Sports Betting Market Gaining Huge Acceptance with 12.4% Annual Growth, Current Market at $84.6 billion: Says Market Decipher

"The global digital revolution has boosted the Sports Betting market as there has been a surge in commercial and retail online transactions due to growth in digital infrastructure. Market Decipher has completely revised the huge database on the Global Sports Betting market covering all major regions and companies. The latest insights and forecasts have revealed new areas of profitability. Asia Pacific (holding 30%) is showing the fastest growth during the forecast period 2022-2032. Football makes for more than 23% of the Global Sports Betting Market and is anticipated to grow in the future."

PUNE, India, 22/09/2022 (informazione.it - comunicati stampa - varie)

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The lockdown imposed as a result of Covid-19 had severely affected economic activities. It had played havoc on earning sources as well as the GDP of several countries. Countries across the world found sports betting as their new source of income that increases sponsorships & data sales, driving the sports betting market trends. Besides this, the sports betting market can also assist in aiding indirect revenue for the government with a surge in sports fan engagement, merchandise sales, partnerships, and media rights transactions. Revenue earned from sports betting activities is used to offset the decline in earnings from other revenue sources affected due to the COVID-19 pandemic. The broadcasters make use of over-the-top tools for creating new digital products that help in delivering a second-screen experience to viewers while watching live sports activities, this can unlock new growth opportunities for the sports betting market.

The sports betting firms are eager in forming strategic alliances with various traditional sports institutes through sponsorships, and the sports betting market earnings are anticipated to grow. Furthermore, the rise in esports activities has also contributed significantly towards growth in industry revenue.

 

The adoption of blockchain and AI in sports betting applications and websites is gaining popularity in the sports betting market. These methods are adopted to accurately automate real-time data, help sports betting payment, past event analytics, monitoring, and event recording. 

Asia Pacific enjoys huge popularity of sports betting capturing around 30% of the global market. China and India are two major countries with popular betting characteristics in young population. New entrants are entering the APAC market considering the scope. Key aspect of the region is that the growth trend is not expected to experience any downfall in 10 years even in economic uncertainties. Twenty-four states in the U.S. passed legislation in November 2020 for reforming sports betting laws, resulting in immense growth in the North American Sports Betting market. Canada also legalized single-game sports betting in 2021. The sports betting market in Canada will expand nearly seven times the size of the spectator-sports market in the country in the coming years. 

 

David Correa
Decipher Business Insights Pvt. Ltd.
Zen Business Center,
Wakad, Mumbai- Bangalore Highway,
Pune - 411057, Maharashtra
Website: www.marketdecipher.com

Logo: https://mma.prnewswire.com/media/1854377/Market_Decipher_Logo.jpg 

 

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