LONDON--(BUSINESS WIRE)--The sports betting market is expected to grow by USD 144.44 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The popularity of sports events such as NFL, FIFA, UEFA Champions League, and others has grown significantly over recent years. High-profile sports such as soccer, baseball, and cricket attract massive consumer and media interest, which is increasing sponsorship deals for players, clubs, associations, and owners. Besides, sports organizations are increasing their spend on marketing and promotional activities to attract viewers. Also, several sports betting companies rank among top sponsors of sports teams in the world. This is crucial in developing the brand equity of vendors. Therefore, increasing commercialization of sports events will have a positive influence on the growth of the global sports betting market.
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As per Technavio, the legalization of sports betting will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Sports Betting Market: Legalization of Sports Betting
Sports betting is legal in a few states of the US, the UK, Denmark, Italy, and other European countries. Several governments across the world are also legalizing online gambling and sports betting, which is providing new growth opportunities for market vendors. For instance, in September 2016, the Government of Singapore relaxed laws related to online gambling, after which the popularity of sports betting increased significantly in the country. Similarly, in November 2019, the Government of California announced its plans to legalize sports betting throughout the state. This trend is expected to boost the growth of the global sports betting market during the forecast period.
“Emergence of machine learning in sports betting and the increasing popularity of e-sports tournaments will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Sports Betting Market: Segmentation Analysis
This market research report segments the sports betting market by Platform (Offline and Online) and Geography (North America, APAC, Europe, South America, and MEA).
The APAC region led the sports betting market in 2019, followed by Europe, North America, MEA, and South America. During the forecast period, the APAC region is expected to register the highest incremental growth due to the increasing presence of digital platforms and the adoption of online betting.
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Some of the key topics covered in the report include:
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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