By 2026, The Sports Betting Market Is Expected To Reach $144 Billion - Adoption Of 5G Technology Is A Major Driver
The Business Research Company's sports betting market research report expands on key drivers, trends, and growth opportunities in the market.
LONDON, Aug. 2, 2022 /PRNewswire/ -- The increasing adoption of 5G networks is expected to drive the sports betting market growth in the forecast period. The technology allows more devices to be connected at a time and promises to reduce latency, which could keep fans on their phones longer and encourage more of them to wager while they watch. Outside stadiums, 5G service could enable fans to make mobile bets while simultaneously streaming games on their phones. According to Ericsson's latest Mobility Report, the number of worldwide 5G smartphone subscriptions in 2021 will increase to 600 million, increasing by 3 times the 2020 total. By 2022, 5G subscriptions are expected to surpass the one-billion mark, thus driving demand for sports betting.
The global sports betting market size is expected to grow from $89.65 billion in 2021 to $99.20 billion in 2022 at a compound annual growth rate (CAGR) of 10.64%. The global sports betting market share is expected to reach $144.34 billion in 2026 at a CAGR of 9.83%.
Adoption Of Augmented And Virtual Reality – A Popular Trend
The adoption of augmented and virtual reality is a popular sports betting industry trends. Augmented and virtual reality help in designing an entirely new environment and a new reality for the players. In July 2021, XR Casino, a Puerto Rico-based gaming solutions company, introduced its first ever cross-technology multiplayer online gambling platform using extended reality, including augmented reality and mixed reality. The new mixed reality platform will allow players to play XR casino games with each other using different devices. It also plans to introduce additional casino games and sports betting to the platform.
Asia Pacific Was The Largest Region In The Market In 2021
Asia-Pacific was the largest region in the sports betting market and was worth $21,879.5 million in 2021. The market accounted for 0.065% of the region's GDP. In terms of per capita consumption, the market accounted for $5.1, $2.4 lower than the global average. The sports betting market in Asia Pacific is supported by rapid urbanization that encourages the use of computers and laptops and favorable government policies. For example, in 2020, the urban population in India was reported at 34.93% of the total population, according to the World Bank's collection of development indicators.
Flutter Entertainment Was The Largest Competitor With A 7.37% Market Share
Flutter Entertainment plc was the largest competitor in the sports betting market in 2021, with a 7.37% share of the market. The company operates a portfolio of sports betting and gaming brands such as Paddy Power, Adjarabet, Betfair, TVG, Sportsbet, and FanDuel. Flutter's growth strategy focuses on expanding its recreational customer base through strategic acquisitions to meet the demand of the growing online sports betting market size. For instance, in December 2021, the company acquired Sisal, an Italy-based online betting, lottery, and gaming company, for USD 1.96 billion (EUR 1.913 billion). Through this acquisition, Flutter aims to increase its presence in the fast-growing, regulated, and attractive online gaming and gambling market.
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