Recent global reports about the market size of sports betting show that it is growing in popularity all over the world. In 2021, the market was valued at USD 70.23 billion, and it is expected to grow at a CAGR of 11.7% from 2022 to 2030.
Some of the reasons for the growth include more use of smartphones, growing digital infrastructure and younger generations becoming interested in online betting. Restrictions on sporting events due to Covid-19 lockdowns have also stimulated more interest in online sports betting. The changing regulatory landscape is another factor affecting growth.
Growth drivers
More wireless connectivity and increased use of smartphones have changed the way people perform many activities, from shopping to online learning. It has also led to a growth in online sports betting. Now, sports bettors can place bets at a casino with sports betting from any place and at any time via internet.
The number of smartphone users is growing every year, and the demand for sports betting is increasing with more athletic events and leagues. A sports event or league is a group of countries, clubs, associations or individuals competing with each other for a title or championship.
Betting on games such as baseball, hockey, soccer, American football, basketball and boxing is popular. There are also large investments being made in online platforms and 5G networks that are contributing to an increase in smartphone-based betting.
Most popular sports
Soccer events generate more revenue than any other sports. Soccer has a large fan base throughout the world, and many people like to bet on games. Players like Cristiano Ronaldo and Lionel Messi and an increasing number of tournaments have contributed to its popularity. The FIFA World Cup, UEFA European Championship, and the UEFA Champions League are just some of the tournaments that take place throughout the year.
Basketball is another sport that brings in a large share of revenue, and cricket is showing a significant increase. Fantasy wagering applications are also growing and encouraging new players to explore online gaming.
Growth in Europe and the Asia Pacific
In 2021, Western Europe was the largest region in the sports betting market. The adoption of safety legislation and regulations in Europe for offline and online gambling was one of the reasons for this. Soccer is a very popular sport in the U.K., with teams like Manchester United, Chelsea F.C., and Liverpool that have huge fan bases. Horse racing is another popular sport to bet on in Europe.
Asia Pacific is expected to grow at the fastest rate in the future. Growth is being driven in this region by various factors, such as the legalization of the market in countries like Australia and India. A significant number of the younger population in this region are interested in betting on games like cricket, soccer, basketball and hockey. They take great interest in the sports calendar 2022 and what sporting events will take place. More internet penetration and a rising middle class with more disposable income in this region have also had an impact on growth.
Major players
There is competition between the major players in the industry who develop engaging websites and offer exclusive deals to attract users. They are integrating technologies that offer a more interactive experience and provide a simpler user interface. Some of the prominent players are Bet365, Churchill Downs Inc., William Hill and Kindred Group.
