The global sports betting market has been gaining momentum owing to the rapid digitisation, penetration of connected devices and the changing regulatory landscape of the gambling industry.
The market, valued at USD 218.49 billion in 2020, is expected to grow at a compound annual growth rate (CAGR) of 10.1% from 2021 to 2028.
However, like most sectors in the economy, the market of sports betting was severely affected by the Covid-19 pandemic owing to the complete ban on sports events across the globe. This fuelled up the demand for e-sports, which significantly led to the rise of the online betting industry.
Keeping aside the pandemic, the application of AI and blockchain is estimated to provide a thorough boost to the online betting industry, along with the obvious ease of accessibility.
Despite e-sports eventually coming into the limelight, there are always the staples in the betting industry, which have already carved out a gigantic niche for themselves in the market.
Soccer Being the most popular sport in the world, it does not come as a surprise that soccer makes for the biggest market of sports betting.
With an estimation of a whopping 1 billion pounds in bets, the UK makes for the largest market for soccer betting. The immense popularity of soccer in this region, especially owing to the popular clubs such as Manchester United and Arsenal, adds to the tremendous market value.
The only countries where soccer (or football) does not hold a huge share in the market would be the USA where NFL is the king, Australia and New Zealand where rugby rules, and Canada where Ice Hockey is a haunting passion. Horse Racing Horse Racing is one of the richest events in the world, owing to the big prize money, big viewership and big punters.
Astonishingly, Japan is the biggest market with a value of USD 25.75 billion, followed by the UK and Australia. In the USA (the land of the Cowboys), horse racing is a massive industry. Being legalised at the federal level, the sport brings in a golden opportunity.
Since its inception, horse racing has been synonymous with gambling. The total wagering handle topped USD 12.2 billion last year. Going further, it is expected to be only increasing.
Tennis The ever-growing demand for betting in Tennis is majorly owing to the in-play betting benefits that the game provides for.