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Sports Betting Market Size Is Likely to Experience a Tremendous Growth of USD 167.66 billion by 2029, registering a CAGR of 10.26 % by Size and Share, Industry Growth, Regional Outlook, Challenges and Analysis
A Qualitative Research Study accomplished by Data Bridge Market research’s database of 350 pages, titled as “Global Sports Betting Market” with 100+ market data Tables, Pie Charts, Graphs & Figures spread through Pages and easy to understand detailed analysis. Sports Betting Market research report works as a best solution to know the trends and opportunities in the Sports Betting Market industry. The report has been framed with the most excellent and superior tools of collecting, recording, estimating and analyzing market data. This report gives broader perspective of the market place with its all-inclusive market insights and analysis. The information, statistics, facts and figures delivered via this report helps companies in Sports Betting Market industry to maximize or minimize the production of goods depending on the conditions of demand. Sports betting markets are similar to traditional financial markets in several aspects. Sports betting markets potentially have much in common with stock markets. Events on which wagers are made could be anything from more traditional activities such as dog or horse to sports like American football and soccer. Bets are normally made through bookmakers which is also known as sports books. These bookmakers operate both as land-based establishments, such as at casinos or betting shops, and online.
Data Bridge Market Research analyses that the Sports Betting Market was valued at USD 76.75 billion in 2021 and is expected to reach USD 167.66 billion by 2029, registering a CAGR of 10.26 % during the forecast period of 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and consumer behavior.
Market Overview:-
Sports betting markets are similar to traditional financial markets in several aspects. Sports betting markets potentially have much in common with stock markets. Events on which wagers are made could be anything from more traditional activities such as dog or horse to sports like American football and soccer. Bets are normally made through bookmakers which is also known as sportsbooks. These bookmakers operate both as land-based establishments, such as at casinos or betting shops, and online.
Sports betting are the activity which is work for predicting sports results and then placing a wager on the outcome. The occurrence of sports bet upon differs by culture, with the vast mainstream of bets being placed on association such as mixed martial arts, American football, basketball, baseball, hockey, track cycling, auto racing, and boxing at both the personal and amateur levels. Sports betting can also prolong to non-athletic events, like politics election and reality show contests. This is also for non-human contests like greyhound racing, horse racing, and illegal, underground cockfighting.
Opportunities
The large number of customers are engaging in leisure activities such as sports betting and try to seeking extra income with entertainment. Moreover, interactive games are gaining the interest of the young generation. Although a significant number of population is indulging in competitive matches for hobby, entertainment and income which attract large audiences which will act as market drivers and further boost opportunities for the market’s growth rate.
Moreover, surge in purchasing power of middle-income groups, expansion of distribution channels, and rise in awareness regarding the products and smart strategic marketing activities will positively affect the growth of the sports betting market. Also, application of 5G networks, A.I. and block chain technologies extend the beneficial opportunities to the market players.
Some of the major players operating in the sports betting market are:
- william Hill (U.K.)
- Entain (U.K.)
- 888 Holdings (Spain)
- Kindred Group plc (Malta)
- Flutter Entertainment plc (Ireland)
- The Stars Group inc, (Canada)
- Bet365 (U.K.)
- Bet-at-home.com (Germany)
- BetAmerica (U.S.)
- Betfred (U.K.)
- Betsson (Sweden)
- Draft Kings (U.S.)
- Fan duel (U.S.)
- Gala coral group (U.K.)
- Ladbrokes (U.K.)
- Sportech PLC (U.K.)
- TVG (U.S.)
- Twinspires (U.S.)
- Watch and Wager (U.S.)
Research objectives
- To study and forecast the market size of this in global market
- To analyze the global key players, Porte’s Five Forces analysis, value and global market share for top players
- To define, describe and forecast the market by type, end use and region
- To analyze and compare the market status and forecast among global major regions
- To analyze the global key regions market potential and advantage, opportunity and challenge, restraints and risks
- To identify significant trends and factors driving or inhibiting the market growth
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies
Sports Betting Market Dynamics
Drivers
Rising the usage of online betting
There are many areas where peoples involving in online gambling, especially sports betting, this attracts mostly the younger population. It also reaches to that population which does not follow the sports and is available in many countries where sport betting is legal or illegal. The average age group of an online sports bettor is 38 years whereas the average age of a land-based sports bettor is 45 years. Due to increasing population towards sports betting are expected to drive the market growth rate.
Growing digital infrastructure
The growth of digital infrastructure and the prevalence of wireless connectivity are expected to drive the sports betting market growth rate. The rising usage of smartphones has changed the way of performance of consumer’s activities especially in sports betting. There are around 6.3 billion smartphone users globally and this number is increasing every year which is the main reason for enhancing the population in Sports Betting Market.
Shifting consumer habits
There has been a substantial change in the consumer behavior regarding sports betting. The rise in the popularity of social gambling and gambling apps will drive the growth of the sports betting market during forecast period. Now, Vendors are taking advantage of those population which is using Internet to develop innovative social gambling games. The large number of people participating in social gambling which is also growing because of competing with their friends is the major reason for the gamers to adopt social gaming.
PHOENIX – Bettors in Arizona wagered approximately $637.5 million on sports in February of 2024, according to a new report by the Arizona Department of Gaming. This represents an approximate 4.6% increase when compared to February of 2023.
The state collected approximately $2.8 million in privilege fees in the month. You can view the full February report on the ADG website: LINK.
Follows multi-state eInstant record jackpot award of $5.8 million
Instant Win Gaming (IWG), a leading supplier of eInstant games to NASPL and WLA-member lotteries, congratulates the New Hampshire Lottery on joining the Company’s multi-state eInstant progressive, Mega Money Jackpots.
The New Hampshire Lottery launched Jackpot Spectacular, its first game in the Mega Money Jackpots linked progressive pool, for players in the Granite State on April 24th. New Hampshire joins Pennsylvania and Virginia in offering Mega Money Jackpots linked games.
Additionally, IWG congratulates the Virginia Lottery along with its Mega Money Jackpots player who won a record-setting $5.8 million prize. The win sets another new U.S. iLottery record for the largest eInstant prize.
Mega Money Jackpots launched in July 2023, and over the past nine months the game has created eight millionaires. Since launch, more than 240 players across the participating lotteries have won Mega and Minor jackpots totaling more than $20 million.
The amount and frequency of these prizes showcases the excitement of IWG’s Mega Money Jackpots. To achieve this, select eInstants from participating lotteries each contribute a small percentage of the sales to fund the two progressive prize tiers, with IWG administering the settlement of jackpot prize monies on a turnkey basis.
The multi-state eInstant progressive jackpot is powered by IWG’s InstantJackpots. Since all functionality is contained within IWG’s InstantRGS (remote game server), no development support is required by a lottery’s iLottery platform provider. Additionally, new lotteries can join the system regardless of their iLottery platform provider.
Charlie McIntyre, Executive Director at New Hampshire Lottery, said: “Our industry has a proud track record of collaborating across state lotteries. We’re excited to join Mega Money Jackpots and to bring the excitement of it outsized prizes to our players. We know that our contribution will further enhance the game for everyone involved, and we look forward to creating some new millionaires here in New Hampshire.”
Rhydian Fisher, CEO at IWG, said: “Kudos to the team at New Hampshire Lottery. By joining Mega Money Jackpots, collectively we can award even more million dollar prizes to lottery players. Not only is the game frequently creating new millionaires, but it has also been a leading catalyst for new player signups. Fingers crossed that some new millionaires will be created in New Hampshire very soon.”
partnerships
THE MONEYMAKER TOUR PARTNERS WITH THE CARIBBEAN POKER SERIES TO HOST FIRST INTERNATIONAL MAIN EVENT
The upcoming Moneymaker Main Event will take place at The Casino Aruba, and feature a guaranteed prize pool of $200,000
The Moneymaker Tour has announced a new partnership with The Caribbean Poker Series to host the first international Moneymaker Main Event in Aruba in October 4 – 6, 2024.
Set against the backdrop of Aruba’s stunning beaches and lively culture, The Moneymaker Tour will coincide with the $300,000 guaranteed Caribbean Poker Series, which will take place at The Casino Aruba at Hilton from September 26 to October 6, and offer players of all levels the chance to compete for prestigious prizes.
“A collaboration between Moneymaker Poker Tour and The Caribbean Poker Series will create a synergy that benefits both organizations, as well as poker players and fans around the world,” said Craig Evans, Managing Director of the Caribbean Poker Series.
The Moneymaker Tour Main Event will bring players three days of fun poker action from Friday, October 4 to Sunday, October 6, 2024. The $1,500 buy-in Main Event, will bolster a guaranteed prize pool of $200,000.
Established by 2003 WSOP Champion and ACR Team Pro, Chris Moneymaker and Moneymaker Tour Executive Manager, Tony Burns in 2023, the Moneymaker Tour was conceived as a way to provide poker players with the opportunity to experience their own ordinary to extraordinary moments, mirroring Moneymaker’s journey.
“Chris Moneymaker’s Main Event win in 2003 not only had an impact on poker in the United States, but around the globe. We are excited to partner with the Caribbean Poker Series to host our first international Moneymaker Tour Main Event”, said Tony Burns, Executive Manager.
The Moneymaker Tour, which saw its inaugural stop in May 2023, has been steadily increasing in popularity. Its second series of 2024 at Palm Beach Kennel Club in Florida, drew players from around the globe, where Pavlos Kasselouris seized victory in the $500,000 guaranteed Main Event, claiming $121,485 in prize money and the coveted Moneymaker crystal trophy.
The Tour’s current stop at Daytona Beach, Florida wraps up today, and after paying out over $600,000 in guaranteed prize pools.
Following the event at Daytona Beach, the Moneymaker Tour will return to Palm Beach Kennel Club in Florida from May 2-14, 2024.
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