The sports betting industry presents a dynamic landscape for marketing opportunities, offering synergies for sports leagues, teams, and sponsors. Strategic partnerships and collaborations in this space not only amplify brand visibility but also extend reach to a broader audience. Sports leagues can capitalize on the fervor around betting by aligning with reputable betting operators, thereby enhancing fan engagement and attracting new followers. Teams benefit from increased exposure, creating opportunities for jersey sponsorships, stadium branding, and other promotional activities.
According to Data Bridge Market Research analyses the Global Sports Betting Market is growing with a CAGR of 9.2% in the forecast period of 2023 to 2030 and is expected to reach USD 297,638.20 million by 2030.
"Rise in e-sports boosts the market growth"
The surge in e-sports' popularity, surpassing even the music and film industries in revenue, is a major driver for the sports betting market. The pandemic accelerated this trend as millions turned to gaming for recreation, some transitioning to professional play. E-sports' diverse range of games and genres offers ample opportunities for sports betting, attracting a broad audience. The growing engagement in virtual competitions presents the sports betting market with a dynamic landscape for expansion. The convergence of gaming and betting continues to capitalize on the widespread appeal of e-sports, solidifying its position as a key driver for the sports betting industry.
What restraints the growth of the global sports betting market?
“Match-fixing and illegal betting hinder the market growth”
Match-fixing and illegal betting activities serve as significant restraints in the sports betting market. These issues compromise the integrity of sporting events, erode public trust, and invite increased regulatory scrutiny. Instances of match-fixing not only tarnish the reputation of sports betting operators but also lead to stricter regulations.
Segmentation: Global Sports Betting Market
The global sports betting market is segmented into type, platform, operator, sports, and age group.
- On the basis of type, the global sports betting market is segmented into line-in-play, fixed old betting, exchange betting, daily fantasy, spread betting, e-sports, and pari mutual
- On the basis of platform, the global sports betting market is segmented into online and offline
- On the basis of sports, the global sports betting market is segmented into racing and non-racing sports
- On the basis of operator, the global sports betting market is segmented into Casinos, bingo halls, card rooms, bookmakers, coin-operated gambling device, concession operators, video gaming terminals, lotteries operator, off-track sports betting, and others
- On the basis of age group, the global sports betting market is segmented into gen z, gen y/millennials, gen x, and baby boomers
Regional Insights: Asia-Pacific dominates the Global Sports Betting Market
Asia-Pacific dominates the sports betting market driven by factors such as the popularity of sports and the growth of online betting. However, the mention of a high demand for verification and validation of medical devices in the country seems unrelated to the sports betting market. Verification and validation in medical devices are critical for regulatory compliance in healthcare but aren't directly connected to sports betting. Clarification or additional context is needed to understand the intended link between these two topics.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-sports-betting-market
Recent Developments in the Global Sports Betting Market
- In September 2022, Entain Plc revealed a strategic collaboration with industry leaders including Bally’s Corporation, BetMGM, DraftKings, FanDuel, and MGM Resorts International to introduce a set of Principles for Responsible Gaming. This initiative not only underscores Entain's commitment to responsible gaming practices but also enhances the organization's global brand image, showcasing its dedication to fostering a responsible and ethical gaming environment in collaboration with key industry players
The Prominent Key Players Operating in the Global Sports Betting Market Include:
- BETSSON AB (Sweden)
- FORTUNA ENTERTAINMENT GROUP A.S. (Czech Republic)
- LAS VEGAS SANDS CORPORATION (U.S.)
- bet365 (U.K.)
- Flutter Entertainment plc (Ireland)
- 888 Holdings Plc (Gibraltar)
- Entain (U.K.)
- Kindred Group plc (Malta)
- MGM Resorts International (U.S.)
- Wynn Resorts Ltd (U.S.)
- NOVIBET (Greece)
- Galaxy Entertainment Group Limited (Hong Kong)
- Resorts World at Sentosa Pte. Ltd. (Singapore)
- Sun International (South Africa)
- RTSmunity a.s. (Czech Republic)
- SKY INFOTECH (India)
- Peermont Global Proprietary Limited (South Africa)
- SJM Holdings Limited (Hong Kong)
- Sportradar AG (Switzerland)
- FanUp, Inc. (U.S.)
- Rivalry Ltd. (Canada)
- EveryMatrix (Malta)
- Kairos Group (Malta)
- BETAMERICA (U.S.)
- Scientific Game (U.S.)
- ComeOn Group (Malta)
Above are the key players covered in the report, to know about more and exhaustive list of global sports betting market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Sports Betting Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
