Sports betting is a type of gambling activity that involves predicting the outcome of any sports activity and placing the wagers accordingly. Popular sports, such as horse racing, cricket, poker, and many others, fall under this category. The market offers tremendous growth potential for both the sportspersons and the bettors. More than 70% of the sports betting done across the world are illegal as the governments are trying to maintain a balance between the world economy and social welfare. In 2016, more than 80% of the sports betting was land-based, which will decrease with the growing shift of preference toward online sports betting platforms.
According to Contrive Datum Insights research study , the global sports betting market was valued at around USD 103.31 billion and is expected to reach approximately USD 155.49 billion by 2025, growing at a healthy CAGR of 7.83% between 2018 to 2025.
Some key participants operating in the global sports betting market include Lottery, William Hill, Bet365, Ladbrokes, Paddy Power, Bwin, Betfair, Unibet, Paddy Power Betfair.
Sports Betting Market By its Type Analysis – Football, Baseball, Basketball, Hockey, Cricket, Tennis, Golf, Boxing, Horse Riding, Auto Racing, Others
Based on region, this global Sports Betting market includes Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. Asia Pacific sports betting market is projected to witness a major rate of growth in the upcoming years. This can be attributed to the enhanced economic condition throughout the region, which, in turn, betters the disposable income of the population for various leisure activities, such as sports betting.