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Sports Betting Global Market Report 2023: Rapid Growth of the eSports Sector Presents Opportunities

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The “Sports Betting Market Size, Share & Trends Analysis Report By Platform, By Betting Type (Fixed Odds Wagering, Exchange Betting, Live/In-Play Betting, eSports Betting), By Sports Type, By Region, And Segment Forecasts, 2023 – 2030” report has been added to ResearchAndMarkets’s offering.

The global sports betting market size is estimated to reach USD 182.12 billion by 2030, registering a CAGR of 10.3% from 2023 to 2030.

This growth of the market is driven by the proliferation of internet infrastructure and evolving regulatory landscape of the entire gambling industry across the world.

In addition, the increase in the number of sports events and leagues worldwide such as the NFL, FIFA World Cup, Carabao Cup, and UEFA Europa League has positively influenced the growth of the market.

Furthermore, an increase in disposable income and the rising usage of AI and blockchain technologies to improve the prediction algorithms in betting software are likely to boost the growth of the market during the forecast period.

Esports, which is an organized, multiplayer video game competition, played by professional players, individuals, or teams, has gained massive popularity during the COVID-19 pandemic and witnessed a surge in the number of events worldwide. Market players are utilizing the increased number of esports events to offer an opportunity for their customers to bet on such esports competitions and earn extra income.

The surge in online sports events backed up by a rise in the number of esports tournaments offers stable growth opportunities for the betting industry. For instance, according to the report by the U.K. Gambling Commission, there was a huge 2922% year-on-year rise in esports betting revenue from March 2019 to March 2020.

Major players in the global betting industry now operate via official websites and online platforms to cater to the increased demand for sports betting. Additionally, the market players are expanding their presence across countries with supportive regulatory compliance. For instance, in December 2021, Unikrn Inc., a global esports betting & entertainment media company introduced its betting platform in Canada and Brazil. In addition to this launch, the company has further announced to increase its presence across a greater number of regulated markets in 2023.

The lives of multiple households around the globe have been affected during the COVID-19 pandemic. In addition, this situation led to the cancellation of worldwide sports matches and the closure of land-based casinos and betting shops. However, the pandemic expanded the online sports betting industry due to the rise of esports and virtual sporting events. The popularity of online sports betting increased during the pandemic with an upsurge in the number of betting participants. For instance, according to a study conducted by Public Health England, online casino gambling had seen growth by nearly 9.0% during the pandemic. Furthermore, as per the GB Gambling Commission survey, betting habits among people have changed due to Covid-19, with mobile devices continuing to be the most popular medium for gambling. The survey also found a massive inclination towards esports betting across the globe.

Sports Betting Market Report Highlights

  • North America is expected to witness a CAGR of around 11% during the forecast period. The U.S. has legalized sports betting in 36 states as of January 2023, which is a promoting factor for the regional market growth
  • The online platform segment dominated the market in 2022 and is expected to showcase the highest CAGR during the forecast period
  • The fixed-odds wagering segment accounted for a significant market share in 2022. However, the eSports betting segment is likely to witness growth at the fastest CAGR during the forecast period owing to the surge in demand for interactive games
  • Football, also known as soccer, registered the highest market share in 2022. Horseracing, followed by football, is extremely popular and accounted for the second-highest market share

Key Attributes:

Report Attribute Details
No. of Pages 131
Forecast Period 2022 – 2030
Estimated Market Value (USD) in 2022 $83.65 Billion
Forecasted Market Value (USD) by 2030 $182.12 Billion
Compound Annual Growth Rate 10.3%
Regions Covered Global

Key Topics Covered:

Chapter 1 Methodology And Scope

Chapter 2 Executive Summary

Chapter 3 Market Variables, Trends & Scope

Chapter 4 Sports Betting Market: Platform Estimates & Trend Analysis

4.1 Market Size Estimates & Forecasts And Trend Analysis, 2018 – 2030 (USD Billion)
4.2 Platform Movement Analysis & Market Share, 2022 & 2030
4.3 Offline
4.4 Online

Chapter 5 Sports Betting Market: Betting Type Estimates & Trend Analysis

5.1 Market Size Estimates & Forecasts And Trend Analysis, 2018 – 2030 (USD Billion)
5.2 Betting Type Movement Analysis & Market Share, 2022 & 2030
5.3 Fixed Odds Wagering
5.4 Exchange Betting
5.5 Live/In-Play Betting
5.6 Esports Betting
5.7 Others

Chapter 6 Sports Type Estimates And Trend Analysis

6.1 Market Size Estimates & Forecasts And Trend Analysis, 2018 – 2030 (USD Billion)
6.2 Sports Type Movement Analysis & Market Share, 2022 & 2030
6.3 Football
6.4 Basketball
6.5 Baseball
6.6 Horse Racing
6.7 Cricket
6.8 Hockey
6.9 Others

Chapter 7 Regional Estimates & Trend Analysis

Chapter 8 Competitive Analysis

Chapter 9 Competitive Landscape

Companies Mentioned

  • 888 Holdings Plc
  • bet365
  • Betsson AB
  • Churchill Downs Incorporated
  • Entain plc
  • Flutter Entertainment Plc
  • IGT
  • Kindred Group Plc
  • Sportech Plc
  • William Hill Plc

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Entain Examines Possible Sale of Overseas Gambling Brands

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Entain has hired advisers to oversee the possible sale of several of its overseas brands, according to reports.

These brands include Netherlands-based BetCity, which the gambling firm had bought last year.

The Netherlands, last year proposed a plan for tighter deposit limits from the second quarter, which is expected to hit Entain’s annual revenue and profit, the company said earlier this month.

A local offshoot of Ladbrokes in Australia, Sweden-based Enlabs and Georgia-based CrystalBet are other brands that are not integrated into Entain’s main tech platform and under review, reports said.

Wall Street boutique advisory Moelis is advising Entain’s board and the group’s recently formed capital allocation committee, and any disposals will be of brands that are not integrated into the company’s technology platform, which makes them easier to sell.

Entain, like other gambling firms, gained from a rise in online betting during the pandemic, but stiffer regulations in its main markets have hurt its bottom line.

The UK, the gambling firm’s largest market, is expected to put out a review this year, which is said to include a stake cap on slots at 5 pounds ($6.37) and increased affordability checks.

Entain expects its core profit to incur a 40 million pounds hit in 2024 from the regulatory moves in the UK and Netherlands.

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Industry News

The RNG scaling problem

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The RNG scaling problem
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By Lorenzo Nardini, Head of Technical Compliance and Maths Services, at ComplianceOne Group

When I was a child, I lived in Italy and I used to play some card games with my friends. There is a huge variety of Italian traditional card games: Briscola, Scopa, TreSette are only a few of them. All these games are played with an Italian deck of cards, which consists of 40 cards divided into four suits, each containing ten cards ranked from one to ten. (If you are not familiar with these cards, I suggest searching them online as their artwork is beautiful and it varies across the different regions of that country). Most of the games I played required an equal distribution of cards among the players. This was easily done when playing in two or four as each player would get respectively twenty or ten cards each. However, when we played in a group of three, a problem naturally arose: how could we equally split the deck since 40 is not a multiple of 3? Fortunately, this was not a difficult problem and for most games it was perfectly acceptable to simply remove (reject) one card from the deck and then to assign the remaining ones in 3 groups of 13.

Later in life, I discovered that this seemingly childish problem was a recurring issue for gaming companies seeking certification for their Random Number Generators. In the gaming industry, the generation of random numbers is a core element that enables gaming platforms to produce unpredictable events. In this regard, RNGs are the engine that games use to decide, for instance, the final position of the symbols in a slot machine, the cards that will be dealt in a Poker or Blackjack hand, or when the plane will crash in the recently popular Crash games.

Each Random Number Generator is unique in terms of its components and the applications for which it is designed to generate random events. You can have a software RNG that is based on famous (in this community) algorithms such as the Mersenne Twister, you can have cryptographically strong solutions that take entropy from random events. I even once read a short paper about a “banana” RNG based on the natural decay of potassium atoms inside that fruit.

Regardless of the basis of your RNG solution, it will most likely generate unscaled random numbers. The most typical format is probably the 32bit which means the RNG returns a number between 0 and 232-1 (that is 4,294,967,295). This range is typically too large to be directly employed to generate game events: most card games require numbers between 1 and 52 as that is the standard deck size, numbers for slot machine outcomes typically range in the hundreds or thousands, and if you simply need to decide where the ball will land in a virtual single zero roulette, you simply need to request a number between 0 and 36.

How to then use the 32bit number to create outcomes for all these games? Assigning a number from the “large” range to one in the “small” range is called “scaling”. There are several methods to perform this operation and, in order to comply with jurisdictional standards, most countries require that the scaling method is performed in such a way to not introduce any bias, that means that all mapped numbers (also known as final outcomes) have the same probability to occur.

This is, in fact, the same problem that I was facing as a child when trying to equally split the deck of cards. And in the same way, this is easily solved when the large number (232 in our case) is a multiple of the target range, though this is seldom the case. This is exactly where I have seen multiple suppliers of RNG solutions failing their testing: ignoring that the target range not always divides the unscaled one results in having final outcomes that are not equally likely. Effectively, this means that when playing a roulette game, it is more likely that the ball lands on 0 rather than on 36.

However, the same solution I used as a child when playing cards in a group of three can be applied here: simply discard/reject some values until we are left with a multiple of our target range. For instance, if you need your RNG to generate numbers for a slot game in the target range 100 because such is your reel length, you first get an unscaled number in the 32bit format (that, remind, is 0 – 4,294,967,295) and then you discard it in the unlikely event that this is at least 4,294,967,200. All remaining numbers are then equally mapped to the target range by taking the remainder of their division by 100 – which simply means you take its last two digits.

To many, this might seem like a trivial problem. Yet, I was surprised by how frequently I encountered this exact issue when testing RNG solutions. The issue had to be reported to the supplier, failing their testing, that meant that they eventually had to rewrite some portion of their code, make a new submission and, all in all, spending extra budget and time for something that can be easily avoided.

While the RNG scaling problem may seem simple, it’s just the tip of the iceberg. There are far more complex issues in the world of RNGs that require expert guidance. Understanding these problems is the first step towards improvement. If you’re looking for someone who can not only assist you in navigating these challenges but also help you understand them in a clear and accessible way, I’m here to help. Let’s work together to enhance your RNG solution and make your gaming platform stand out.

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Flexion “Direct-to-Consumer” Talks with Top Mobile Game Developers at GDC Will Define the Future

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Executives from Flexion, the games marketing company, will hold a series of summit talks with top developers at GDC in San Francisco (18 to 22 March 2024) to discuss how direct-to-consumer (D2C) services could enhance revenue.

The D2C’24 Summit will focus on the opportunities offered to developers by recent moves freeing up the mobile games market and, in particular, on new routes to user acquisition. The aim will be to align the industry on the best way forward in light of changes in the app stores.

Flexion is already the leader in accessing alternative markets including Amazon, Samsung, Huawei, Xiaomi, Aptoide, DT Hubs and ONEstore, boosting revenue for top games without upfront costs or significant effort. It is building on its partnerships with these platforms and other industry leading companies from UA to 3rd party billing to meet future developer needs.

“We have many years of experience and the know-how in taking an existing game and finding new revenue sources. We have also built partnerships across the industry – including with alternative app stores – that will allow us to help developers go much further in future,” Jens Lauritzson, CEO of Flexion, said.

In the last quarter, Flexion saw a 64% increase in its own revenue, as an increasing number of developers took the plunge into alternative markets. Through working with Flexion, developers see a more than 10% average boost in revenue (over marketing in Google Play alone) without significantly adding to their costs.

Jens said: “Developers have been frustrated by difficult user acquisition, where it is challenging to achieve positive returns due to changes in tracking and high store fees. But with the DMA in Europe and court cases in the US forcing Google and Apple to ease their stranglehold on the mobile games market, now is an excellent time for developers to re-engage directly with consumers.

“Many will hesitate at the underlying complexity and size of investment needed to exploit these opportunities, and so third-party services, like those being developed by Flexion, are going to be vital in making the ROI figures work.”

Through the D2C’24 Summit, Flexion will canvas opinions and share its ideas on direct-to-consumer marketing with top developers. The goal will be to create a consensus on the tools and services developers will need to maximise returns.

“We’re at the edge of a step change in the mobile games market and it’s important for the industry that we get things right. That’s why we’ve invited developers to these talks, and I’d be happy to hear from anyone else who would like to contribute to the discussion,” Jens said.

Ben Anquetil’s appointment as Head of Business Development is an important part of Flexion’s future-focused strategy. He has a brief to evaluate the company’s value proposition for D2C with the aim of ensuring that developers generate better return on their marketing spend going forward.

“I’m delighted to welcome Ben to the Flexion family at such an exciting time. He has a wealth of experience in the alternative distribution space and in strategic initiatives that generate more revenue and audiences for developers. With his help, Flexion will grow a whole new aspect of its business, offering developers easy access to the burgeoning range of markets that will become the norm,” Jens said.

“I foresee amazing opportunities for developers. By using D2C services, they will be able to enhance user engagement and retention for their games while improving margin. These factors will give them the freedom to grow revenue and audiences,” Ben said.

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