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Sports Betting Market to be Worth $182.12 Billion by 2030: Grand View Research, Inc.
Esports, which is an organized, multiplayer video game competition, played by professional players, individuals, or teams, has gained massive popularity during the COVID-19 pandemic and witnessed a surge in the number of events worldwide. Market players are utilizing the increased number of esports events to offer an opportunity for their customers to bet on such esports competitions and earn extra income. The surge in online sports events backed up by a rise in the number of esports tournaments offers stable growth opportunities for the betting industry. For instance, according to the report by the U.K. Gambling Commission, there was a huge 2922% year-on-year rise in esports betting revenue from March 2019 to March 2020 .
Major players in the global betting industry now operate via official websites and online platforms to cater to the increased demand for sports betting. Additionally, the market players are expanding their presence across countries with supportive regulatory compliance. For instance, in December 2021 , Unikrn Inc., a global esports betting & entertainment media company introduced its betting platform in Canada and Brazil . In addition to this launch, the company has further announced to increase its presence across a greater number of regulated markets in 2023.
The lives of multiple households around the globe have been affected during the COVID-19 pandemic. In addition, this situation led to the cancellation of worldwide sports matches and the closure of land-based casinos and betting shops. However, the pandemic expanded the online sports betting industry due to the rise of esports and virtual sporting events. The popularity of online sports betting increased during the pandemic with an upsurge in the number of betting participants. For instance, according to a study conducted by Public Health England, online casino gambling had seen growth by nearly 9.0% during the pandemic. Furthermore, as per the GB Gambling Commission survey, betting habits among people have changed due to Covid-19, with mobile devices continuing to be the most popular medium for gambling. The survey also found a massive inclination towards esports betting across the globe.
Grand View Research has segmented the global sports betting market based on platform, betting type, sports type, and region:
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco , the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com
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