The latest Market Insights Report for the global online sports betting market has just been released. Drawing from last year’s data and insights from the industry’s performance this year, the report shows consistent positive growth, an expanding market, and increased consumer demand for betting services. Here is a review of what the report says and what it means for the market.
Report Overview
The 2024 report analyzes the performance of the online betting market, segmenting it by sports, age, type, and region. In type, it finds that consumer demand for live betting and fixed odds wagering is increasing, even as more and more bettors choose mobile apps as their preferred avenue for betting.
The report reveals impressive figures, too. In comparing the current market to its 2019 and 2022 iterations and considering projected trends to 2029, the report finds that the global online betting market will be worth $70.63 billion by 2032. The market is expected to grow at a 10.2 percent CAGR as mobile betting apps become more popular.
Key Market Dynamics
The current and projected market growth identified by the report is being propelled by increased activity on the international sports stage. There has also been a marked attitudinal change towards sports betting, and more jurisdictions are formulating regulations and legislation to legalize sports betting and protect consumers. Beyond this, much of this growth is due to technological innovations like VR, AR, AI, machine learning, and cloud gaming that continue to improve the online betting experience.
The report analyzes the market by region to find that Europe, the Americas, and Asia Pacific currently account for much of the market revenue. However, there is increased interest in the previously untapped or under-tapped markets, and the industry is gearing up to expand its operations in Africa, Latin America, the UAE, and other markets.
Competitive Landscape
According to the report, the competitive landscape in online betting is robust and expected to remain so through product innovation, acquisitions, mergers, and other development strategies. The study identifies stakeholders and industry leaders at the helm of the industry. The secret, the report says, is that these providers are continually responding to and meeting the evolving needs of consumers.
Sustainability and Responsible Gambling
Over the past several years, significant stakeholders like the Betway Group have introduced measures to protect online players who access their services. This, as the report reveals, is in line with the industry’s increasing focus on responsible gambling and the impacts of problem gambling on the populace.
The report shows that more and more stakeholders and regulators are taking steps to provide natural and healthier gambling and betting products and increase consumer awareness of gambling addiction.
There is also a significant move toward sustainable products and processes – a move the report finds is driven by the growing consumer awareness of eco-friendly and energy-efficient production.
Wrapping Up: Market Outlook (2024 – 2032)
The global online gambling and betting market is expected to experience positive and consistent growth between now and 2032. The report notes that much of this growth will be driven by technological and innovation advancements, expanding into new markets, and increasing consumer demand.