Sports betting service providers are expanding their presence in many indoor and outdoor sports. Rise in Adoption of Betting in Various Sports Hence, surge in online betting is propelling the sports betting market expansion. Online betting and live streaming are gaining traction among gamblers as they offer the ability to place bets virtually on all types of sports in various countries. However, the number of bettors has increased significantly with the rise of online betting facilities and the ability to bet directly from home. Previously, bettors had to go to an offline bookmaker to place bets.

Sports betting has experienced massive growth after the introduction of internet. Growth in Online Betting Fueling Sports Betting Market Development It involves betting on an event in which there is no fluctuation in the payout. Fixed odds is a type of wagering against odds offered by a bookmaker or an individual or on a betting exchange. Instead of the bookmaker, the wager is placed against other bettors who have placed wagers on the same event. Parimutuel betting, also known as pool betting, is a betting system in which all bets of a particular type are placed together in a pool. Parimutuel and fixed-odds are the two types of sports betting. They are also expanding into new markets where demand for sports betting is growing.īetting is the action of predicting an event by gambling money on the outcome of a race, game, or other unpredictable event. Vendors in the global sports betting industry are collaborating with sports teams, leagues, and events to broaden their customer base. However, rise in concerns regarding money laundering and unfavorable tax laws and advertising restrictions in many countries are projected to limit the sports betting market growth during the forecast period. Online and live betting are gaining traction among users as they offer easy access to betting through smartphones and PCs. Growth in online betting and increase in in adoption of betting in various sports are expected to propel the sports betting market size during the forecast period. It is estimated to grow at a CAGR of 9.1% from 2023 to 2031 and reach US$ 664.0 Bn by the end of 2031.The global industry was valued at US$ US$ 302.3 Bn in 2022.Global Sports Betting Market Outlook 2031

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