Market Analysis
Market Research Future (MRFR) presumes the global online sports betting market size to reach USD 59.53 billion at a 13.6% CAGR from 2020 to 2027 (forecast period).
Several Factors Contributing to Market Growth
The increased demand for sports is propelling the worldwide online sports betting market forward. Sport is an important platform for attaining development goals. Sport can make a considerable contribution to societal integration and economic progress in a number of geographical, cultural, and political contexts. Through their impact on social capital, trust, culture, and crime, sports can further enhance capital accumulation, facilitate market functioning, and strengthen institutions. These specific outcomes are mutually reinforcing. In addition, participating in sports helps players live longer and healthier lives, which leads to lower obesity rates. High blood pressure and diabetes tend to be less common in healthy people. The global eSports market is expanding, with an increasing number of players participating as competitors or spectators. It is gradually becoming one of the world's most popular spectator sports. Modern sports-only websites, similar to the rise of traditional sports betting websites, now offer opportunities to bet on competitions and events, as many would be betting on esports.
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Market Segmentation
The worldwide online sports betting market has been segmented into sports type, type, and application.
By sports type, the global online sports betting market has been segmented into Football, Horse Racing, Racing, Cricket, Hockey, Boxing, Baseball, Basketball, Tennis, Golf, Volleyball, and Others.
By type, the global online sports betting market has been segmented into Line-in-play, Daily Fantasy, Fixed Old Betting, E-Sports, Exchange Betting, Spread Betting, Others.
By application, the global online sports betting market has been segmented into Web-Based and Mobile-Based.
Regional Analysis
Europe to Dominate the Global Market
With a share of 48.6 % in 2019, Europe is the contriBiggestbutor to online sports betting. According to MRFR research, the expanding sports spirit and enthusiasm to watch sports in Europe is increasing day by day as a result of new game forms and gaming modes. It has been a significant market for players and industries like gaming and betting to make bets and enjoy themselves. Europe has had a foothold of gambling and betting since the 1800s, but it has rose to the next level in past years; with the adoption of smartphones and the growth of technology, it is now easy to operate and play on the platforms given by gambling companies. Bet365, Kindred, Betsson Group, Entain, and William Hill are some of Europe's most well-known operators. Most of these players not only operate locally but also worldwide, which has helped Europeans find work since the business has generated about 43,000 jobs in the region.
Key Players
Notable players operating in the global online sports betting market include 888 Holdings PLC (UK), Kindred Group PLC (Malta), Flutter Entertainment PLC (UK), Bet365 Group Ltd (UK), Churchill Downs Incorporated (US), Entain PLC (UK), Fortuna Entertainment Group (Netherlands), DraftKings (US), BetAmerica (US), Webis Holdings PLC (Isle of Man), Betsson AB (Sweden), Betfred Ltd (UK), Sportech PLC (UK), HKJC Football Betting Limited (Hong Kong), and Megapari (Cyprus).
Industry News
In February 2021, Betfred Ltd earned the Rugby League "Double" for 2021, signing a one-year deal to become the Challenge Cup's title sponsor, adding to its long-standing connection with the Super League. The agreement also involves sponsorship of the Women's Challenge Cup.
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