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The Sports Betting Market Size to grow by USD 106.25 billion | Market Insights highlights the Digital Revolution as key driver | Technavio

·6 min read

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).

Attractive Opportunities in Sports Betting Market by Platform and Geography - Forecast and Analysis 2021-2025
Attractive Opportunities in Sports Betting Market by Platform and Geography - Forecast and Analysis 2021-2025

For more insights on YOY and CAGR, Read our FREE Sample Report

Vendor Insights
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

  • Sportech Plc

  • The Stars Group Inc.

  • Webis Holdings Plc

  • William Hill Plc

Find additional highlights on the growth strategies adopted by vendors and their product offerings, Read Free Sample Report.

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.

View FREE Sample: to know additional highlights and key points on various market segments and their impact in coming years.

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.

Download free sample for highlights on market Drivers & Trends affecting the sports betting market.

Customize Your Report
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Related Reports:

Lottery Market in US by Type and Platform - Forecast and Analysis 2021-2025

Sports Betting Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Decelerate at a CAGR of 10%

Market growth 2021-2025

$ 106.25 billion

Market structure

Fragmented

YoY growth (%)

21.54

Regional analysis

APAC, Europe, North America, South America, and MEA

Performing market contribution

APAC at 39%

Key consumer countries

China, UK, US, Italy, Australia, and Germany

Competitive landscape

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

Market dynamics

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

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

About Us:
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio