DUBLIN, November 25, 2022 /PRNewswire/ — Added the Sports Betting Global Market Opportunities And Strategies To 2031 report ResearchAndMarkets.com Offer.
This report describes and explains the sports betting market and covers the years 2016-2021 which is known as the historical period and 2021-2026 which is known as the forecast period and further forecasts for the period 2026-2031. The report assesses the market in each region and for the major economies within each region.
The global sports betting market reached a value of just under $58,073.11 million in 2021, after declining at a compound annual growth rate (CAGR) of -7.59% since 2016. The market is expected to continue to grow $58,073.11 million in 2021 to $185,265.98 million in 2026 at a rate of 26.1%. From 2026, the market is then expected to grow at a CAGR of 5.85% and reach a reach $246,146.39 million in 2031.
Growth over the historical period has resulted from an increase in the number of sporting events, a growth in the millennial population, an increase in disposable income, and increasing access to smartphones and smart computing devices such as PCs and laptops. The market has been dampened by the coronavirus pandemic, high taxation of casinos, weather conditions and concerns about illegal sports betting activities.
Going forward, increasing focus on virtual sports betting, focus on product innovation, increasing adoption of 5G networks, increase in mergers and acquisitions, urbanization and an increase in internet penetration. Factors that could hamper the growth of the sports betting market in the future include strict government regulations, limited off-line betting promotion United States of Americaand cybersecurity and privacy risks associated with sports betting.
Asia Pacific was the largest region in the sports betting market with a 37.7% share of the total market in 2021. It followed North America, and then the other regions. In the future, the fastest growing regions will be in the sports betting market middle Eastand North America where growth will be at CAGRs of 32.9% and 30.6%, respectively. These will follow Eastern Europeand Western Europe where markets are expected to grow at CAGRs of 28.9% and 27.3% respectively.
The top opportunities in the sports betting market segmented by type will come in the fixed odds betting segment of the market, which will win $35,324.9 million of global annual revenue by 2026. The top opportunities in the sports betting market segmented by sport are in the football market segment, which is set to grow $30,988.1 million of annual global revenue by 2026. The top opportunities in the sports betting market segmented by platform are in the online market segment, which is set to grow $99,285.5 million of global annual revenue by 2026. The top opportunities in sports betting market size will win the most United States of America at $51,178.0 million.
Strategies for the sports betting market based on market trends include the focus on the adoption of augmented reality and virtual reality, the focus on the provision of mobile betting services, the focus on the implementation of artificial intelligence in betting platforms, the focus on increasing investments, the focus on entering into strategic partnerships , focus on the use of blockchain technology and focus on live streaming integrated mobile sports betting.
By Type: Live/In-Play; Fixed odd bets; exchange bets; Daily Fantasy; spread betting; pari-mutuel; Other kinds
By sport: football; Basketball; Baseball; Horse race; Cricket; Ice Hockey; eSports; American Football; Other sports
By Platform: Online; Offline
Main topics covered:
1. Summary of Sports Betting Market
2. Table of Contents
3. List of figures
4. List of Tables
5. Reporting Structure
6. Introduction and Market Features
7. Major Market Trends
8. Global Market Size and Growth
9. Sports Betting Market, Regional Analysis
10. Global Sports Betting Market Segmentation
11. Asia Pacific Market
12. Western European market
13. Eastern Europe market
14. North America market
15. South America market
16. Middle East Market
17. Africa Market
18. Competitive Landscape and Company Profiles
19. Major mergers and acquisitions in the market
20. Global Sports Betting Market Opportunities and Strategies
21. Sports Betting Market, Conclusions and Recommendations
For more information about this report, visit https://www.researchandmarkets.com/r/8yzbfd
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SOURCE Research and Markets