Pune, India, September 22, 2022 /PRNewswire/ — The New Report”Global Sports Betting Market SizeStatistics, Trend Analysis and Forecast Report, 2022 – 2032Estimated size of the global sports betting market US$84.6 billion In 2022 (year-end adjusted data) and forecast to reach the US $288.2 billion until 2032. The fastest growing regions include North America and Asia-Pacific, with Asia-Pacific accounting for about 30% of total revenue. The global sports betting market is set to grow at a rapid pace fueled by companies such as Nolimit City and Nuwei Corporation.
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“The global digital revolution has fueled the sports betting market as an increase in digital infrastructure has led to an increase in commercial and retail online transactions. Market Differ has enabled a vast database on the global sports betting market covering all major sectors and companies. Fully revised. Latest insights and forecasts reveal new areas of profitability. Asia Pacific (30% holding) is showing the fastest growth during the forecast period 2022-2032. Football accounts for 23% of the global sports betting market and is projected to grow in the future.”
, Chandradeep Singh
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Massive revenue crunch and need for new sources of income during COVID to boost market growth
The lockdown imposed as a result of Kovid-19 had severely affected economic activities. It wreaked havoc on the sources of earnings as well as the GDP of many countries. Countries around the world found sports betting as their new source of income which increases sponsorship and data sales, driving the trend of sports betting market. In addition, the sports betting market can also aid indirect revenues for the government by increasing sports fan engagement, merchandise sales, participation and media rights transactions. Revenue earned from sports betting activities is used to offset the decline in income from other revenue sources affected due to the COVID-19 pandemic. Broadcasters use over-the-top tools to create new digital products that help provide viewers with a second screen experience while watching live sports activities, thereby unlocking new growth opportunities for the sports betting market can go.
Sports betting firms are keen to form strategic alliances with various traditional sports institutions through sponsorship, and the earnings of the sports betting market is expected to grow. In addition, the increase in export activities has also contributed significantly to the increase in the revenue of the industry.
Introduction to AI in Sports Betting Applications
The adoption of blockchain and AI in sports betting applications and websites is gaining popularity in the sports betting market. These methods are adopted to help accurately automate real-time data, sports betting payouts, past event analytics, monitoring and event recording.
Asia Pacific region accounts for 30%, the largest market share
Asia Pacific enjoys huge popularity of sports betting, capturing about 30% of the global market. China and India are the two major countries with popular betting characteristics among the youth population. New entrants are entering the APAC market looking at the range. The key aspect of the sector is that the growth trend is not expected to experience any decline in 10 years even in the face of economic uncertainties. Twenty-four states in the US passed legislation in November 2020 to reform sports betting laws, resulting in a massive growth in the North American sports betting market. Canada also legalized single-player sports betting in 2021. The sports betting market in Canada will expand to nearly seven times the size of the spectator-sports market in the country in the coming years.
Recent Developments by Companies:
- In July 2022, Playtech signs an agreement to provide its live casino and random number generator (RNG) games to 888 casinos starting in New Jersey, with other states to follow.
- July 2022, Online sportsbook, Bet365, has announced that it is working on a new sports and betting news website that will be launched in the coming months and will be a platform where customers can read the latest developments in the world of sports. Huh.
- July 2022, Multi-award winning software supplier Nolimit City has signed a deal with industry giant bet365 to move the former’s content to the latter’s game vertical.
- In May 2022, Nuvi Corporation announced that it has partnered with Swedish-based online gaming operator Betsson Group to enable instant deposits and withdrawals in the US on its proprietary online sportsbook in Colorado, which it has acquired under the brand name, Betsafe. launched under
- 2021, Endeavor Group Holdings Inc., a US-based entertainment and sports company, will acquire OpenBet from Scientific Games, for $1.2 billion, through a combination of cash ($1 billion) and Endeavor’s Class A common stock ($200 million). acquired.
- Poland-based sports betting platform operator Bitgame has launched a new website on the sports betting platform powered by blockchain technology to provide a seamless and interactive experience to its customers.
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report Description:Number of pages: 182Number of tables: 56Number of charts and graphs: 60
Major companies covered
- 888 Holdings Plc
- Bateson Abbey
- Churchill Downs Incorporated
- ANTEN PLC
- Flutter Entertainment PLC
- Kindred Group Plc
- Sportec PLC
- William Hill Plc
Key Report Takeaways:
- Estimates/estimates/forecasts for revenue (2022 – 2032)
- Data breakdown for each industry segment (2022 – 2032)
- Gross Margin and Profitability Analysis of Companies
- Impact of COVID-19 on Sports Betting
- Business trend and detail analysis
- Competition Analysis / Market Share
- product innovation listing
- Client List & Case Study
- market entry strategy
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