Internet Sports Betting Market Predicted to Reach USD 193.4 billion by 2031, Growing at a 7.2% CAGR | Says Transparency Market Research Inc.

The vendors in the global internet sports betting market are heavily funding marketing campaigns in an effort to increase the number of clients they serve.

WILMINGTON, Del., Nov. 7, 2023 /PRNewswire/ — The global internet sports betting market was estimated to have acquired US$ 103.1 billion in 2021. It is anticipated to register a 7.2% CAGR from 2022 to 2031 and by 2031; the market is likely to gain US$ 193.4 billion.

Advances in technology and increased internet usage have given rise to a variety of online sports betting options, such as moneylines, totals, spreads, parlays, as well as live betting. The most common kind of sports bet is moneyline. Selecting the winning or losing squad is the task.

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Internet Sports Betting Market Report Scope:

Key Findings of Market Report 

• Internet speed has increased as a result of significant developments in network technologies.
• To increase internet access, major telecom companies are building 5G networks across the globe.
• They provide satellite internet services, particularly in isolated locations without the infrastructure needed to support fiber-optic internet.
• The number of smartphone users is increasing quickly.
• The I&B Ministry of the Government of India states that there are more than 1.2 billion mobile phone users in India, one of the largest markets for online betting.
• Factors such as these are the primary reasons behind the growth of this market.

Market Trends for Internet Sports Betting

• The national and state governments of a number of nations have legalized internet sports betting. The United States state of Vermont approved a measure in June 2023 allowing the Department of Liquor and Lottery to establish a betting system.
• Such advancements are probably going to increase the amount of legal sports betting. Approximately 33 states in the United States have authorized sports betting. It is expected that the legalization of online sports betting will spur the growth of the online sports betting sector soon.
• The trajectory of the online sports betting business is probably going to be constrained by the implementation of strict tax and advertising laws. The Indian government will implement more stringent regulations on online betting advertisements.
• The government has requested that many app platforms stop promoting foreign online betting platforms and has blacklisted a number of betting apps.

Global Market for Internet Sports Betting: Regional Outlook

Various reasons are propelling the growth of the internet sports betting market in different regions. These are:

• From 2023 to 2031, Asia Pacific is expected to have a dominant share. The dynamics of the regional market are being driven by a surge in smartphone usage and a rise in internet access.
• Approximately 2.3 billion internet users, or 50.3% of all internet users globally, reside in Asia Pacific.
• The statistics for the internet sports betting business in North America are growing due to the region’s strong internet infrastructure and increased legalization of sports betting. The federal government of the United States grants state-by-state autonomy over sports betting regulations.
• Sports betting is permitted in more than 30 states at the moment. Several states, including New York, Maryland, and New Jersey, permit sports betting online. Maine allowed user registrations and advertising for online sports betting in October 2021.
• In Europe, mobile gambling is becoming more popular. The European internet sports betting sector is growing in income thanks to a rise in corporate marketing expenditures and the accessibility of handy payment methods.

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Global Internet Sports Betting Market: Key Players

There is a plethora of online betting platforms on the market. The goal of online sports betting companies is to provide an intuitive customer experience. They provide a large selection of sports and events for wagering. Increased spending on expanding payment infrastructure is predicted to present vendors with profitable potential in the internet sports betting market. The following companies are well-known participants in the global internet sports betting market:

• 888 Holdings plc
• Betway Group
• Cyber Bet
• Entain plc
• Kindred Group
• Flutter Entertainment plc
• Unibet
• Unikrn Inc.

Few of key developments by the players in this market are:

Global Internet Sports Betting Market Segmentation 

• By Game Type
  • Cybersports
    • Battle Ground
    • Call of Duty (CoD)
    • Counter-Strike
    • ota 2
    • Hearthstone
    • League of Legends
    • IFA
    • ES
    • Basketball
    • Others
  • Table Tennis
  • Football
  • Basketball
  • Baseball
  • Hockey
  • Cricket
  • Boxing
  • Others
• By Device Type
  
  • Desktops & Laptops
  • Tablets & Mobiles

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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

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SOURCE Transparency Market Research