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Sports Betting Market Size & Share to Surpass USD 129.3 Billion by 2028 | Vantage Market Research

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The global Sports Betting Market was valued at $74.2 Billion in 2021 and is expected to reach $129.3 Billion by 2028, registering a CAGR of 9.7% during the forecast period of 2022-2028. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Vantage Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Vantage Market research has a newly released expansive study titled Global Sports Betting Market which guarantees you will remain better informed than your competition. This study provides a broader perspective of the marketplace with its comprehensive market insights and analysis which eases survival and succeeding in the market. This Sports Betting report has been produced, which results in significant growth, as well as robust sustainability in the market for the firms. This is due to the inclusion of precise facts and insights gained from market research. This study analyzes and talks about a variety of topics, including significant industry trends, estimations of market size, and market share. This report provides an advantage that not only allows one to compete but also allows one to excel over one’s rivals. It classifies the global Sports Betting market size in terms of value and volume according to the various types of manufacturers, applications, and regions. The outlook for the Sports Betting market and the Sports Betting industry as a whole appears to be quite positive during the projection period.

Sports Betting Market Dynamics:

Drivers:

Increasing Technological Advancement and Innovation to Drive the Market Growth

The increasing technological advancement and innovation in online sports gaming are anticipated to augment the growth of the Sports Betting Market during the forecast period. Digital platforms enable gamblers to place bets from any location around the world, which saves time as well as travel costs. Along with this, the ease of operations digitally makes it a significant driver for the Sports Betting Market. Moreover, rapid penetration of internet-based devices such as tablets, laptops, and smartphones aid the contact with end-users by involving them through online betting activities with the most negligible influence on daily activities. Hence, smartphones are anticipated to play a vital role in the acceptance of Sports Betting Market among end-user over the forecast timeline. In addition, increasing smartphone penetration and high adoption of instant messaging services and video streaming augment the growth of online Sports Betting Market through mobile devices. Such factors can influence the user experience by developing improved mobile applications. Furthermore, the benefits associated with the 5G networks are projected to enhance the adoption of smartphone-based betting in the coming years, driving the Global Sports Betting Market growth.

Rapid Development of Electronic Systems to Stimulate Market Growth

The development of electronic systems to facilitate gaming competition, such as a variety of video games, is contributing to the growth of the e-sports industry. This is expected to fuel the market where bets are placed on the tentative winner. In recent years, the e-Sports industry has seen rapid growth in viewership and revenue. The increasing viewership contributed significantly to revenue growth. For example, in 2016, there was a significant increase in casual and avid eSports viewers, including viewers who watch it regularly. Furthermore, rising eSports awareness is expected to drive industry growth shortly. The rise of live eSports coverage platforms, such as Twitch and YouTube, increases global viewership and drives business growth. Furthermore, the number of people watching Tv with live streams has risen steadily. E-Sports marketing would aid in expanding Sports Betting Market and delivering marketing messages via various channels. Over the forecast period, the factors mentioned earlier are expected to drive market growth.

List of Prominent Players in Sports Betting Market:

  • 888 Holdings PLC
  • Bet365
  • Betsson AB
  • Churchill Downs Incorporated
  • Entain PLS
  • Flutter Entertainment PLC
  • IGT
  • Kindred Group PLC
  • Sportech PLC
  • William Hill PLC

Segmentation of the Global Sports Betting Market:

  • Platform
    • Offline
    • Online
  • Betting Type
    • Fixed Odds Wagering
    • Exchange Betting
    • Live/In Play Betting
    • Pari-Mutuel
    • eSports Betting
    • Other Types
  • Sports Type
    • Football
    • Basketball
    • Baseball
    • Horse Racing
    • Cricket
    • Hockey
    • Other Sport Types
  • Region
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East & Africa

The Report on Sports Betting Market Highlights:

  • Assessment of the market
  • Premium Insights
  • Competitive Landscape
  • COVID Impact Analysis
  • Historic Data, Estimates, and Forecast
  • Company Profiles
  • Global and Regional Dynamics

Regional Analysis:

Europe held the largest share of around 50% of the global sports betting market in 2021. Popular sports in Europe such as football, auto racing, rugby, and tennis have a large, loyal fan base that is actively engaged in sports betting. Additionally, implementation of stringent rules and regulations in betting has significantly reduced fraud in the region, thereby positively impacting the sports betting industry growth in Europe.

Asia Pacific dominated the Global Sports Betting Market in 2021 and is likely to continue the same trend during the forecast period. This is attributable to a substantial proportion of young people participating in various regional sports. Furthermore, the rising internet and smartphone penetration coupled with the rising disposable income of the middle-class population is also likely to support the regional growth of the market.

Browse market data Tables and Figures spread through 149 Pages and in-depth TOC on Sports Betting market Forecast Report (2022-2028).

Recent Developments:

April 2022: Fanduel extended its partnership to become an Official Sports Betting Partner of the New York Yankees. Through this partnership, FanDuel will be allowed the use of New York Yankees’ marks. It will also have premium VIP hospitality accommodations at Yankee Stadium.

January 2022: Flutter Entertainment PLC announced its acquisition of the leading Italian online gambling brand Sisal for €1.913 billion (£1.62 billion) from CVC Capital Partners. Sisal will presumably slot into the Flutter International division, led by the PokerStars brand and supported by Betfair International and recent acquisitions Adjarabet and Junglee Games.

Gaming

MainStreaming Announces Appointment of Nicola Micali as Chief Customer Officer

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MainStreaming, an iMDP INTELLIGENT MEDIA DELIVERY COMPANY, which is redefining the CDN market with its innovative Edge Network services, announced the appointment of Nicola Micali as its new Chief Customer Officer (CCO).

With a track record of improving processes and efficiency and creating go-to-market strategies, Harvard alumnus and former Akamaite, Nicola Micali joins MainStreaming with the goal of solidifying a customer-centric organisation that prioritises long-term relationships, customer experience (CX) and satisfaction, ensuring MainStreaming’s continued business growth and market leadership.

Nicola brings a wide range of professional experience as a Leader of Customer Success & Professional Services at Akamai for over 10 years, where he was responsible for services and overall revenue. He developed the services strategy for the Americas’ media & entertainment, gaming and partners verticals exceeding all revenue targets year after year. Nicola’s expertise in leading technical customer-facing teams has resulted in higher customer satisfaction and successful worldwide streaming events.

With a Master’s degree in Business Administration and Management from Harvard, Micali’s educational background further enhances his capability to lead and innovate in the Edge video technology sector. As Nicola steps in as CCO, he will play a pivotal role in guiding the entire customer lifecycle journey. His expertise in customer success positions him perfectly to lead MainStreaming’s efforts in providing world-class service to a global clientele.

MainStreaming’s CEO, Antonio G. Corrado, said: “QoS for our customers and QoE for end users are at the core of our streaming business. It is the best proxy for customer satisfaction for us. We are happy to welcome Nicola Micali, who demonstrates his expertise in customer success. Together, we are set to strengthen our commitment to being a customer satisfaction-oriented company, leveraging our world-class services directed to broadcast-quality standards that are requested by industry players.”

MainStreaming’s video delivery technology is meticulously developed in-house, offered as managed private Edge Network to help broadcasters, OTT TVs and content owners overcome the toughest challenges of live streaming at scale, addressing the limitations of classic CDN and enabling new application solutions on the Edge.

“I am honored to join a team that is on a mission to write a new chapter in video streaming delivery, setting new standards, and paving the way for the future of TV. I am ready to contribute to MainStreaming’s innovative approach and customer-centric philosophy. Together, we are set to revolutionize how the streaming industry approaches Edge Network architecture for live streaming, emphasizing a more distributed, ultra-low-latency, energy-efficient, and globally scalable design,” Nicola Micali said.

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Industry News

Safer Gambling Tools Use Hits Record High in 2023 – New Report from EGBA

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Members of the European Gaming and Betting Association (EGBA) significantly stepped up their efforts to implement and promote safer gambling in 2023, according to the association’s fourth annual sustainability report. The report reveals that 65% of European customers – a record 21 million of them – used safety tools last year, with over half doing so voluntarily, a 14% increase compared to the previous year. Additionally, the association’s operators sent a record 67.6 million messages to their customers to promote safer play, a 49% yearly increase. Over 23 million of these messages were personalised based on a customer’s actual playing behaviour.

EGBA’s Sustainability Report 2024 outlines the joint efforts and progress made by its members to promote a sustainable approach to gambling and contribute positively to society in Europe. The report aims to track yearly progress, support transparency and reinforce a strong culture of social responsibility. This year’s report includes key sustainability highlights from EGBA and its members during the past year, as well as data points collected from its members related to customers, safer gambling tools and promotion, social contributions, employment and diversity, and energy and environment.

“We’re pleased to publish our latest sustainability report, highlighting significant progress by our members in many areas of safer gambling, particularly in the roll-out of safety tools and their direct interactions with players about their playing behaviour. This demonstrates their collective efforts to embed a sustainable approach to gambling at the heart of what they do. In the report, our CEOs also quite rightly flag their concerns about the growing black market in Europe and the risks it poses to players and the progress made in safer gambling. We’re pleased to expand our reporting this year with specific new metrics about the use of safety tools and messages to promote safer play,” Maarten Haijer, Secretary General of EGBA, said.

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Industry News

CT Gaming Introduces “Tournaments” Module

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CT Gaming’s Casino Management System has been a cornerstone of the product offerings for nearly a decade. It has continuously evolved to meet the industry’s and the client’s changing needs. One of the most exciting recent developments is the introduction of a separate module dedicated to tournaments.

The new feature represents a significant advancement in the company’s capabilities and offers a range of benefits for both operators and players. The tournament module enables a variety of competitive formats, allowing for dynamic competitions between players, software applications, gaming machines and even specific games. This flexibility means operators can create and manage tournaments tailored to their unique audience and strategic goals.

For players, the tournament module enhances the gaming experience by introducing an element of competition and excitement. It encourages engagement and loyalty by providing opportunities to compete for prizes and recognition. The ability to participate in tournaments adds a new layer of interaction, making the gaming experience more immersive and enjoyable.

Additionally, the module’s integration into the company’s Casino Management System ensures operators can easily track and manage tournament activities. This includes real-time monitoring of player performance, automated scorekeeping and detailed reporting on tournament outcomes. Such features not only streamline the management process but also provide valuable insights that can be used to refine future tournaments and promotions.

The implementation of this module underscores CT Gaming’s commitment to staying at the forefront of technological advancements in the gaming industry. By continuously enhancing the Casino Management System, the company aims to provide its clients with cutting-edge tools that drive engagement, optimise operations and ultimately contribute to their success. The company believes that this new module will be a game-changer for the clients, offering them a powerful new way to attract and retain players while setting a new standard for competitive gaming experiences in the casino environment.

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