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The sports betting market is one of the fastest-growing markets globally and continues to gain the attention of people of every generation. Sports betting is a gambling activity in which one places the wager according to what he predicts about the outcome of the game. Betting is done in various sports such as cricket, football, horse racing, and many others. The sports betting market offers enormous development potential for both bettors and sportspersons. With the internet penetrating and changing the world consistently, the sports betting market is probably going to progress in the future. Among all online betting sports, European football is attracting the highest revenue, followed by baseball. The growth of online betting platforms is faster compared to the offline betting platform. The online sports betting platform is dominating the offline betting platform due to the spread of more awareness about the use of technology. Virtual sports are getting popular these days, further transforming the way sports betting is done. But, there are still many countries who consider sports betting illegal and this is the major reason that hampers the growth of the sports betting market.
COVID-19 Scenario Analysis:
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
A lot of new technology is coming up in the market day by day like virtual reality, machine learning, and artificial intelligence. This technology is accepted in the sports betting market because of its betting ability and promising results in prediction. Hence, more development in such technologies drives the growth of the online sports betting market. The rise in the legalization of sports betting in different countries is increasing the number of viewers as well as participants in the online sports betting market, which will further benefit the sports organizations, clubs, and associations. These organizations can charge high fees on broadcasting and thus increase their revenue. Technology innovation in mobiles, such as an improvement in graphics, storage capacity, reasonable prices are also driving the online sports betting market. Another factor that fuels the demand for the online sports betting market is the large number of the population who follow sports across the globe.
While, on the contrary, the online sports betting market is also leading to a rapid increase in cybercrime. Signal manipulation and hacking activities hamper the growth of the market. In addition, compulsive betting and gambling activities can affect a person's health and personal relations. It can lead to issues such as depression and can also increase one's debt.
A great opportunity for the online sports betting market is the legalization as this will guarantee a high rate of employment, and will also generate huge revenue.
Trends in online sports betting market are as follow:
Increase in popularity of e-sports betting:
The emergence of the internet and a variety of video games available have contributed to the e-sports industry. This increase in the e-sports activities has led the bookmakers to offer numerous bets on these online sports. Betting in the e-sports is continuously increasing in various sports like golf, rugby, tennis, and many others. This widening of e-sports platforms has generated huge revenue for the online sports betting market.
Legalization of betting in sports:
Sports betting activities are considered illegal in many different states or countries. But now the government is taking initiatives to legalize sports betting activities, thereby increasing opportunities for the online sports betting industry. For instance, the popularity of online sports betting was boosted to a great extent when the Singaporean Government legalized e-sports betting in September 2016. The trend of legalizing e-sports activities is continuously increasing, and it is expected that this will drive the growth of the online betting market during the forecast years. Also, in 2019, California announced its plans to legalize sports betting activities throughout the state. In India as well, these activities have been made legal in the state of Sikkim and Goa.
Key Benefits of the Report:
Questions Answered in the Online Sports Betting Market Research Report:
Online Sports Betting Market Report Highlights
Aspects | Details |
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By Type |
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By Sports Type |
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By Device Outlook |
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Key Market Players | Webis Holdings Plc, Churchill Downs Inc., Kindred Group Plc, The Stars Group Inc., GVC Holdings Plc, 888 Holdings Plc, Flutter Entertainment Plc, Sportech Plc, William Hill Plc, Bet365 |
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