Global Online Sports Betting Market Outlook 2022-2027 - Anticipated to Witness a CAGR of 10.23%; Europe Emerged as the Largest Market
Saturday, July 9, 2022
DUBLIN, July 8, 2022 /PRNewswire/ -- The "Online Sports Betting Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022-2027)" report has been added to ResearchAndMarkets.com's offering.
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The global online sports betting market is projected to grow at a CAGR of 10.23% during the forecast period (2022-2027).
The COVID-19 pandemic has had an positive impact on the market as consumers went more to the internet platform to bridge their financial, social, and psychological crises during lockdowns during COVID-19. According to a study done by Lund University, Sweden, consumer interest in online betting platforms has increased as a result of enjoying streamlined experience of having access to full list of betting markets from their desktop or even mobile devices.
Online sports betting is predominantly applied in events, such as FIFA World Cup and European Championships. Online betting is also popular in horse racing and tennis. Many of the online sports betting companies are sponsoring different teams as a part of their marketing initiatives and strategic expansions.
For the 2020 UEFA Euro Cup, the Gaming Innovation Group (GIG) launched an advanced and innovative platform for sports betting. The product integrated platform services that are super responsive, flexible, and data-driven will help operators perform better than their competitors by crafting the best user experience possible.
Key Market Trends
Increasing Popularity of Online Gambling
Due to the increasing global popularity of both sports betting and football as a sport, the football segment of the global online sports betting market records a high betting volume, with a growing number of bets, especially from European countries such as Italy, France and Spain, where football enjoys high popularity. The online betting segment is predominantly applied in the sports category, especially in football events, such as FIFA World Cup and European Championships.
Many of the online sports betting companies are sponsoring different teams as a part of their marketing innovations and strategic expansions. For instance, the Bwin brand, a pioneering online sports brand across Continental Europe, attained global recognition through high profile sponsorships with football clubs, such as Real Madrid and AC Milan. Nowadays the vast majority of football bets are placed online, attributed to the significant changes in the products and various betting markets that bookmakers offer. It has become very common that there will more than 100 different betting markets for any football match. Online sports betting popularity is increasing all around the world.
Europe Emerged as the Largest Market
The market records a high demand from European betting consumers, who bet across multiple leagues, pre-match and in-play. The market generates a major portion of its revenue from the United Kingdom, Spain, Germany and other European countries as most companies are using expansion into regulated markets as their strategy to generate sustainable revenues.
As the online sports betting is predominantly applied in events, such as FIFA World Cup, Wimbledon championship and European Championships, Europe's online sports betting market posted significant growth in the last few years, due to the 2021 Wimbledon Championship, Tennis emerged as one of Europe's biggest betting sports in 2021, despite Wimbledon occurring at the same time as the UEFA Euro Cup, which indicates the growing popularity of online sport betting across the European region.
Competitive Landscape
The market studied is characterized by intense competition and is highly fragmented due to the strong presence of regional and global players. The market is dominated by key players, like Bet365, GVC Holdings PLC, The Stars Group, 888 Holdings PLC, William Hill PLC. Key players compete on various factors, including offerings, user experience, brand equity, personalized payoffs, as well as access to various platforms. The dominating players have been focusing on mergers over the past few years, primarily to increase their stake in the market and to improve profit margins. For instance, Paddy Power PLC and Betfair PLC merged to form Paddy Power Betfair PLC. Similarly, Ladbrokes and Coral formed Ladbrokes Coral Group PLC post completion of their merger. Key players compete on various factors, including offerings, quality of betting content, user experience, brand equity, personalized payoffs, and access to various platforms.
Key Topics Covered
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Sport Type
5.1.1 Football
5.1.2 Basketball
5.1.3 Horse Racing
5.1.4 Baseball
5.1.5 e-Sports
5.1.6 Others
5.2 By Device
5.2.1 Desktop
5.2.2 Mobile
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 888 Holdings PLC
6.3.2 GVC Holdings PLC
6.3.3 BET 365
6.3.4 William Hill PLC
6.3.5 The Stars Group
6.3.6 Betsson AB
6.3.7 Kindered Group PLC
6.3.8 Paddy Power Betfair PLC
6.3.9 Cherry AB
6.3.10 Flutter Entertainment PLC
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 IMPACT OF COVID-19 ON THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/idojao
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SOURCE Research and Markets
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