports betting in the European region.

Competitive environment

The studied market is characterized by intense competition and is highly fragmented due to the strong presence of regional and global players. The market is dominated by key players. Key players compete on a variety of factors including offerings, user experience, brand equity, personalized payouts, and access to different platforms. The dominant players in the last few years have focused on mergers primarily to increase their market share and increase profit margins. Key players compete on various factors including offers, quality of betting content.

Report scope

Sports betting is the activity of predicting sports results and placing bets on the result. The frequency of sports betting varies by culture, with the vast majority of bets being placed on football, basketball, horse racing, cricket and others. The global online sports betting market is segmented by sports into football, basketball, baseball, horse racing, esports and more. By devices, the market is divided into desktop and mobile. In addition, it provides an analysis of the craft beer market in emerging and mature regions, including North America, Europe, Asia Pacific and the rest of the world. The report presents the market size and forecasts for the online sports betting market in value terms (million USD) for the entire segment above.

By sport type:

  • Football
  • Basketball
  • Horse riding
  • E-sports
  • Others

By device:

  • Desktop
  • Mobile

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