Dublin, Aug. 31, 2020 (GLOBE NEWSWIRE) -- The 'Sports Betting Market - Forecasts from 2020 to 2025' report has been added to ResearchAndMarkets.com's offering.
The sports betting market was valued at US$85.047 billion in 2019.
The sports betting market is projected to witness considerable growth primarily on account of the inclination of the governments of numerous countries towards the legalization of sports betting. Furthermore, the rising penetration of various legal online platforms in some countries is also further supplementing the sports betting market growth in the near future.
The market is also poised to grow on account of the rising popularity of international sports events around the globe coupled with the increasing popularity of high-end sports such as cricket, soccer, baseball has gained a lot of traction in the past years, which has led to a decent increase in the sponsorships for clubs, teams, players.
Additionally, the rising investments by numerous sports organizations in marketing and promotional activities have led to increased investments by major betting companies in providing sponsorships for sports teams around the globe. Thus, the rising commercialization of sports events is considered to be a key factor that is expected to positively impact the market growth during the next five years.
The rising consumer expectations have led to the constant participation of key players of the market in the form of partnerships, collaborations, agreements, and R&D for the launch of various platforms to cater to the rising consumer expectations. For instance, recently in June 2020, Sportech PLC a leading market player in the gaming technology industry of the world announced its strategic partnership with a French gaming operator ZeTurf, the aim of this partnership was to deliver attractive and alternative options for betting on French racing.
Similarly, in May 2020, the company announced a successful launch of Tote Betting services in Moscow for client Pari Engineering Rus. Furthermore, the growing partnerships between high end-resorts and casinos with leading market players for availing their services also shows the potential for the market to grow in the near future.
For example, in February 2020, William Hill, a leading sports betting company entered into a long-term partnership agreement with the Grand Traverse Band of Ottawa and Chippewa Indians (GTB), a federally recognized Indian tribe for exclusively providing online sports betting and online casino gaming throughout Michigan. Also, during the same month, the company also entered into a partnership with CBS Sports with an aim to increase the reach to millions of new sports fans and fantasy players by extending its leadership in sports betting content.
Moreover, in February 2019, Churchill Downs Incorporated entered into a partnership agreement with Golden Nugget Casino for the launch of its BetaAmerica online real-money sports betting and online casino platform in New Jersey.
However, the sports betting market may be restrained by the fact that still sports betting is considered to be an illegal activity in some parts of the world. Also, the recent outbreak of the novel coronavirus is expected to be a major factor inhibiting the market growth during the short run as the intense outbreak has led to enforcement of directives by the WHO such as social distancing and quarantine measure in almost every country of the world.
This has led to the temporary suspension or cancellation of all the major sports events at international, regional, and national levels that include, football, hockey, marathons, cricket, basketball, and more. This is considered to be one of the prime factors that is projected to hamper the market growth for the next ten to eleven months.
Growing legalization is offering lucrative opportunities
One of the major factors that is propelling the market growth opportunities is the rising government initiatives for the legalization of sports betting with an aim for the generation of revenue. For instance, in 2018 sports betting for the first time was legalized in New Jersey. Furthermore, the inclination of governments of various developing countries such as India and Brazil among others to tap the potential of revenue that the sports betting industry holds is considered to be a prime opportunity for the market to grow in the near future. For example, in 2018, the Law Commission of India stated in its report the recommendations for legalizing sports betting in the country.
The global sports betting market has been segmented on the basis of platform, sport, and geography. By platform the segmentation of the market has been done on the basis of online and offline. By sport the market has been classified into cricket, FIFA, horse racing, and others. Geographically, the segmentation of the sports betting market has been done into North America, South America, Europe, Middle East and Africa, and Asia Pacific.
Online segment to witness a decent growth
By platform, the online segment is projected to witness a healthy growth during the next five years. The rapid internet and smartphone penetration coupled with the launch of new online betting platforms are some of the key factors bolstering the growth of this segment throughout the forecast period.
Europe to hold a notable share
Geographically, the European region is anticipated to hold a substantial share in the market throughout the forecast period primarily on account of the legalization of betting in several European countries. Also, investments by players in countries of this region for expansion of services further supplement the market growth in Europe during the next five years.
Competitive Insights
Prominent key market players in the Sports Betting market the 888 Group, Kindered Group plc, Wiliam Hill PLC, and Churchill Downs Incorporated among others. These companies hold a noteworthy share in the market on account of their good brand image and product offerings. Major players in the Sports Betting market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last two years.
Key Topics Covered
1. Introduction
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
2.2. Assumptions
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Sports Betting Market Analysis, By Platform
5.1. Introduction
5.2. Online
5.3. Offline
6. Sports Betting Market Analysis, By Sport
6.1. Introduction
6.2. Cricket
6.3. FIFA
6.4. Horse Racing
6.5. Others
7. Sports Betting Market Analysis, By Geography
7.1. Introduction
7.2. North America
7.3. South America
7.4. Europe
7.5. Middle East & Africa
7.6. Asia-Pacific
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.1. the 888 Group
9.2. Kindred Group plc
9.3. William Hill plc
9.4. Churchill Downs Incorporated
9.5. Sportech plc
9.6. The Stars Group Inc.
9.7. Webis Holdings plc
9.8. Flutter Entertainment plc
For more information about this report visit https://www.researchandmarkets.com/r/lkiuog
A huge push into sports betting by broadcast and cable networks over the past 18 months included a major deal by CBS to make William Hill its official sportsbook sponsor; NBCUniversal’s 5% stake. Sports betting has been around for as long as sports have existed. It takes one of man’s favorite pastimes (i.e. Sports) and makes it even more interesting by adding a personal stake in the outcome (i.e. Origins of Sports Betting. The first record of sports betting dates back more than 2,000 years ago.
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New York’s existing sports betting infrastructure – consisting of in-person betting at a handful of upstate casinos – was made possible by a 2013 voter referendum that amended Article I.
Online casino is back on the agenda in Connecticut, alongside sports betting, in new legislation recently filed.
It’s the latest — and perhaps best — opportunity to expand online gambling in Connecticut. But the idea has been around for almost a decade without coming to fruition. Will 2021 be different?
Inside the Connecticut online gambling bill
SB 146 is short on details — it’s just over a page — but it does seek to legalize all sorts of gambling online. Here are the basics:
- The state’s two tribes, the Mohegan and Mashantucket Pequot, would be authorized to conduct online sports betting and online casino, if and when the tribes and the state come to a new or amended agreement.
- The Connecticut Lottery would be to sell draw tickets online, as well as conduct keno online.
The key part of this appears to be the tribes signing on to the effort, along with the legislature and governor. That would seemingly presage a law coming to fruition.
Gov. Ned Lamont and lawmakers have been optimistic on sports betting being legalized in recent months.
Who opposes online gambling in CT?
One potential opponent is Sportech, which runs Connecticut’s off-track betting facilities. It wants to be a part of the sports betting scene in the state, but this plan could shut it out if all rights are given to the tribes.
MGM Resorts, which had long sought a casino in the state, appears to be pulling back and might no longer offer a stumbling block for a deal being done.
What’s next for Connecticut online casino and sports betting?
The Connecticut online casino and sports betting bill needs to move through the legislative process. The session has begun and is scheduled to wrap up in June.
In the coming months, we’ll find out if all this optimism turns to legislative action or if something gums up the works for online gambling in the state.
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