The global sports betting market is expected to grow at a CAGR of close to 9% during the period 2018-2022, according to a new market research study by Technavio.
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Technavio has published a new market research report on the global sports betting market 2018-2022 under their media and entertainment library. (Graphic: Business Wire)
The report categorizes the global sports betting market by betting platforms which include online and offline. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: increasing popularity of e-sports betting
The emergence of electronic systems to facilitate gaming competition, including a variety of video games, is contributing to the growth of the e-sports industry. E-Sports, an organized multiplayer video game competition involving professional players, will become an official medal sport at the 2022 Asian Games in China. It is expected to generate a revenue of USD 600 million in 2017. Similarly, in April 2017, Alisports, the sports arm of Alibaba (Chinese online retail giant), announced a partnership with the Olympic Council of Asia (OCA).
According to a senior analyst at Technavio for gaming research, “The growing popularity of e-sports is leading bookmakers to offer regular bets on numerous e-sports matches. The betting volume for e-sports is increasing over other categories such as golf, tennis, rugby, and others. The broadening of the e-sports platform drives revenue generation in the sports betting industry.”
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Market trend: popularity of virtual sports betting
Virtual sports betting is a product of choice for more than 100 bookmakers across the world. It has become widely popular in recent times owing to the growing fascination of games such as FIFA, Football Manager, and other sports video games. In this form of betting, the outcome of each match or event is generated from a computer algorithm that picks the winner in a non-biased way. Virtual games are trending as they can be played at all hours of the day. Customers gamble using fake histories and player profiles provided by gambling websites. Virtual sports betting has highly advanced and innovative graphics with features that attract players. This form of betting is gaining momentum worldwide and is a widely popular platform adopted by several players.
Market challenge: regulation on betting still prevailing in some countries
The sports betting market has grown substantially in recent years, driven by the increased usage of the Internet and smartphones as a medium for placing bets. Another driving factor is the extensive advertising of sports betting products and services. However, sports betting is regulated both at the state and federal level. Every country has its own legislation on sports betting. For instance, the federal legislation in the US has the Interstate Wire Act of 1961 and the Professional and Amateur Sports Protection Act (PASPA) of 1992. The Interstate Wire Act of 1961 has made it illegal to place or receive wagers on sports events.
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Some of the companies in the market
- 888 Holdings
- GVC Holdings
- Kindred Group
- Paddy Power Betfair
- William Hill
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View source version on businesswire.com: http://www.businesswire.com/news/home/20180125006104/en/
