ID: MRFR/ICT/9000-CR | March 2021 | Region: Global | 173 pages
The post-COVID- 19 global online sports betting market size is expected to grow from USD 24,988.4million in 2019 to USD 59,530.7 million by 2026, at a compound annual growth rate (CAGR) of 13.6% during the forecast period.
The growing demand for sports is driving the growth of the global online sports betting market.Sport is a key platform for achieving development outcomes. Sport can contribute significantly as a proponent of societal integration and economic growth in a variety of geographical, cultural and political instances. Sports can further promote capital accumulation, facilitate the functioning of markets, and reinforce institutions through their impact on social capital, trust, culture, and crime. Those certain results are mutually reinforcing. Furthermore, playing a sport helps the player live longer and healthier and leads to lower obesity rates. Healthy people appear to have lower rates of diabetes and higher blood pressure.The eSports market is growing across the globe, with more and more people are participating as competitors or spectators.It is gradually becoming one of the most popular spectator sports in the world. Similar to the emergence of conventional sports betting websites, modern sports-only websites now provide opportunities to bet on events and competitions as many would be betting on esports.
Source: Industry Expert, Secondary Research, and MRFR Analysis
The global online sports betting market is expected to witness favorable growth during the forecast period. Factors such as growing sports demand and rising demand for eSports activities are expected to drive the market during the study period. The increasing digital innovation has also created a growth opportunity for the Online sports betting market. However, the government restrictions in some countries are likely to restrain the growth of the global market.
MRFR has segmented the online sports betting market bysports, type, application, and region.
Based on sports type, the online sports betting market is bifurcated based on the sports type into football, cricket, tennis, baseball, volleyball, basketball, hockey, horse riding, boxing, golf, racing, and others. The football sub-segment is further divided into FIFA, Premier League, UEFA/EURO, and others.The football segment accounted for the larger market value in 2019 and is expected to register a CAGR of 12% during the forecast period. Online football betting sites provide the best-in experience with an online sportsbook (a reference book that is used to track wagers, payouts, and debts) that is safe and secure, providing an honest and reliable platform to bet and earn money. The FIFA segment under football accounted for the largest market value of 2,366 million in 2019, growing at a CAGR of 12 during the forecast period. FIFA World Cup, one of the biggest events for football and betting lovers. Online sportsbooks provide insights through historical data to make smart decisions over the bets. The FIFA bets are mainly categorized into money line bets, outright bets, in-play bets, accumulator bets, and special bets.By type, the online sports betting market is segmented into line-in-play, fixed old betting, daily fantasy, e-sports, exchange betting, spread betting, and others.
The line-in-play segment accounted for the largest market share of 31.3% in 2019 andis expected to register a CAGR of 11.8% during the forecast period.Line-in-play or live/in-game online sports betting refers to live betting while the game is still running, and bettors are open to place their bets. Bettors can put on their wagers as the game progresses, attracting those impulsive bettors, posing a high risk of volatility of losing money, creating a series of bad-line opportunities.Based on application, the Online sports betting market is divided into mobile-based and web-based applications for online betting. The web-based segment accounted for the larger market share of 64.6% in 2018 and is expected to register a CAGR of 8.7% during the forecast period.
By region, the online sports betting market has been segmented into North America, Europe, Asia-Pacific, and South America, and the Middle East & Africa. Europedominated the online sports betting market in 2019 with a value of USD 12,146.2 million and is expected to reach USD 26,323.6 million in 2026 at a CAGR of 12.1%. However, the market in North America region is estimated to witness the highest CAGR of 15.8% during the forecast period, 2020–2026.
GLOBAL: ONLINE SPORTS BETTINGMARKET, BY REGION, 2019 (% SHARE)
Source: Industry Expert, Secondary Research, and MRFR Analysis
Europe is the biggest contributor to the Mobile Online sports betting with a market share of 48.6% in 2019. According to MRFR analysis, the growing sports spirit and the zeal to watch sports are growing day by day in Europe due to new game formats and new gaming modes. It has been a large market for players and industries such as gambling and betting to place bets and enjoy. Since the 1800s, Europe has had the presence of gambling and betting, but it has evolved to the next level in recent years; with the smartphone adoption and evolution of technology, it is now very easy to operate and play on the platforms offered by gambling industries.
Some of the popular players of Europe are Bet365, Betsson Group, Entain, Kindred, and William Hill. Many of these players not only operate locally but also operate internationally, which has helped the people of Europe procure jobs as the industry has generated almost 43,000 jobs in the region.North America is expected to be one of the largest markets for the online sports betting market during the forecast period. The popularity of sports is increasing among the young population, which leads to an increase in societal integration and economic growth. The rise in sports activities creates several opportunities for various other industry verticals such as food, clothing, electronics, and gambling. Growing Sports demand has led to a rapid rise in the gambling industry as it depends on the main sports industry and the players and their performances also many people indulging in the activities.
SCOPE OF THE REPORT
Key Companies Profiled
The key players of the global online sports bettingmarket include888 Holdings PLC (UK), Bet365 Group Ltd (UK), Churchill Downs Incorporated (US), Flutter Entertainment PLC (UK), Entain PLC (UK), DraftKings (US), Fortuna Entertainment Group (Netherlands), Betsson AB (Sweden), Betfred Ltd (UK), Kindred Group PLC (Malta), Sportech PLC (UK), Webis Holdings PLC (Isle of Man), BetAmerica (US), HKJC Football Betting Limited (Hong Kong), and Megapari (Cyprus).
In May 2020, Flutter Entertainment PLC acquired the stars group under its banner successfully.
In February2021, Betfred Ltd secured the Rugby League “Double” for 2021, with a one-year deal to become the title sponsor of the Challenge Cup to add to its long-running partnership with the Super League. Additionally, the deal includes sponsorship of the Women’s Challenge Cup.
In February 2021,Kindred Group plc announced a partnership with the Quechan Tribe of the Fort Yuma Indian Reservation in order to secure market access to California and Arizona. The agreement allows the Group to offer both online and retail stores betting, as well as iGaming, spanning ten years and includes an extension option at the end of the period. Launching in California and Arizona is conditional upon the introduction of local legislation.
In March 2021, Dish Network and DraftKings partnered to bring DraftKings sportsbook and daily fantasy experiences directly to DISH customers nationwide.
In January 2021, Churchill Downs Incorporated rebranded its BetAmerica Sportsbook and iGaming platform to ‘TwinSpires.’
IMPACT OF COVID- 19
The outbreak of novel coronavirus has impacted several industry verticals, including the manufacturing industry, right from the procurement of raw materials to the distribution of finished products. On the other hand, to control the spread of deadly, government institutions across the globe-imposed restrictions over the different sporting events. The planned events such as the English Premier League, Serie A of Italy, La Liga in Spain, Super Lig of Turkey, and Major League Soccer in the US were canceled or postponed due to a rise in the number of COVID-19 cases globally. Some organizations opted to reschedule events to minimize their losses on their investments, such as the Belgian Cup final was previously planned to be conducted in March 2020 but was postponed till August 1st. Another example is the African Nations Championship 2020 tournament, which was scheduled for April 2020 organized in Cameroon, was postponed until further notice.Due to the imposed lockdowns by governing bodies to manage and control the spread of the deadly virus, a large part of the workforce was instructed to stay indoors, leading to a rapid increase in the demand for virtual entertainment & media. For instance, Microsoft reported a massive increase in multiplayer engagement in March & April-2020. Additionally, online casino gaming and fantasy sports betting surged by over 30% as the physical venues remained closed to prevent the spread.