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Sports Betting Market to Rise at a CAGR of 9.8% during Forecast Period 2022-2031, notes TMR Study

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Transparency Market Research Inc. – In 2021, the value of global sports betting market reached US$ 261.6 Bn. The global market is forecasted to rise at a CAGR of 9.8% during the forecast period, from 2022 to 2031. The global sports betting industry value is estimated to attain value of US$ 653.5 Bn by 2031. It is anticipated that the growing popularity of sports across the globe will propel the market for sports betting. In contrast to football betting, which is extremely prevalent in both North and South America, online cricket betting is growing in popularity in the Asia Pacific.

The proliferation of the internet has raised traffic to some of the top sports betting websites across the globe. In order to draw sports fans to betting, businesses in the industry employ aggressive marketing techniques including risk-free wagering for a set amount of time and sign-up bonuses for new customers. In order to help customers make the best wagers, online sports betting guide is gaining popularity. Such promotional measures are expected to fuel sports betting industry growth in the forthcoming years.

Recent developments in the sports betting market indicate that viewers are becoming more and more interested in watching a variety of sports genres on a global scale. A case in the point is when in the 2021–2022 NBA regular season, ESPN averaged 1,401,000 viewers, a 16% rise from the previous season. As a result, the global sports betting market is expected to expand as more people watch sports.

Sports betting is a form of gambling that involves making predictions about sporting events and placing bets on the outcomes. Sports betting is used on events that aren’t athletic, including elections, reality show contests, and contests involving animals like dog and horse races and also illegal cockfighting.

Key Findings of Market Report

  • The number of people using the internet is rising significantly worldwide. Some of the best sports betting sites is becoming more and more popular with both rural and urban people as internet usage increases. The World Bank estimates that 60% of people used the internet in 2020, up from 54% in 2019. Thus, the value of the sports betting market is increasing as internet usage and smartphone adoption rise.
  • The population of cities has significantly increased as a result of rapid urbanization. The World Bank estimates that 56% of the world’s population lived in cities in 2019, up from 55% in 2018. Urban residents have access to tempting sports betting options. Also anticipated to have a beneficial effect on the global sports betting market is the boost in smartphone penetration.
  • Based on platform, in 2021, the offline market category for sports betting accounted for a sizable sports betting market share. The market category is almost certainly going to maintain its market share in the forthcoming years. In contrast to online sports betting, the majority of individuals still prefer the actual human contact of sports betting kiosks. Dealing with instances of fraud or misbehavior is seen to be better handled physically through personal connection, which is also one of the sports betting industry trends.

Global Sports Betting Market: Growth Drivers

  • In terms of game type, football prevailed in the global market in 2021, with far more money being spent on football betting than any other sports. The LaLiga, Premier League, Bundesliga, and FIFA World Cup all are anticipated to have an increase in popularity throughout the forecast period.
  • In 2021, Europe accounted for the lion’s share—roughly 50%—of the sports betting industry. Rugby, football, tennis, and motor racing are just a few of the top sports in Europe that have sizable, devoted fan bases who actively partake in sports betting. Furthermore, the adoption of strict betting laws and guidelines has considerably decreased fraud in Europe, which is expected to benefit expansion of the Europe sports betting market.

Global Sports Betting Market: Key Players

Some of the key market players are

  • Fortuna Entertainment Group
  • GVC Holding plc.
  • Hong Kong Jockey Club
  • Paddy Power Betfair plc.
  • mybet Holding
  • The Stars Group

Global Sports Betting Market: Segmentation

Platform

  • Online
  • Offline

Game Type

  • Football
  • Baseball
  • Basketball
  • Hockey
  • Cricket
  • Tennis
  • Golf
  • Boxing
  • Horse Racing
  • Auto Racing
  • Others

Consumer Goods Research Reports

Industrial Protective Footwear Market – The global industrial protective footwear market is expected to reach US$ 10.87 Bn by the end of 2031, grow at a CAGR of 4.84% from 2022 to 2031

Winter Sports Equipment Market – The global winter sports equipment market is expected to reach a value of US$ 3602.2 Mn by the end of 2031, expand at a CAGR of 4.1% from 2022 to 2031

Asia Pacific Footwear Market – The Asia Pacific footwear market is expected to surpass the value of US$ 846.9 Bn by the end of 2031, expand at a CAGR of 8.7% from 2021 to 2031

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Board Games & Puzzles Market – The global board games & puzzles market is expected to surpass the value of US$ 24.5 Bn by the end of 2031, expand at a CAGR of 7% from 2021 to 2031

Golf Rangefinder Market – The global golf rangefinder market is expected to cross the value of US$ 728.3 Mn by the end of 2031, expand at a CAGR of 7.7% from 2021 to 2031

Helmet Market – The global helmet market is estimated to reach a value of US$ 34.2 Bn by 2030, expand at a CAGR 5.7% during the forecast period

Europe Climbing Gym Market – Europe climbing gym market is expected to reach the value of US$ 2 Bn by 2031, expanding at a CAGR of 9.9% during the forecast period

Sports Protective Equipment Market – The global sports protective equipment market is expected to reach US$ 13.35 Bn by the end of 2031, grow at a CAGR of 5.2% from 2022 to 2031

Latest News

Rebranded VSiN Las Vegas 1230 The Game Brings 24-7 Sports Betting Talk Format to Vegas Radio Listeners Just Ahead of Biggest Sports Betting Day of the Year

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Lotus Las Vegas is expanding its partnership with VSiN, The Sports Betting Network, to deliver 24-7 sports betting content to Las Vegas radio listeners. The rebranded VSiN Las Vegas 1230 The Game provides sports enthusiasts the expert sports betting insights and analysis they need – all straight from the floor of one of the biggest sportsbooks in the world at Circa Resort and Casino, stationed in the heart of downtown Las Vegas.

“We are thrilled to announce the rebranding of 1230 The Game as VSiN Las Vegas 1230 The Game, solidifying our long-standing partnership with VsiN. As one of the first stations to bring VSiN content to terrestrial radio, we’ve always shared a commitment to delivering the best in sports betting insights to our listeners. This next step underscores our dedication to providing cutting-edge content and highlights the growth and impact of VSiN in the world of sports broadcasting,” said Natalie Marsh, General Manager at Lotus Broadcasting.

VSiN Las Vegas 1230 The Game delivers news, analysis, and insights that bettors need to make informed wagering decisions. As the voice of the sports betting industry, VSiN delivers the most credible, actionable information to sports fans and betting enthusiasts by tapping the industry’s most knowledgeable sports betting experts, legendary book makers, former athletes, and league executives.

“Like everyone else involved in this partnership, I’m very excited to see the rebranding of 1230 The Game become officially VSiN Las Vegas 1230 The Game. We have had a lengthy partnership with VSiN and all this does is continue to grow it and take it to the next level. Excited about what’s to come next with the dedication from us and VSiN, forming VSIN Las Vegas 1230 The Game,” said Q Myers, Las Vegas Sports Network Program Director and On-Air Host on Raider Nation Radio 920.

“Lotus has been an amazing partner in helping VSiN build a passionate local following, hungry for credible sports betting information. It’s that passion, and the excitement of being at the center of the sports and entertainment capital of the world, that we try to capture for our audience in the rest of the country. We’re excited to kick off this relationship in time to bring non-stop coverage of the Big Game to our local listeners,” said Brian Musburger, president and chief business officer at VSiN.

This 24-7 sports betting programming launches just ahead of the single biggest sports betting event of the year and VSiN will deliver non-stop coverage leading into Super Sunday, including reports directly from the action in New Orleans. VSiN personalities Adam Schein, John Hansen, and Jonathan Von Tobel will do shows live on location.

The network will showcase insights from all of its experts, professional bettors and bookmakers on Super Sunday with live coverage from Las Vegas beginning at 5 a.m. Pacific and continuing through midnight.

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Latest News

Robinhood Launches “Pro Football Championship” Contracts

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Robinhood Derivatives LLC (RHD) has launched event contracts for the Pro Football Championship. The trading platform launched the event contracts on Monday to let U.S. customers wager on the outcome of the Super Bowl clash, seeking to tap into the betting mania around one of the most iconic sporting events in the country.

“Robinhood’s mission is to democratize finance for all. With an emerging asset class like event contracts, we recognize an opportunity to better serve our customers as their interests converge across the markets, news, sports, and entertainment,” the company said.

Available in all 50 states through KalshiEX LLC, a regulated exchange, the Pro Football Championship event contract gives eligible customers the power to trade on the outcome of the big game.

Event contracts for the Pro Football Championship leverage the power and rigor of financial market structure to facilitate greater liquidity, transparency, and price discovery.

The Pro Football Championship event contract lets customers trade one of two different event contracts based on their prediction for “who will win” between Kansas City or Philadelphia. To participate, customers must download the latest version of the app, and apply and meet certain criteria to be approved for a RHD account.

Event contracts for the Pro Football Championship follows the launch of the Presidential Election Market last October, which enabled customers to trade event contracts through RHD based on their prediction for “who will win the 2024 presidential election.”

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Compliance Updates

Florida Gaming Control Commission Demands Overseas Bookmakers and Casinos Cease Their Illegal Online Gambling Operations in Florida

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The Florida Gaming Control Commission (FGCC) demanded that three overseas bookmakers and casinos halt their illegal online gambling operations in Florida. These overseas bookmakers and casinos host online gambling websites accessible to Florida residents and visitors. FGCC sent cease-and-desist letters to Milvus Ltc, d/b/a BetUS.com.pa, Harp Media B.V. d/b/a Bovada.lv, and Gaming Services Provider, N.V. d/b/a MyBookie.ag.

The websites operated by these overseas bookmakers and casinos only offer illegal wagers. As FGCC explained in its cease-and-desist letter:

[The gambling websites offered by your overseas bookmaking and casino operation] offers or accepts wagering on sports and horse races, including betting on point spreads, moneylines, and totals, as well as proposition bets and futures in the sportsbook and adding money to bet slips in the racebook. Under Florida law, this conduct is a felony offense. See § 849.14, Fla. Stat. Further, it is a felony offense to receive illegal wagers on the result of any trial or contest of skill, speed or power or endurance of human or beast, or to aid, assist, or abet such illegal wagering. Id.

“Gaming, both land-based and online, is strictly regulated in Florida. For example, when it comes to slot machine gaming, counting the eight legal, state-licensed slot machine businesses, and the six tribal gaming locations currently operated by the Seminole Tribe of Florida, there are only fourteen legal slot machine businesses in Florida. The only online sportsbook operating lawfully in Florida is the Seminole Tribe of Florida’s Hard Rock Bet. Anyone in Florida betting on the Big Game needs to know this. Bettor beware,” explained Florida Gaming Control Commission Executive Director Ross Marshman.

These overseas bookmakers and casinos’ illegal conduct is not limited to sports betting and horse racing. As explained in the FGCC cease-and-desist letter:

[The gambling website offered by the overseas bookmaking and casino operation] offers or accepts wagers on casino-style games, including slots, poker, blackjack, roulette, craps, and baccarat. It is a criminal offense to conduct unauthorized games of chance. §§ 849.08, .15, Fla. Stat. [Additionally,] you allow Florida residents to participate in illegal lotteries, such as deposit-matching promotions, giveaways of cash or prizes, and sign-up bonuses. The conduct, promotion, or advertisement of such an illegal lottery is strictly prohibited under Florida law and is a felony offense. See Art. X, § 7, Fla. Const; § 849.09, Fla. Stat.

Illegal gambling operations offer no benefits to Floridians. On the other hand, tax revenue from state-licensed slot machine businesses and revenue-sharing payments from the Seminole Tribe of Florida are used to fund valuable state programs. For example, in 2024, the Educational Enhancement Trust Fund of Florida received over $240 million in tax revenue from the eight state-licensed slot machine businesses. Florida will receive no less than $2.5 billion from the Seminole Tribe of Florida during the next five years, which is earmarked for water quality improvement, infrastructure, and management of Florida’s conservation lands.

The mission of the Florida Gaming Control Commission is to preserve and protect the integrity of gaming activities in Florida through fair regulation, licensing, effective criminal investigation, and enforcement.

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