Sports Betting Market to Reach Valuation of USD 129.3 Billion by 2028 – Increasing Digital Infrastructure along with Entrainment Industry Drives the Market

In terms of revenue, the Global Sports Betting Market is expected to reach USD 129.3 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 9.50% from 2022 to 2028.

Digitalization and Entertainment Industry are going hand in hand in recent years. The increasing penetration of smartphones and changing digital arena of the South Asia economies are expected to fuel the market demand. Sports Betting also has much influence on the stock market as major companies are dependent on it for advertisements. The COVID-19 pandemic largely influenced the sports sector due to restrictions on sporting activity in most parts of the world. However, online Sports Betting expanded in popularity during the pandemic due to Sports Betting.

Key Highlights from Report:

• The Fixed-Odds Wagering sub-segment of the Type segment is anticipated to dominate the Sports Betting Market. Most of the global population has access to the internet; thus, the Entertainment sector is gaining immense popularity.

• The Football sub-segment of the Sport Type segment accounted for the largest market share in 2021 for the Sports Betting Market. When it comes to sports majority of the population enjoys football. According to data, 75% of the global population watch football.

• Asia Pacific is the largest regional segment. This growth is ascribed to the increasing demand for Sports Betting in developed economies such as U.S. & Canada. This region has an increasing number of sports betting players.

Market Dynamics:

Sports Betting Markets possibly have much in common with stock markets. There is evidence of persistent inefficiencies in Sports Betting Markets. Sports Betting Markets potentially have much in common with stock markets. Sports Betting Markets are similar to financial markets. Both have large numbers of greedy participants who risk capital, have different levels and varied knowledge, and have strong financial incentives to quickly and rationally act on the best information in competitive settings.

Betting markets have attracted a lot of attention from economists because they provide an exceptionally appealing environment for testing theories of market efficiency. Sports Betting Markets are attractive because they are similar to traditional financial markets in many aspects but are often much simpler to study. In addition, expected values and outcomes are more clearly observable over fixed betting (investment) horizons.

Asia Pacific is expected to dominate the Global Sports Betting Market in 2021 and is likely to continue the same trend during the forecast period. Increased critical players and high investment made by countries such as the U.S. and Germany drive global market demand.