The online sports betting market is expected to reach US$ 113.9 Bn by 2028 from US$ 50.4 Bn in 2020, at a CAGR of 10.8% during the forecast period of 2020 to 2028
Global Online Sports Betting Market, By Type (sports betting, casinos, poker, bingo, and others), By Device (desktop, mobile, and others), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The online sports betting market is expected to reach US$ 113.9 Bn by 2028 from US$ 50.4 Bn in 2020, at a CAGR of 10.8% during the forecast period of 2020 to 2028.
Betting on various sports is a kind of gaming practice comprising predicting the outcomes of any sporting activity and making the stakes as essential. There are various kinds of sports on which the sports betting are practiced, including football, horse racing, poker and many others. This section offers massive growth opportunities for both individuals and punters in the sport.
In the recent past, the heavy internet usage among the population and rapid adoption of internet-based devices including smartphones, computers and tablets enables optimizing the interaction time with end users by engaging them with online gaming practices at largest possible along with the minimal influence on day-to-day activities.
The high adoption of internet and internet-supported devices, especially smartphones, among the population are estimated to play a crucial role in boosting the demand of online sports betting across the world, thereby propelling the growth of the global online sports betting market.
In the modern times, the penetration and impact of smartphones in society has been enormous along with the adoption of instant messaging and video streaming services has fuelled the global market of online sports betting across the world.
In addition to that, the advent of 5G technology in recent times is also expected to play a significant role in elevating the growth of the global online sports betting market in the years to come. The online betting activities are also regulated and made safer for the gamblers and punters to rely on. It mainly concentrates on the investment in the information solutions that provide invariable support to punters and gamblers worldwide and prevent any kind of unlawful activities, ultimately to gain desired credibility. Such factors are further projected to offer major breakthroughs to the growth of the global online sports betting market over the forecast period.
Furthermore, the increasing disposable income of the population, nowadays, as well as the increased understanding and knowledge about the fresh technologies is also estimated to escalate the trend of online sports betting among the masses. Attributing to which, the global online sports betting market is expected to witness significant growth in the coming years.
MMC Study identifies some of the key participating players in the online sports betting market globally are William Hill PLC, Bet365 Group Ltd., Paddy Power Betfair PLC, Betsson AB, Ladbrokes Coral Group PLC, The Stars Group Inc., 888 Holdings PLC, Sky Betting and Gaming, Kindred Group PLC, GVC Holdings PLC, among others.
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