The sports betting market is estimated at US$84.58 billion in 2022 and is projected to grow to US$223.4 billion by 2032, at a CAGR of 10.2%.
With sports restricted in most parts of the world, the COVID-19 pandemic has had a major impact on the sports betting market. However, eSports betting has increased the popularity of online sports betting during the pandemic, influencing major trends and opportunities in the sports betting market.
The growing popularity of connected devices, the introduction of new UK sports betting sites, and the development of digital infrastructure all contribute to the demand for sports betting.
All industries have been greatly impacted by technology along with the sports betting industry. Usually betting industry embraces new technologies first, therefore the major sports betting companies are working hard to implement them and make their platforms easy and fun.
The online segment of the sports betting market, which is expected to have significant growth during the forecast period, will be impacted by the growing demand for the digitization of sports betting.
However, in order to provide consumers with new employment opportunities and a richer experience in the sports betting market, various governments are regulating framework conditions that influence future trends in the sports betting market.
According to DataReportals Global Social Media Overview April 2021, there are over 4.8 billion internet users worldwide. Online betting allows players to monitor real-time betting activity using internet-connected devices to escalate sports betting market growth, sports betting market trends, and forecasts.
What Drives The Sports Betting Market?
The growth of the sports betting market is expected to be driven by the expansion of sports leagues and events. A sports league or event is a collection of teams, nations, federations, or individuals competing in matches for a trophy or championship.
These leagues are scheduled to take place at a specific time or season, and all participating teams or individuals must do so in order to determine the overall league winner. This will boost the acceptance of sports betting and have a positive impact on future sports betting market trends.
New professional sports leagues are popping up around the world, giving customers the opportunity to diversify their betting spending. As a result, the sports betting market is growing with the expansion of sports leagues and events in the sports betting market.
One of the most important factors in the growth of the sports betting market is the global expansion of digital infrastructure. The rise in the number of sports leagues and events around the world, and the growing demand for sports betting among millennials and seniors, along with acceptance trends in the sports betting market, are boosting the growth of the sports betting market.
What’s Hindering the Sports Betting Market?
On the other hand, strict rules for games are expected to hinder the expansion of the sports betting market. During the forecast period, concerns over illegal activities are expected to cast doubt not only on the sports betting market opportunities but also on the sports betting market trends and forecasts.
What Are The Trends In The Sports Betting Market?
The growing influence of technologies such as blockchain, virtual reality, and AI, especially machine learning tools, is one of the most important trends in the sports betting market. The sports betting market is expected to expand during the forecast period as technological advancements increase consumer demand for sports betting.
Large operators in the sports betting market are increasingly focusing a large portion of their investments on machine learning tools and methods, showing promising results in their forecasts.
Machine learning helps develop predictive algorithms and accurate predictive models to improve betting efficiency. As the sports betting market evolves, consumers need to develop useful strategies and make accurate predictions to increase efficiency.
New machine learning algorithms that try to predict the outcome of games and races are expected to become more accessible to sports bettors. As a result, the rise of machine learning will benefit the global sports betting market during the forecast period.
The sports betting market is also impacted by the introduction of sports betting through video streaming and instant messaging services, and changes in the regulatory landscape of the sports betting market.
Expansion of sales channels, increased purchasing power of the middle-income segment, increased product awareness, and intelligent strategic marketing activities in the sports betting market are all positively impacting key trends and opportunities in the sports betting market.
The use of 5G networks and the deployment of AI and blockchain technology will present lucrative sports betting market opportunities for participants during the forecast period.
What Are The Major Regions For The Sports Betting Market?
Asia-Pacific accounted for around 30.0% of revenue and is expected to maintain its CAGR, the highest in the sports betting market.
The presence of a significant proportion of the young demographic who also participate in various sports is the most important factor contributing to the development of the sports betting market.
Gambling is a popular feature among people in China and India. The sports betting market is expected to grow fastest due to these collective factors in addition to the market opportunity for sports betting. The Europe region is expected to grow at a CAGR of nearly 11.0%. European sports betting regulations favor the European population.
As the pandemic restricted brick-and-mortar gambling, online gambling has increased significantly, positively impacting acceptance trends in the sports betting market.
