Sports betting has become an integral part of the sports industry and is one of the fastest-growing segments of the global gambling market. With the rise of online betting platforms and mobile apps, sports betting has become more accessible and convenient than ever before. The industry has seen a significant surge in the last few years, and experts predict that it will continue to grow in the coming years. In this study report, we delve into the latest trends and insights in the sports betting industry.
The Global Sports Betting Market According to a recent report by Grand View Research, the global sports betting market size was valued at $85.05 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 10.8% from 2021 to 2028. The report attributes the growth of the industry to the increasing popularity of sports leagues and tournaments, the rise of online betting platforms, and the legalization of sports betting in several countries. The Rise of Mobile Betting Mobile betting has played a significant role in the growth of the sports betting industry.
With the increasing use of smartphones and the internet, mobile betting has become the preferred mode of betting for many sports enthusiasts. According to a report by Zion Market Research, the global mobile gambling market was valued at $48.7 billion in 2020 and is expected to grow at a CAGR of 14.7% from 2021 to 2028. The report also states that the ease of accessibility and convenience of mobile betting platforms have contributed to the growth of the industry.
Mobile betting allows users to place bets anytime, anywhere, and has made it possible for sports enthusiasts to stay updated with the latest odds and results. The Impact of COVID-19 on Sports Betting The COVID-19 pandemic has had a significant impact on the sports industry, and CNBC News Today sports betting is no exception. The suspension of sporting events and tournaments in 2020 resulted in a significant decline in sports betting revenue. However, with the resumption of sporting events in 2021, the industry has shown signs of recovery.
According to a report by the American Gaming Association, the total amount wagered on sports in the US in April 2021 was $4.5 billion, a 12% increase from March 2021. The report also states that the mobile betting handle accounted for 91.5% of the total sports betting handle. The Future of Sports Betting The sports betting industry is expected to continue its growth trajectory in the coming years. The legalization of sports betting in several countries, the rise of online betting platforms, and the increasing popularity of mobile betting are expected to drive the growth of the industry.