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Digital Promotions, Partnerships with Sports Channels to Offer Growth Opportunities in Internet Sports Betting Market, Says TMR
ALBANY, N.Y. , Aug. 19, 2021 /PRNewswire/ -- The Internet sports betting market is expected to garner considerable growth, owing to an increase in online betting due to the COVID-19 pandemic lockdown and the relaxations in regulations regarding betting across different regions.
The global popularity of sports such as football, basketball, cricket, boxing, and others will assure expansion of the Internet sports betting market during the forecast period of 2021-2031. The transition from physical betting to online betting due to the strict COVID-19 regulations is likely to fuel market growth.
Players in the Internet sports betting market are striving to provide a good user experience to expand their consumer base. Integrating security features without being restrictive and user-friendly and easy interface providing personalized insights to the customers are some of the major areas of focus for market players. These factors will present an array of growth opportunities for the players in the Internet sports betting market.
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Transparency Market Research (TMR) has conducted a comprehensive research on various aspects associated with the expansion of the Internet sports betting market. TMR experts, after a detailed analysis of numerous factors, estimate the global market for Internet sports betting to expand at a CAGR of 12.1% during the forecast period of 2021-2031. The Internet sports betting market is expected to cross US$ 70.78 Bn by 2031.
Tie-ups of online sports betting app developing companies with sports channels present great opportunities of growth. This factor ensures high promotion of Apps, thus driving the market. Furthermore, the legalization of sports betting in numerous countries will play a crucial role in expanding the growth horizon of the Internet sports betting market.
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People aged between 35 years and 55 years are generally have higher disposable income and craveleisure time. The adoption of technological devices among this age group is higher in terms of leisure activity. Hence, the growing installation of Internet sports betting apps by this age group will invite profitable growth.
These betting apps are also gaining popularity with Y and Z generation. While generation Y adopted technology at a young age, generation Z was born when the digital age was booming at a rapid rate. In addition, the vendors in the Internet sports betting market are targeting different age groups through digital and social media marketing. Thus, people falling under these two categories of generations are expected to drive the Internet sports betting market during the forecast period.
The rapid penetration of Internet services, large youth presence, and rising use of smartphones are aiding in the expansion of the India Internet sports betting market. However, the illegal betting industry in India is widespread, and it will take some time for the Internet sports betting market to take over.Some initiatives by the government of the country such as applying taxes on betting will serve as prospective growth multipliers.
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The COVID-19 pandemic changed the course of betting extensively. The rising transmission levels compelled many countries to enforce strict stay-at-home orders. This restricted the movement of people and led to the shutting down of many businesses for a brief period. The transition of betting from a traditional brick-and-mortar setting to online betting during the pandemic has positively impacted the Internet sports betting market. The players in the Internet sports betting market are banking extensively on this situation.
Some of the well-established players in the Internet sports betting market are Fortuna Entertainment Group,Entain Plc,Betway Group, 888 Holdings Plc, Unikrn Inc, Flutter Entertainment, William Hill Limited, Cyber Bet, and Kindred Group.
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