SARASOTA, FL: The global sports betting market, which was valued at around $104.31 billion in 2017, is expected to reach approximately $155.49 billion by 2024, growing at a healthy CAGR of 8.83% between 2018 to 2024, according to a study by Zion Market Research.
An interesting finding of the study is that the Asia Pacific region held the most significant share of the sports betting market in terms of value during 2017, owing to the growing awareness of sports betting in the developing regions of China, India, etc.
With digital revolution transforming the world every second, the sports betting market is likely to grow dynamically in the future, the study argues. This market currently holds around 70% of the global gambling revenue, which is more than any other sectors inclusive of lotteries, casinos, and poker, among other forms of gambling.
Various games are popular for betting around the world, but European football has been attracting the greatest betting revenue, which is closely followed by baseball.
According to the study, the increasing popularity of virtual sports betting is one of the major factors likely to support the market for sports betting over the forecast time period. The technological developments have also transformed the process of conducting sports betting. On the other hand, the strict regulations laid down by various governments of different countries across the world might hamper the development of the sports betting market on a global scale in the future, Zion Market Research avers.
The global sports betting market is segmented based on platform, sports type, and type. Based on the platform, this global market is bifurcated into online and offline. The online sports betting segment is likely to dominate the sports betting market in the upcoming years, due to the increasing awareness regarding the online betting platform. On the basis of type, this market is segmented into line-in-play, fixed old betting, exchange betting, daily fantasy, spread betting, e-sports, pari-mutuel, and others. The sports type segment of this market comprises football, baseball, basketball, hockey, cricket, tennis, golf, boxing, horse riding, auto racing, and others.
