Market Analysis
Market Research Future (MRFR) estimates the global Online Sports Betting Market size to touch USD 59,530.7 million at a CAGR of 13.6% from 2020 to 2027 (forecast period).
The growing popularity of sports is driving the worldwide online sports betting industry ahead. Sport is a critical platform for accomplishing growth objectives. Sport has the potential to contribute significantly to social integration and economic development in a variety of geographical, cultural, and political circumstances. Sports, through their impact on social capital, trust, culture, and crime, can help to increase capital accumulation, promote market functioning, and build institutions. These unique outcomes reinforce one another. Participating in sports also helps athletes live longer and healthier lives, which helps to reduce obesity rates. Diabetes and hypertension are less common in healthy people. The global eSports sector is growing, with more people participating as competitors or spectators. It is quickly becoming one of the most well-known spectator sports in the world. Modern sports-only websites, similar to the introduction of traditional sports betting websites, now provide options to bet on events and tournaments since many people will be betting on esports.
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COVID-19 Impact on the Worldwide Online Sports Betting Market
The spread of new coronavirus has impacted numerous industries, including manufacturing, from raw material production to final product distribution. On the other hand, in order to track the spread of a deadly virus, governments around the world imposed restrictions on a variety of sporting activities. Scheduled events including the English Premier League, Serie A in Italy, La Liga in Spain, Super Lig in Turkey, and Major League Soccer in the United States were canceled or postponed due to a rise in the number of COVID-19 cases globally. Some organizations prefer to reschedule events in order to decrease expenditure losses, such as the Belgian Cup final, which was initially slated for March 2020 but was moved to August 1st. Another case in point is the African Nations Championship 2020 competition, which was scheduled to take place in Cameroon in April 2020 but has been postponed until further notice. Since governments imposed lockdowns to contain and monitor the spread of the fatal virus, a sizable percentage of the workforce has been instructed to remain indoors, resulting in a surge in demand for virtual entertainment and media. Microsoft, for instance, announced a large rise in multiplayer participation in March and April 2020. Furthermore, when physical venues stayed closed to prevent the spread of the virus, online casino gaming and fantasy sports betting grew by more than 30%.
Market Segmentation
The worldwide online sports betting market has been segmented into sports type, type, and application.
Based on sports type, the worldwide online sports betting market has been bifurcated based on the sports type into football, horse riding, cricket, tennis, baseball, volleyball, basketball, hockey, boxing, golf, racing, and others.
By type, the worldwide online sports betting market has been segmented into line-in-play, spread betting, fixed old betting, daily fantasy, e-sports, exchange betting, and others.
Based on application, the worldwide online sports betting market has been divided into mobile-based and web-based applications for online betting.
Regional Analysis
By region, the worldwide online sports betting market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East Africa.
With a volume of USD 12,146.2 million in 2019, Europe topped the online sports betting industry in 2019, and it is expected to reach USD 26,323.6 million by 2026, at a CAGR of 12.1%. Europe is the largest contributor to Mobile Online Sports Betting, accounting for 48.6% of the industry in 2019. According to the MRFR study, the increased sports spirit and zeal to watch sports in Europe is being driven by new game formats and gaming modes. It has grown into a large industry for players and businesses such as gambling and betting to place bets and have fun. Europe has been a gambling and betting presence since the 1800s, but it has recently evolved to the next level; with the adoption of smartphones and the growth of technology, it is now quite convenient to operate and play on the platforms supplied by gambling industries.
Key Players
Notable players in the worldwide online sports betting market include 888 Holdings PLC (UK), Flutter Entertainment PLC (UK), Bet365 Group Ltd (UK), Fortuna Entertainment Group (Netherlands), Churchill Downs Incorporated (US), Entain PLC (UK), DraftKings (US), Betsson AB (Sweden), Betfred Ltd (UK), Webis Holdings PLC (Isle of Man), Kindred Group PLC (Malta), Sportech PLC (UK), BetAmerica (US), HKJC Football Betting Limited (Hong Kong), and Megapari (Cyprus).
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Industry Updates
In February 2021, Betfred Ltd confirmed the Rugby League "Double" for 2021, with a one-year contract to become the Challenge Cup's title sponsor, adding to its long-standing relationship with the Super League. The Women's Challenge Cup will also be sponsored under the terms of the deal.
In February 2021, Kindred Group plc stated an alliance with the Quechan Tribe of the Fort Yuma Indian Reservation to gain market access in California and Arizona. The ten-year agreement, which includes an extension clause at the end, permits the Group to offer online and retail store betting, as well as iGaming. The launch in California and Arizona is contingent on the passage of local legislation.
In March 2021, Dish Network and DraftKings started a partnership to offer DraftKings sportsbook and daily fantasy experiences directly to DISH customers nationwide.
In January 2021, Churchill Downs Integrated rebranded its BetAmerica Sportsbook and iGaming platform as 'TwinSpires.'
In May 2020, Flutter Entertainment PLC successfully purchased the stars group under its banner.
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