Sports Betting Market to Expand at a CAGR of 9.1% during Forecast Period, According to TMR Study
WILMINGTON, Del., Jan. 17, 2023 /PRNewswire/ -- Predicting sports scores and performances and making a bet on results is known as sports betting. The sports betting market was worth US$ 279.5 Bn in 2021. The global market is anticipated to expand at a CAGR of 9.1% during the forecast period, from 2022 to 2031, and attain value of US$ 664.0 Bn by 2031. Increasing popularity of sports around the globe is expected to drive the global sports betting market during the forecast period. Sports betting is growing in popularity amongst the younger generation as well as professional gamblers. Growing use of internet, favorable government laws, rise in smartphone use, and online gaming are likely to drive market demand in the global industry.
Major players are employing pervasive marketing methods such as risk-free wagering for a set length of time and sign-up incentives for new users to encourage sports fans to make bets. Additionally, many urban residents are becoming interested in sports betting. Developers are receiving new system orders from developed regions, such as Asia Pacific and North America. Sports betting bookies are concentrating on expanding their R&D activities and investing in advanced facilities to develop unique betting features. This is expected to present profitable growth prospects for players in the sports betting industry.
Rise in number of sports enthusiasts has resulted in the expansion of business opportunities in the global sports betting market. One of the business areas with highest growth is gambling. Several countries are contemplating on legalizing sports betting, as per market research on sports betting. This is anticipated to fuel market growth throughout the forecast period.
Sports bettors use bookies or legal means to place their bets. Both physical betting bookies and online betting platforms are open for placing bets. Most of the bets are placed on sports such as boxing, baseball, mixed martial arts, basketball, hockey, and American football. In contrast to football betting, which is popular in Latin and North America, online cricket betting is growing in popularity in Asia Pacific.
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Key Findings of Market Report
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Global Sports Betting Market: Regional Landscape
Global Sports Betting Market: Key Players
Some of the key market players are
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Global Sports Betting Market: Segmentation
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Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.
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