It is no doubt that the betting industry is growing massively with each passing day. Sports betting is among the fast-expanding industries that attract all generations. Recent years have seen a rise in numbers in both sports vendors and gamblers.
Zion Market Research shows that sports betting represents 70% of the entire global gambling revenue. The amount is more than the combined revenue of other forms of gambling, including casinos. European football is the most loved sport. It attracts billions of fans across the world, translating to massive betting revenue. The FIFA world cup and European championships are the most awaited events in football. Especially in European countries like Italy and Spain where football is highly popular. Baseball generates the second-highest betting revenue after football.
What Sports Betting Market Report is All About
The sports betting market report for 2020-2024 provides a detailed analysis of the sports gambling industry. The report covers the following topics:
- Market size and forecast
- Market growth drivers during the next five years
- Challenges and trends
- market segmentation
- Vendor landscapes and analysis
This research was done using a combination of both primary and secondary sources. The information involves significant inputs from the key players in the sports betting industry.
Importance of Sports Betting Analysis
The sports betting marketing report for 2020-2024 provides in-depth knowledge of the market’s competitive landscape. It also analyses the leading market vendors, their capabilities, and their influence on the growing trends.
As a sports betting vendor, this report helps you understand the market dynamics and supply chain. You can further use the analysis to benchmark your business performance and your competition. With sports betting market projection, you get to make informed decisions on planning and marketing methods.
Market Size and Forecast
Researchers expect the global sports betting industry to expand rapidly in the next five years. Yahoo Finance reports that the market value is poised to reach $155.49 billion by 2024. This growth represents a CAGR of 8.83% between 2018 to 2025. Not only does the report include the global sports betting market, but it also analyses the growth on a regional level. The study further covers the historical revenue data for the years 2015, 2016, and 2017.
In 2017, the sports betting market was valued at $104.31 billion. The growth factors and challenges impact the demand and supply in the gambling industry. Additionally, the study presents the available opportunities in the sports gambling field on a global scale.
Market Growth Drivers
The increasing popularity of sports betting is based on several factors. With the digital revolution changing every aspect of the world, the betting market is not left behind. The digital platform has led to the adoption of online betting. As a result, it is now easier, faster, and more convenient to place bets. The market is continuing to increase thanks to betting companies like the ones found at maxfreebets.co.uk
The increase in marketing of sports events and gambling avenues also drives the market. Today, betting companies are the top sponsors of players and sports teams. They also offer sponsorship of major sports events. The legalization of sports betting in many countries boosts the expansion of sports betting market revenue. With the new markets, the industry should reach the estimated market value in the forecast period.
With all these growth factors, the gambling market is still experiencing some challenges. Casino betting, especially slots machines, gives sports betting a run for the revenue. Furthermore, some regions are also putting stricter gambling policies. Despite the limitations, research projects an expansion of the sports betting market. It expects an expansion of more than $134 billion by 2027.
The sports betting market analysis categorizes the global market in the following areas.
- Daily Fantasy
- Fixed Betting
- Exchange Betting
- Spread Betting
Sport Type Analysis
- Horse Racing
- Auto Racing
- Europe-Includes the UK, France and Germany
- North America- The U.S
- Asia pacific- Includes Japan, China, and India.
- Latin America- Brazil
- The middle East and Africa
The research studies the competitive nature of the sports betting players, their market share, and profiles. The report includes 25 key participants in the global sports betting market.
- 888 Holdings PLC
- GVC Holding PLC
- Kindred Group
- Paddy Power Betfair PLC
- Bet365 Group Ltd
- The Star group Inc among others.
In the past few years, strong players have been merging to increase their profit margins. Companies like Betfair Plc and Paddy power Plc merged, forming Paddy Power Betfair Plc. FansUnite and Askott have generated more than $350 million since their merger. Grandview research shows that the gambling market size will grow at a CAGR of 11.5% between 2020 to 2027.