Technavio analysts forecast the global sports betting market to grow at a CAGR close to 9% during the forecast period, according to their latest market research report.

The legalization of sports betting is one of the major trends being witnessed in the sports betting market 2018-2022. With the immense support for legalizing sports betting, several countries are expected to legalize sports betting, which would help generate massive revenue. This development would also help achieve more engagement with sports fans, thereby driving market growth.

According to Technavio analysts, one of the key factors contributing to the growth of the global sports betting market is the increasing popularity of e-sports betting:

Sports betting market: Increasing popularity of e-sports betting

The emergence of electronic systems to facilitate gaming competition, including a variety of video games, contributes to the growth of the e-sports industry. Owing to this popularity and growth, leading bookmarkers offer regular bets on numerous e-sports matches. Moreover, the betting volume for e-sports is increasing over other categories such as golf, tennis, rugby, and others. Thus, the broadening of the e-sports platform will drive the revenue generation in the sports betting industry.

According to a senior analyst at Technavio for research on leisure products, “Factors such as rising popularity of sports betting and the growing number of initiatives taken to legalize sports betting will further drive the growth of the online betting platforms market during the forecast period.”

Sports betting market: Segmentation analysis

The global sports betting market research report provides market segmentation by betting platform (online and offline) and by geography (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

The Americas held the largest share of the market in 2017, accounting for close to 41% share, followed by the EMEA and APAC, respectively. Although APAC held the smallest share of the market, it is expected to witness the maximum increase in its market share over the forecast period owing to ease of gambling regulations in the region.

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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