Sports Betting Global Market Report 2023: AI and Blockchain Implementation in Betting Presents Opportunities
Dublin, April 13, 2023 (GLOBE NEWSWIRE) — The “Sports Betting Global Market Report 2023” report has been added to ResearchAndMarkets.com’s offering.
The global sports betting market grew from $96.84 billion in 2022 to $104.78 billion in 2023 at a compound annual growth rate (CAGR) of 8.2%. The sports betting market is expected to grow to $135.95 billion in 2027 at a CAGR of 6.7%.
The increase in the number of sports leagues and events is expected to propel the growth of the sports betting market. A sports league or an event is a group of clubs, countries, associations, or people trying to compete with each other in a game for a championship or a title. These leagues are planned to happen in a particular schedule or during a particular season, in which all the teams or members are required to participate in naming an overall champion of the event or league.
For instance, according to a study published by Wire, currently, more than 100 professional leagues in various sports are active across the globe. The establishment of new professional sports leagues across the globe is providing customers with the opportunity to diversify their betting expenditures. Therefore, the growing sports leagues and events are driving the growth of the sports betting market.
Implementation of AI and blockchain in sports betting applications is a key trend gaining popularity in the sports betting services market. Sport betting applications are increasingly adopting blockchain technologies to accurately automate real-time data using smart contracts, which help sports betting in payment, bet confirmations, past event analytics, monitoring, and event recording.
For instance, in May 2021, Bitgame, a Poland-based sports betting platform operator, launched a new website on a sports betting platform powered by blockchain technology. The new website merged blockchain-secured cryptocurrency with sports betting to provide a seamless and interactive experience to customers.
In September 2021, Endeavor Group Holdings Inc., a US-based entertainment and sports company, acquired OpenBet from Scientific Games for USD1.2 billion through a combination of cash ($1 billion) and Endeavor’s Class A common stock ($200 million). Through this acquisition, Endeavor’s position in the sports betting ecosystem will strengthen, which is presently led by IMG ARENA, which collaborates with over 470 prominent sportsbook companies across the world to provide official live streaming video and data feeds for over 45,000 sports events each year. OpenBet is a UK-based sport betting entertainment company.
Western Europe was the largest region in the sports betting market in 2022. The regions covered in the sports betting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the sports betting market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
1) By Type: Line-in-play; Fixed Old Betting; Exchange Betting; Daily Fantasy; Spread Betting; E-Sports; Pari-Mutuel; Other Types
2) By Sports Type: Football; Basketball; Baseball; Horse Racing; Cricket; Hockey; Other Sports Types
3) By Platform: Online; Offline
|No. of Pages||200|
|Forecast Period||2023 – 2027|
|Estimated Market Value (USD) in 2023||$104.78 billion|
|Forecasted Market Value (USD) by 2027||$135.95 billion|
|Compound Annual Growth Rate||6.7%|
Key Topics Covered:
1. Executive Summary
2. Sports Betting Market Characteristics
3. Sports Betting Market Trends And Strategies
4. Sports Betting Market – Macro Economic Scenario
5. Sports Betting Market Size And Growth
6. Sports Betting Market Segmentation
7. Sports Betting Market Regional And Country Analysis
A selection of companies mentioned in this report includes
- 888 Holdings PLC.
- Betsson AB
- Churchill Downs Incorporated
- Flutter Entertainment PLC.
- Kindred Group PLC.
- Sportech PLC.
- William Hill
- The Stars Group Inc
- Webis Holdings PLC.
- Gala Coral
- Entain plc
- Watch and Wager
For more information about this report visit https://www.researchandmarkets.com/r/26cyxo
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