Global Esports Betting Is A $66B Industry That’s Expected To Grow

A report from Grand View Research projected that the global sports betting market was valued at $66.98 billion in 2020 and is expected to expand at a compound annual growth rate of 10.1% from 2021 to 2028. It is believed that the application of artificial intelligence and blockchain technologies is anticipated to boost the market’s growth in the coming years as well.

“The online segment accounted for the largest revenue share of over 50.0% in 2020 and is anticipated to maintain its lead over the forecast period,” the report states. “The online segment is expected to witness the fastest growth over the forecast period. In terms of platform, the market has been divided into online and offline sports betting.  The growth of the online betting segment can be attributed to the increase in the penetration of smartphones and connected devices across the world. For instance, according to H2 Gambling Capital, a betting and gaming consultancy, in 2018, 43% of online bets were placed through mobile devices and 57% were placed using desktops.”   

The fixed-odds wagering segment accounted for the largest revenue share of over 25.0% in 2020 and is expected to maintain its lead throughout the forecast period. This can be attributed to the familiarity of this betting type among people that gamble on traditional sports such as baseball, football, hockey, horse racing, and basketball. Fixed-odds wagering can be further segmented into numerous sub-types, such as point spreads, prop bets, fractional odds, in-game betting, and parlays.

The key participants are entering into strategic collaborations, partnerships, and mergers & acquisitions to expand their business footprint and survive the highly competitive environment. Moreover, service providers are spending considerably on research & development activities to incorporate new technologies into their offerings while developing advanced products to gain a competitive advantage over other market players. As a result, the esports betting market should continue to grow exponentially in the coming years.

(All information was provided by The Salamanca Press)

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