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Online Sports Betting will grow at highest pace owing
to rising digitalization
The online sports betting market allows users to place
wagers on various sports events and leagues through websites and mobile
applications. Sports betting provides an engaging and entertaining way for
sports enthusiasts to increase their involvement in games. Rising internet and
smartphone penetration coupled with the ability to bet on a wide variety of
sports from anywhere and anytime has boosted the popularity of online sports
betting. Key factors driving the growth of this market include growing
digitalization across developing countries, increasing number of tech-savvy
bettors, legalization of online sports betting globally, and availability of
live sports streams.
Global Online
Sports Betting Market is estimated to be valued at USD 50.13 Bn in 2024 and is
expected to reach USD 89.28 Bn by 2031, growing at a compound annual growth
rate (CAGR) of 8.6% from 2024 to 2031.
PLC, Entain PLC, BET 365, Betsson AB, Flutter Entertainment PLC, Draftkings
Inc., Kindred Group PLC, 1XBET, 22BET, Sportpesa. The online betting market is
consolidated with top players accounting for majority market share. Increasing
digital influence and higher internet and smartphone penetration is driving
sports fans and bettors towards using online platforms for sports betting over
traditional methods.
advanced technologies like machine learning and AI for betting odds calculation
and personalized betting experiences is surging the in the global Online
Sports Betting Market Growth. Technological
advancements like live streaming, cashless transactions, augmented and virtual
reality are providing more engaging user experiences and incentivizing new user
acquisition. Adoption of blockchain technology can enable transparent
transactions and enhance security and regulation compliance.
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