Sports Betting
According to a new report from the publisher, the global sports betting market will reach $140.26 billion by 2028. The market is expected to expand at a CAGR of 10.1% between 2021 and 2028. Sports betting in Canada in August 2021, Canadian sports betting market revenue is likely to reach almost $28.1 billion by 2026, with a CAGR of nearly 123% over the next five years. New York’s online sports betting market is expected to reach $1 billion in annual revenue, according to Macquarie. Since online sports betting is mainly applied at events such as the World Cups and European Championships, the global online sports betting market has grown significantly in recent years due to the 2018 FIFA World Cup.
Europe has become the largest market. The market is experiencing strong demand from European betting consumers who bet on multiple leagues, pre-match and in-play. The global online sports betting market derives most of its revenue from the UK, Spain, Germany and other European countries as most companies use entering regulated markets as a strategy to generate sustainable income. Large gaming organizations for which sports betting is a very small part of total revenue, such as BetMGM, and online-only DFS sports betting operators, such as DraftKings, are vying for market share. Countries around the world are looking for new sources of revenue and see sports betting as a new direct source of income that can increase data sales and sponsorships and sports book advertising.
Illegal operators have some advantages and will retain some customers in the era of legalization, but legal sports betting through state-licensed operators is generally safe and only getting better, thanks in part to technological advances and fierce competition for market share. While sports betting is now legal in many states, far fewer have realistically established regulations or licenses to allow online and mobile sports betting, but more are in the process. By now, half of the US states have legalized some form of gambling.
Sports betting accounts for approximately 30-40% of the global betting market, which also includes lotteries, casinos, poker and other games. The fastest-growing sports and sports market in terms of betting volume is eSports. Gambling is now active across all sports, with newer segments such as eSports seeing the fastest growth in player engagement, views and wagering.
Currently, the vast majority of football betting is placed online due to significant changes in the various betting products and markets offered by bookmakers. Some states also have provisions for esports betting, but bookmakers rarely offer such bets. Andrew Cuomo has been legally allowed to bet on sports in New York for many years.
New York City is under pressure to allow and regulate online and mobile betting as more and more New Yorkers travel to nearby New Jersey to place legal bets, and lawmakers are left to watch state money flow into the state treasury New Jersey. In the United States, only Nevada and – so far – a few other states (such as DE, MS, WV, PA, NJ, and a few others) offer legal sports betting, leaving billions of dollars to spend on offshore sports betting. .
In just a few months, many states including New Jersey, Mississippi, West Virginia and New Mexico have begun accepting legal sports betting at land-based and online casinos. Earlier this year, the NFL announced partnerships with DraftKings, Caesars Entertainment and FanDuel. Leading online operators such as Bet365, William Hill and Betfred also offer free betting and promotional offers when major sporting events such as the World Cup, Tour de France or major golf championships take place.
Rising number of leagues and sporting events globally and increasing demand for sports betting among millennials and seniors is accelerating the growth of the market. Broadcasters appear to be using exaggerated tools to create new digital offerings to help provide viewers with a second screen during live sporting events, which could open up new growth opportunities for the sports betting industry in the years to come. This sports betting market report provides detailed information on the latest developments, trading rules, import and export analysis, production analysis, value chain optimization, market share, local and local market impact, analysis of new revenue sources, opportunities in terms of market changes. Regulations, Market Growth Strategy Analysis, Market Size, Category Market Growth, Application Niche and Dominance, Product Approvals, Product Launches, Geographical Expansion, Technological Innovations in Sports Betting Market.
The Data Bridge Sports Betting Market Research Report provides analysis and insight into the various factors that are expected to prevail over the forecast period and their impact on the growth of markets. Growth by segment will help you gain insight into the various growth drivers that should dominate the sports betting market and formulate different strategies to help identify key application areas and differences in your target markets. The following sections provide a history of sports betting in the United States, along with a breakdown of the current legal status of sports betting by state, industry stakeholders, and links to a range of educational resources.
NEW YORK, September 7, 2021 /PRNewswire/ — According to Zion Market Research, the sports betting industry generated approximately $131.1 billion in revenue in 2020 and is expected to earn approximately $179.3 billion in 2028. The Gaming Association (AGA) reported that by October 2020, the United States had bet a record $3 billion on the sport.
While virtual racing has been around for many years, other virtual sports have exploded in popularity in 2020, with all the major bookmakers offering a variety of eSports bets. This growing volume is rapidly driving revenue generation in the sports betting industry. New York state regulators on Monday approved online sports betting licenses for nine operators, including DraftKings, FanDuel, Resorts World, as well as MGM and Wynn online gaming guns.