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Straits Research Forecasts the Global Online Sports Betting Market Revenue to Expand at a CAGR of 11.2%, Reaching an Estimated Size of USD 1,46,363.8 Million by 2031

Football’s global fever is fueling the online sports betting industry, especially in Europe. Fans in Italy, France, and Spain are flocking to online platforms to wager on matches, drawn by the vast array of betting options and convenience. From the World Cup to domestic leagues, every kick is a potential bet, with some games offering over 100 choices. This surge in online betting, often driven by sponsorships like Bwin’s partnership with UEFA, is propelling the market to new heights.

New York, United States, Jan. 18, 2024 (GLOBE NEWSWIRE) — Online sports betting is only one of the many sports wagering methods available worldwide. Online sports betting involves forecasting sports outcomes and making bets on the development of football games. Online football betting services offer the most incredible experience with a safe and secure online sportsbook (a reference book used to monitor wagers, payments, and debts), giving a trustworthy and dependable platform to gamble and win money. The leading online betting website platforms include tools, tips, techniques, and other betting resources, although their offers vary somewhat.

Download Free Sample Report PDF @ https://straitsresearch.com/report/online-sports-betting-market/request-sample

Growth of High-Speed Internet Services Drives the Global Market

According to Straits Research, The global online sports betting market was valued at USD 56,650.3 million in 2023. It is anticipated to reach USD 1,46,363.8 Million by 2032, growing at a CAGR of 11.2% over the forecast period (2024-2032).” Due to the rapid proliferation of internet-connected devices such as smartphones and tablets, online betting is a global increase. Those who observe live betting can make quick decisions that, if made correctly, might result in big profits. Therefore, live betting streaming on mobile devices such as smartphones and tablets will significantly influence the future sports betting business. The rise of internet betting is anticipated to substantially raise demand in the worldwide sports betting market during the projected period. Bookmakers provide a variety of incentives for online sports betting. These consist of bonuses for players who sign up and fund their accounts. In addition, players have access to enhanced odds, live streaming, and continuing promos. This should hasten the growth of the online sports betting industry throughout the forecast period.

Growth of Live E-Sports Coverage Platform Creates Tremendous Opportunities

E-sports investment and revenue have increased as a result of the popularity of the industry. E-sports’ appeal is largely attributable to the social component of live broadcasting and gameplay. Through video game-specific streaming sites such as Twitch and YouTube Gaming, fans can contact directly with players and teams. At the same time, more popular social networks have helped to foster these relationships. Some e-sports teams, like FaZe Clan, are branching aggressively outside of e-sports, such as into the products business, which helps build brand awareness. Thus, the expansion of live e-sports coverage platforms is projected to generate profitable chances for developing the worldwide online sports betting industry.

Regional Analysis

European online sports betting industry share is anticipated to grow at a CAGR of 12.3% during the forecast period. As a result of new game forms and play modes, sports enthusiasm and the desire to watch sports are increasing daily across Europe. It has been a significant market for players and sectors such as gaming and betting to make wagers and enjoy themselves. Europe has had gambling and betting since the 1800s, but it has reached a new level recently. With the proliferation of smartphones and technological advancements, it is now simple to run and play on the platforms provided by gambling companies. In addition, Bet365, Betsson Group, Entain, Kindred, and William Hill are a few of Europe’s most prominent players. Due to this business, almost 43,000 employments have been created in Europe. The corporations have also invested in their platforms to keep them secure and dependable for users.

Asia-Pacific is estimated to grow at a CAGR of 14.9% over the forecast period. The region is home to a growing population of more than 4.6 billion people, and an increasing number of athletic events attract individuals from various cultures. In nations where sports betting is tightly regulated or prohibited, the opportunity to access internet betting services has grown. Those who previously could not gamble can now do so securely due to the rising use of VPN software. This has proven a popular means for gamers to access localized sites and enabled them to access and play on worldwide sites.

Key Highlights

  • Based on type, the global online sports betting market is divided into line-in-play, fixed old betting, daily fantasy, e-sports, exchange betting, spread betting, and others. The line-in-play segment is responsible for the largest market share and is anticipated to grow at a CAGR of 12.0% over the forecast period.
  • Based on sports type, the global online sports betting market is segmented into football, cricket, tennis, baseball, volleyball, basketball, hockey, horse riding, boxing, golf, racing, and others. The football segment owns the highest market share and is expected to grow at a CAGR of 12.20% over the forecast period.
  • Europe is the highest contributor to the market and is anticipated to grow at a CAGR of 12.3% during the forecast period.

Competitive Players

The key players in the global online sports betting market are Bet365, GVC Holdings PLC, William Hill Inc., Paddy Power Betfair PLC, Ladbrokes Coral Group PLC, Betsson AB, The Stars Group Inc., Sky Betting and Gaming, 888 Holdings PLC, and Kindred Group PLC.

Market News

  • In January 2023, Kentucky lawmakers introduced a new bill to legalize sports betting and online poker.
  • In January 2023, SIS (Sports Information Services), the leading multi-channel supplier of 24/7 live betting services, signed a deal to integrate its offering onto the platform of leading global provider BetConstruct, starting with its 24/7 Live Racing Content.

Global Online Sports Betting Market: Segmentation

By Type

  • Line-In-Play
  • Fixed Old Betting
  • Daily Fantasy
  • E-Sports
  • Exchange Betting
  • Spread Betting
  • Others

By Sports Type

  • Football
  • Cricket
  • Tennis
  • Baseball
  • Volleyball
  • Basketball
  • Hockey
  • Horse Riding
  • Boxing
  • Golf
  • Racing
  • Others

By Regions

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • The Middle East and Africa

Get Detailed Market Segmentation @ https://straitsresearch.com/report/online-sports-betting-market/segmentation

About Straits Research Pvt. Ltd.

Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.

Whether you are looking at business sectors in the next town or crosswise over continents, we understand the significance of being acquainted with the client’s purchase. We overcome our clients’ issues by recognizing and deciphering the target group and generating leads with utmost precision. We seek to collaborate with our clients to deliver a broad spectrum of results through a blend of market and business research approaches.

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Originally published at https://www.einpresswire.com/article/682182674/straits-research-forecasts-the-global-online-sports-betting-market-revenue-to-expand-at-a-cagr-of-11-2-reaching-an-estimated-size-of-usd-1-46-363-8

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