Betting Game On: Sports Betting Market Set to Soar Past USD 182.12 Billion by 2030 | Skyquest Technology
SkyQuest Technology Consulting Pvt. Ltd.
4 min read
SkyQuest Technology Consulting Pvt. Ltd.
Embark on an exhilarating journey through the sports betting market, exploring online and offline platforms. Discover a wide range of betting types, including fixed odds wagering, exchange betting, live/in-play betting, pari-mutuel, eSports betting, and more. Industry forecasts project a promising future from 2023 to 2030.
Westford, USA, July 06, 2023 (GLOBE NEWSWIRE) -- The global Sports Betting market size is expected to reach USD 182.12 billion by 2030 and exhibit a CAGR of 10.3% in the forecast period (2023−2030), according to Skyquest's latest research report. The growing popularity and acceptance of sports betting, increasing legalization and regulatory reforms, technological advancements and mobile betting platforms, wide accessibility and convenience of online betting, rising sports fan engagement and spectatorship, the introduction of live and in-play betting options, expansion of sports betting markets and options, integration of artificial intelligence and data analytics, partnerships with sports leagues and teams, is fueling the market's growth.
According to SkyQuest's latest global research of the sports betting market, the shift towards online and mobile betting platforms, growth of in-play and live betting options, rise of esports betting, integration of social media and user engagement, expansion into new and emerging markets, emphasis on responsible gambling and player protection measures, use of data analytics and artificial intelligence in betting strategies, increasing adoption of cryptocurrency and blockchain technology, the emergence of virtual sports and fantasy betting, are the trends that aid in the market's growth.
Sports betting is the activity of predicting the outcome of a sporting event and placing a wager on that outcome. The wager can be made with a bookmaker, a person or organization accepting bets on sporting events, or with another individual. The bettor can win or lose money depending on the event's outcome.
Prominent Players in Sports Betting Market
DraftKings
FanDuel
BetMGM
Caesars
PointsBet
BetRivers
WynnBET
TwinSpires
Unibet
888Sport
Pinnacle
Betway
Barstool Sportsbook
Fox Bet
Score Bet
SugarHouse
TheScore Bet
RushStreet Interactive
Golden Nugget
Betfred
Browse summary of the report and Complete Table of Contents (ToC):
Fixed Odds Wagering, Exchange Betting, Live/In Play Betting, Pari-mutuel, eSports Betting, and Others
Regions Covered
North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Odds Betting Demand to Grow Substantially in the Forecast Period
Odds betting dominated the global online market due to their wide popularity and familiarity. It covers a wide range of sports, including popular ones like football, basketball, tennis, and horse racing. Bookmakers offer a comprehensive selection of events, matches, and tournaments, ensuring a diverse and extensive market coverage for fixed odds betting.
Football (Soccer) is the Leading Application Segment
In terms of application, football (soccer) is the leading segment due to its wide popularity. In addition, it has a high frequency of matches throughout the year, including domestic leagues, international tournaments, and continental championships. This provides ample opportunities for sports bettors to engage and place bets regularly.
North America is the leading Market Due to the Large Consumer Base
Region-wise, North America is one of the largest growing markets with a huge consumer base. The region, particularly the United States, is often seen as a dominant market due to its large population, high levels of consumer spending, and advanced technology and innovation. Many multinational companies are headquartered in the United States, which gives the region a significant advantage in terms of market dominance.
A recent report thoroughly analyzes the major players operating within the Sports Betting market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavours to develop innovative solutions that cater to the ever-increasing demand for Sports Betting.
Key Developments in Sports Betting Market
In March 2023, Caesars Entertainment announced that it would acquire William Hill, a British bookmaker, for \$3.7 billion. The acquisition is expected to help Caesars expand its sports betting offerings in the United States.
In April 2023, Penn National Gaming announced that it would acquire Barstool Sports, a digital media company, for \$1.6 billion. The acquisition is expected to help Penn National Gaming expand its sports betting offerings and reach new customers.
SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
