The latest report by IMARC Group, titled “Sports Betting Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”. The global sports betting market size reached US$ 85.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 153.7 Billion by 2028, exhibiting a growth rate (CAGR) of 10.1% during 2023-2028.

Sports betting is a popular form of gambling where individuals make predictions about the outcomes of sports events and place bets accordingly. It allows fans to demonstrate their expertise and loyalty to their favorite teams or athletes. This exciting activity is facilitated by online platforms and physical establishments like casinos and betting shops. Sports betting covers a wide range of sports, including rugby, baseball, tennis, hockey, track cycling, basketball, boxing, auto racing, football, and cricket. The outcome of sports betting can lead to two possibilities: winning a profit based on the bookmaker’s odds or losing the bet. It is an easily accessible and enjoyable form of entertainment that involves researching teams and athletes. Engaging in sports betting adds an extra level of excitement while watching live games and provides opportunities to earn additional winnings. Individuals with in-depth knowledge about the teams and athletes have a higher chance of consistently profiting from sports betting. Currently, sports betting is widely available both online and offline across the globe.

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Sports Betting Market Trends and Drivers:

The global sports betting market is experiencing significant growth due to several key factors. One of the primary drivers is the increasing number of sports leagues and annual events like IPL, FIFA, and NFL, which attract a large number of bettors. The market is also benefiting from the widespread use of smartphones and the growing popularity of user-friendly betting apps, making it more convenient for individuals to engage in sports betting. Digitalization is another important trend in the sports industry, and the adoption of wireless connectivity is further fueling the growth of the market. The use of virtual currencies, such as Bitcoin, Dogecoin, Ripple, and Litecoin, has gained traction among bettors in the sports betting landscape.

These cryptocurrencies offer convenience for transactions, contributing to the market’s expansion. Furthermore, various governments around the world have taken favorable initiatives to legalize sports betting activities, providing a significant boost to the market. For example, the introduction of the Professional and Amateur Sports Protection Act (PASPA) allowed sports betting in eight states in the United States. The integration of blockchain technology with sports betting applications is also driving market growth. This integration enables real-time data automation through smart contracts, facilitating secure and transparent transactions for payments, bet confirmations, and past event analytics. Additionally, the introduction of innovative machine learning algorithms designed to predict game and race outcomes is another significant factor contributing to the market’s expansion. The market is further propelled by the rising popularity of live esports coverage platforms, the increasing number of esports competitions, the growing usage of online betting platforms, the development of digital infrastructure, and the continual expansion of sports leagues and events. Overall, these factors collectively drive the growth of the global sports betting market, offering ample opportunities for both bettors and businesses operating in this industry.

Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Platform:

  • Offline
  • Online

Breakup by Betting Type:

  • Fixed Odds Wagering
  • Exchange Betting
  • Live/In Play Betting
  • Pari-Mutuel
  • eSports Betting
  • Others

Breakup by Sports Type:

  • Football
  • Basketball
  • Baseball
  • Horse Racing
  • Cricket
  • Hockey
  • Others

Market Breakup by Region:

  • North America (United States, Canada)
  • Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

Competitive Landscape with Key Player:

  • 888 Holdings PLC
  • Bet365 Group Ltd.
  • Bet-at-home.com AG (BetClic Everest Group S.A.S.)
  • Betfred
  • Betsson
  • DraftKings Inc.
  • Entain plc
  • Flutter Entertainment plc
  • International Game Technology PLC
  • Kindred Group plc
  • Sportech PLC
  • TwinSpires (Churchill Downs Incorporated)

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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