The sports betting market is projected to reach a value of approximately US$ 91.9 billion in 2023, and it is anticipated to grow at an average annual rate of 10.3% to reach a value of around US$ 245.8 billion by the year 2033.
The sports betting market growth of connected smart smartphones, changes in the South Asian economies’ digital landscape, and an increase in the popularity of online betting among millennial are the main factors influencing the sports betting market future trends as well as sports betting market adoption trends.
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The Covid-19 phase has pushed younger people to spend more time on smartphones, which has favoured adoption of sports betting. The younger population is primarily concentrated in Asian countries. During lockdowns that had a positive effect on the sports betting market key trends and opportunities, consumers gravitated most toward the internet platform to solve their monetary, social, and psychological issues.
The proliferation of wireless connectivity and the expansion of digital infrastructure are driving the sports betting market. Consumer behaviour has changed as a result of the increased use of smartphones also surging the demand for sports betting, including how people bet on games.
Additionally, as there are more sporting competitions and leagues, there is a rising demand for sports betting resulting in boosted sales of sports betting.
The most bets are placed on sports like football, basketball, baseball, hockey, cricket, boxing, and auto racing. Sports betting include non-athletic events like eSports and horse racing.
Additionally, as internet usage has increased, there have been more investments made in online platforms, which has led to sports betting market growth.
Key Takeaways from the Sports Betting Market Report:
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Recent Developments:
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Sports Betting Market Segmentation:
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Feb 12, 2024