NEW YORK, Jan. 10, 2022 /PRNewswire/ -- According to the research report "Sports Betting Market by Platform and Geography - Forecast and Analysis 2021-2025", the market will witness a YOY growth of 21.54% in 2021 at a CAGR of almost 10% during the forecast period. Furthermore, this report extensively covers market segmentation by geography (APAC, Europe, North America, South America, and MEA) and platform (offline and online).
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The sports betting market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market. Moderate competitiveness, continually evolving laws and regulations, and rapidly changing technologies are some of the market's important characteristics. The digital revolution, the legalization of sports in various countries, and the expanding commercialization of sports will all play a role in the increasing number of new entrants into the market. This is fueling the global sports betting market's competitiveness. The increasing competition in the global sports betting market and the demand for inorganic innovation have also resulted in market consolidation during the forecasted period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
888 Holdings Plc
Bet365 Group Ltd.
Churchill Downs Inc.
Flutter Entertainment Plc
GVC Holdings Plc
Kindred Group Plc
The Stars Group Inc.
Webis Holdings Plc
William Hill Plc
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Geographical Market Analysis
APAC will provide maximum growth opportunities in the sports betting market during the forecast period. According to our research report, the region will contribute 39% of the global market growth and is expected to dominate the market through 2025. China and Australia are the key markets for sports betting in APAC.
Due to the increasing prevalence of digital platforms, the adoption of online betting, and the presence of significant nations such as China, APAC dominates the global sports betting market. Demand for online games and fantasy sports platforms such as Dream11, a brand of Sports Technologies Pvt. Ltd., is growing rapidly, contributing considerably to the regional market's expansion.
In addition, the growing number of sports fans, combined with rising disposable income in nations like Pakistan, China, and India, is expected to move the region's sports betting business forward. Thus, the market in APAC is expected to register significant growth in terms of revenue during the forecast period.
Furthermore, countries such as APAC, Europe, North America, MEA, and South America are expected to emerge as prominent markets for the sports betting market during the forecast period.
Know more about this market's geographical distribution along with the detailed analysis of the top regions. https://www.technavio.com/report/lottery-market-in-us-industry-analysis
Key Segment Analysis
The sports betting market share growth by the offline segment will be significant during the forecast period. Due to privacy difficulties in online platforms, a lack of technological development, and the prevalence of government rules that only allow retail sports betting through offline channels, the offline segment remains a viable choice for sports betting. Customers can wager on credit with local bookies via offline methods, giving them the flexibility and convenience of paying later. The introduction of fully configurable self-service terminals or kiosks is also driving the growth of the offline segment. Factors such as technology adoption, privacy and trust issues with online betting, and attractive discounts are estimated to drive the offline segment.
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Key Market Drivers & Trends:
One of the key factors driving growth in the sports betting market is the digital revolution. Cloud platforms are becoming more popular for storing data as a result of the recent global digital revolution, and there has been a surge in online transactions and payments among commercial and retail customers. Consumers now have simple access to online sports betting platforms thanks to the rapid rise of digital platforms and rising Internet penetration, which will drive the global sports betting industry forward throughout the forecast period.
Another element boosting the sports betting market share growth is the introduction of machine learning in sports betting. The growing effect of technologies like blockchain, virtual reality, and AI, particularly machine learning tools, is one of the important developments in the global sports betting business. New machine learning algorithms that seek to anticipate the outcomes of games and races are expected to become increasingly familiar with sports gamblers. Thus, the emergence of machine learning will be a positive trend for the global sports betting market during the forecast period.
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Sports Betting Market Scope
Growth momentum & CAGR
Decelerate at a CAGR of 10%
Market growth 2021-2025
$ 106.25 billion
YoY growth (%)
APAC, Europe, North America, South America, and MEA
Performing market contribution
APAC at 39%
Key consumer countries
China, UK, US, Italy, Australia, and Germany
Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled
888 Holdings Plc, Bet365 Group Ltd., Churchill Downs Inc., Flutter Entertainment Plc, GVC Holdings Plc, Kindred Group Plc, Sportech Plc, The Stars Group Inc., Webis Holdings Plc, and William Hill Plc
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
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