The Online Sports Betting Market is size is expected to grow from USD 24,988.4million in 2020 to USD 59,530.7 million by 2027, at a compound annual growth rate (CAGR) of 13.6% during the forecast period.
The growing demand of sports is driving the worldwide online sports betting industry ahead. Sport is a critical platform for accomplishing growth objectives. Sport has the potential to contribute significantly to social integration and economic development in a variety of geographical, cultural, and political circumstances. Sports, through their impact on social capital, trust, culture, and crime, can help to increase capital accumulation, promote market functioning, and build institutions. These unique outcomes reinforce one another. Participating in sports also helps athletes live longer and healthier lives, which helps to reduce obesity rates.
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The global online sports betting industry is expected to grow at a healthy rate. During the study period, factors such as rising sports demand and eSports activity demand are likely to boost the market. Growing digital innovation has created new prospects for the online sports betting business. Government restraints in some countries, on the other hand, are likely to hamper global business expansion. 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.
By region, the online sports betting market has been segmented into North America, Europe, Asia-Pacific, and South America, and the Middle East Africa. Europe dominated 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.
The global online sports betting market is classified into various segments based on sports type, by type, by application. Moreover, on the basis of sports type, the online sports betting market is bifurcated into football, cricket, tennis, baseball, volleyball, basketball, hockey, horse riding, boxing, golf, racing, and many others. Further, the football segment is sub-segments into FIFA, Premier League, UEA/EURO, and others. The market analysis report suggests that the FIFA segment has registered for acquiring the largest market value in the preview period and increasing at a CAGR of 125 in the forecast period.
According to the by Type segment, the online sports betting market is classified into line-in-play, fixed old betting, daily fantasy, e-sports, exchange betting, spread betting, and others.
The online sports betting market is again segregated into web-based and mobile-based based on the application segment.
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