The use of cryptocurrencies and the mobile phone are factors driving new growth opportunities in the global sports betting market, according to Transparency Market Research*.
The research found that the global market is foreseen to register a CAGR of around 11% within the forecast period from 2019 to 2027. By the end of 2027, it is foreseen to be valued around worth US$608 bn.
Anyways, the market is expected to continue to be fragmented, due to a high number of players operating on a regional and global scale. Players including GVC Holding PLC, Paddy Power Betfair PLC, Bet 365 Group Ltd, The Star Group, and William Hill PLC, which account for around 25-30% share globally, lead it.
The factors increasing the share of the market by some players are basically:
– in-house product development,
– mergers and acquisitions, and
– new innovations.
As an example of the above, Paddy Power partnered with Betfair, in 2016, to launch Paddy Power Betfair, and acquired Daily Fantasy Sports Co., in May 2017, to leverage technology to increase its abilities to provide a better betting experience to clients.
Anyways, regional companies are also creating collaborations to improve their reach and grow their position in the market by deploying different strategic tecniques. As an example, in 2017, Kindred Futures and Cockroach Labs partnered with each other to create a new online gaming program.
With the birth and growth of virtual sports betting, there has been an increase in value of various economies of the different nations. Thus, sports betting, once widely considered illegal by regulatory bodies, is now being becoming accepted and is bringing a meaningful disruption to the industry.
Online and live streaming gambling platforms also attract bettors across the globe through digital promotions like the one at https://footballjunkie.co.uk/best-betting-sites/. Then, the advent of cryptocurrencies such as Bitcoin, Litecoin, Dogecoin, and Ripple is enabling them to get new resources and this is happening easier than in the past, as traditional methods were the only available.
Geographically, with the concentration process taken by leading betting brands, Europe has become home to the sports betting industry, with football contributing a meaningful share to the market as cricket, which is growing at an exponential rate.
However, the Asia Pacific, India and China sports betting market remains the lead, driven by the high frequency of mega sports events and the growth in the number of participants, due to the rising usage of mobile phones in the region.
Given its popularity, Football betting tends not to be restricted in established countries but is being adopted globally.
The research also points out that some factors such as susceptibility to addiction, cyber-threats, and unorganized market scenario will pull back the demand in sports betting market in future.
* Transparency Market Research is a market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.