World News: 16:00 GMT Thursday 3rd October 2019. [Technavio Research via Businesswire via SPi World News]
The global sports betting market is expected to post a CAGR of over 10% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global sports betting market 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the global sports betting market size is the legalization of sports betting. Governments in various countries across the world are lifting regulations on betting activities. For instance, the popularity of online gambling, including sports betting, increased significantly in Singapore after the Government of Singapore announced its plans to relax laws related to online gambling in September 2016. Similarly, the US Supreme Court judgement has overturned the Professional and Amateur Sports Protection Act (PASPA) in 2018, causing eight states in the US to legalize betting. All these factors are expected to boost the sports betting market during the forecast period.
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As per Technavio, the emergence of machine learning in sports betting will have a positive impact on the market and contribute to its growth significantly over the forecast period. The sports betting market research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Sports Betting Market: Emergence of Machine Learning in Sports Betting
The increasing impact of technologies such as virtual reality (VR), blockchain, and AI is expected to be one of the key sports betting market trends during the forecast period. Major vendors in the market are focusing on increasing their investments in machine learning (ML) tools and methods, which have shown promising results. ML helps in building predictive algorithms and accurate predictive models for offering better betting efficiency. Thus, the increasing penetration of ML will improve the outcomes of sports events, thereby fueling market growth during the forecast period.
“Increasing popularity of e-sports tournaments, digital revolution, and increasing commercialization of sports are some other factors that will contribute to the growing sports betting market size during the forecast period,” says a senior analyst at Technavio.
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Global Sports Betting Market: Segmentation Analysis
This market research report segments the global sports betting market by platform (offline and online) and geographic regions (Europe, North America, APAC, South America, and MEA).
The APAC region led the sports betting market in 2018, followed by Europe, North America, MEA, and South America respectively. Several factors such as the increase in demand for online games and fantasy sports platforms, rise in the number of sports enthusiasts and the growing demand for leisure activities will contribute to the growing sports betting market share in the region.
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Some of the key topics covered in the report include:
Five Forces Analysis
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Business Wire: 16:00 GMT Thursday 3rd October 2019
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