The sports betting market is projected to reach a value of approximately US$ 91.9 billion in 2023, and it is anticipated to grow at an average annual rate of 10.3% to reach a value of around US$ 245.8 billion by the year 2033.
The COVID-19 phase has pushed younger people to spend more time on smartphones, which has favored the adoption of sports betting. The younger population is primarily concentrated in Asian countries. During lockdowns that had a positive effect on the sports betting market's key trends and opportunities, consumers gravitated most toward the internet platform to solve their monetary, social, and psychological issues.
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The proliferation of wireless connectivity and the expansion of digital infrastructure are driving the sports betting market. Consumer behavior has changed as a result of the increased use of smartphones also surging the demand for sports betting, including how people bet on games.
Additionally, as there are more sporting competitions and leagues, there is a rising demand for sports betting resulting in boosted sales of sports betting.
The most bets are placed on sports like football, basketball, baseball, hockey, cricket, boxing, and auto racing. Sports betting includes non-athletic events like eSports and horse racing.
Additionally, as internet usage has increased, there have been more investments made in online platforms, which has led to sports betting market growth.
Recent Developments:
After the Supreme Court struck down the Professional and Amateur Sports Protection Act (PASPA) in May 2018, eight states in the USA legalized sports betting.
Bitgame, a Poland-based sports betting platform operator, launched a new website on a blockchain-powered sports betting platform in May 2021.
In September 2022, Bet365’s e-sports betting service was introduced in Colorado. Utilizing one of Century Casinos’ master licenses from the state, the sportsbook provider was operational with its betting service on the market.
May 2022: William Hill, a sports betting and online casino administrator, established its flagship brand and announced plans to substantially boost its revenue in Latvia. Furthermore, William Hill plans to capitalize on current media agreements with bespoke creatives based on the Brotherhood brand approach.
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