Internet Sports Betting Market: Current Analysis and Forecast (2021-2027)

Internet Sports Betting Market: Current Analysis and Forecast (2021-2027)

Sports betting is the activity of predicting sports results and placing a wager on the outcome. Surging internet penetration, adoption of smartphones and favorable regulatory outlook are some of the key factors that are contributing to the growth of sports betting. As per GSMA, For the first time, more than half of the world’s population – just over 4 billion people – are using mobile internet. 2020, By the end of 2020, 51% of the world’s population were using mobile internet, an increase of 225 million since the end of 2019. Also, the coverage continued to increase, with 94% of the population now covered by a mobile broadband network.

Smartphone adoption continues to increase. Globally, smartphones accounted for 68% of total mobile connections in 2020,8 compared to 64% in 2019 and 47% in 2016). South Asia has seen the strongest growth in smartphone adoption in recent years, increasing from 30% of connections in 2016 to 63% in 2020. India has been at the forefront of this growth, with smartphone adoption among adults increasing from 22% in 2017 to 51% in 2020. moreover, the introduction of 5G technology across countries is also leading to the growing market for internet sports betting.

The growing number of sports events owing to the growing end-user interest, rising number of sports enthusiasts, and sports sponsorship across the globe are also key contributing factors to the market growth. Overall, sports sponsorship has been increasing for the last 10 years. While $37.9 billion was spent on sports sponsorship in 2007, a further 50% was spent in 2018. Some of the most-watched sports events in the world are the Tour de France – 3.5 Billion Viewers, World Cup of Soccer – 3.3 Billion Viewers, Cricket World Cup – 2.6 Billion Viewers, Summer Games – 2 Billion Viewers, etc.

Also, robust growth in digitalization is the key factor that is attributed to the growing market of internet sports betting. Cloud platforms are becoming more popular for storing data as a result of the recent global digital revolution, and there has been a surge in online transactions and payments among commercial and retail customers. Consumers now have simple access to online sports betting platforms thanks to the rapid rise of digital platforms and rising Internet penetration, which will drive the global sports betting industry forward throughout the forecast period.

Also, the introduction of machine learning in sports betting is adding pace to the market growth. The growing effect of technologies like blockchain, virtual reality, and AI, particularly machine learning tools, is one of the important developments in the global sports betting business. New machine learning algorithms that seek to anticipate the outcomes of games and races are expected to become increasingly familiar with sports gamblers. Thus, the emergence of machine learning will be a positive trend for the global sports betting market during the forecast period.

As per a report by the gambling commission, A total of £14.4bn was lost by people betting in the UK from April 2017 to March 2018, an increase from £13.8bn the previous year. Of that total, £5.3bn was lost gambling online, a 12.8% increase on the previous year.

Based on the game type, the market is fragmented into Cybersports, Football, Basketball, Hockey, Cricket, and Others. The football segment grabbed the major market share and dominated the market. The market of this segment would reach USD XX Mn by 2027/ Growing number of football tournaments and the growing popularity of football in European countries are leading to the growth of this segment.

Based on the device type, the market is fragmented into Desktops & Laptop, Tablets & Mobile. The tablets & mobile segment grabbed XX% market share and captured USD XX Mn market in 2020. The growing adoption of smartphones coupled with the availability of phones and tablets at affordable prices is leading to the growth of this segment.

For a better understanding of the market adoption of the Internet Sports Betting Market, the market is analyzed based on its worldwide presence in the countries such as North America (the United States and Canada), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Europe region grabbed XX% market for the Internet Sports Betting Market industry and generated revenue of USD XX Million in 2020. However, the Asia –Pacific region would witness the highest CAGR during the forthcoming years.

Some of the major players operating in the market are Cyber Bet, Betway Group, Flutter Entertainment, Fortuna Entertainment Group, William Hill Limited, Unikrn Inc., Unibet, Kindred Group, Entain Plc., 888 Holdings Plc. etc., Several M&As along with partnerships have been undertaken by these players to develop Internet Sports Betting across the globe.