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.