Sports Betting Industry-Everything You Need To Know.
The global market for sports betting reached a total value of USD 83.65 billion in 2022 and is projected to experience a compound annual growth rate (CAGR) of 10.3% between 2023 and 2030. Various factors contribute to the growing demand for sports betting, including significant regulatory changes in the global gambling industry, the widespread use of connected devices, and the ongoing development of digital infrastructure. The sports sector has faced significant disruptions due to the COVID-19 pandemic, with restrictions impacting sporting activities worldwide. However, the popularity of online sports betting has increased during this time, particularly with the surge in eSports and other related betting forms. Furthermore, the widespread use of smartphones has significantly contributed to the accessibility and availability of sports betting, resulting in the expansion of the global market. Notably, a recent survey conducted by Uplatform, a prominent sports betting and casino operating platform, revealed that mobile devices accounted for approximately 70% of online betting revenue in 2020.
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Bovada - Sports
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What Restrains the Sports Betting Market?
The stringent regulations that govern the game are anticipated to hinder the growth of the sports betting industry. Throughout the projected timeframe, concerns regarding illicit actions are expected to present a challenge to both the opportunities and trends within the sports betting market. Sudip Saha, Principal Consultant, can offer valuable insights and guidance to help you identify lucrative areas that can yield successful outcomes in this market. Discuss your strategies with our expert analysts today.
Which is the leading region in the sports betting market?
The Asia Pacific region generated approximately 30.0% of the revenue in the sports betting market and is projected to maintain a high compound annual growth rate (CAGR). The growth can be attributed to the substantial presence of a young population actively participating in various sports activities. Additionally, gambling is a popular pastime among the people of China and India, further contributing to the development of the sports betting market. Furthermore, the collective influence of these factors, combined with the existing opportunities in the sports betting market, is expected to drive significant growth in the future.