The global sports betting market is expected to post a CAGR of more than 10% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the global sports betting market size is the legalization of sports betting. Governments in various countries across the world are lifting regulations on betting activities. For instance, the popularity of online gambling, including sports betting increased significantly in Singapore after the Government of Singapore announced its plans to relax laws related to online gambling in September 2016. This trend of lifting regulations on online gambling will positively impact the growth of the sports betting market during the forecast period.
As per Technavio, the emergence of machine learning in sports betting will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global sports betting market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Sports Betting Market: Emergence of Machine Learning in Sports Betting
The increasing impact of technologies such as virtual reality (VR), blockchain, and AI is expected to be one of the key sports betting market trends during the forecast period. Major vendors in the market are focusing on increasing their investments in machine learning (ML) tools and methods, which has shown promising results. ML helps build predictive algorithms and accurate predictive models for better betting efficiency. Thus, the increasing penetration of ML will increase the outcomes of sports events, thereby, fueling market growth during the forecast period.
“Apart from the emergence of machine learning in sports betting, other factors such as rising consolidation, and the growing popularity of e-sports tournaments will have a significant impact on the sports betting market growth during the forecast period,” says a senior analyst at Technavio.
Global Sports Betting Market: Segmentation Analysis
This market research report segments the global sports betting market worth by platform (offline and online) and geographic regions (Europe, North America, APAC, South America, and MEA).
The APAC region led the sports betting market in 2018, followed by Europe, North America, MEA, and South America respectively. The sports betting market analysis report identifies several factors such as the increase in demand for online games and fantasy sports platforms, rise in the number of sports enthusiasts and the growing demand for leisure activities to fuel the growth of the sports betting market share in APAC during the forecast period.
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