eSports and Traditional Sports Betting Market Size, Share, Growth, and Industry Analysis, By Type (Esports, Basketball, Football, Baseball, Boxing, Hockey, and Others), By Application (Entertainment, Commercial, and Other) Regional Forecast to 2028

Updated On: 08 April 2024

REPORT OVERVIEW

• 

• Request a Free Sample to learn more about this report

The global eSports and traditional sports betting market size was in USD 150840 million 2021. As per our research, the eSports and traditional sports betting market is expected to reach USD 229400 million by 2028, exhibiting a CAGR of 6.1% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden decline in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The convergence of market brings an extraordinary blend of thrill and potential for both passionate enthusiasts and bettors. Our innovative product reimagines how people interact with competitive gaming and sports, providing a fluid and captivating encounter that accommodates diverse preferences.

COVID-19 Impact: Increased Online Engagement among Population to Fuel Market Growth

The global response to the COVID-19 pandemic necessitated individuals worldwide to adjust to novel lifestyle and constraints, consequently driving a significant upswing in online involvement across diverse sectors. This phenomenon was particularly conspicuous within the market domain, yielding a range of favorable consequences. Numerous prominent sporting events faced cancellations or postponements, resulting in a substantial decrease in opportunities for market and the corresponding revenue decline for the industry.

LATEST TRENDS

"Mainstream Recognition, And Digital Transformation to Propel Market Growth "

Mainstream acknowledgment within eSports and traditional sports betting market denotes the growing prominence, acceptance, and assimilation of competitive gaming into the wider cultural and entertainment milieu. This progression indicates that eSports has transcended its niche origins and is acquiring worldwide credibility and visibility. Established media channels such as television networks, newspapers, and online platforms have commenced featuring comprehensive coverage of significant eSports tournaments, effectively acquainting previously unacquainted audiences with the realm of competitive gaming. Numerous conventional sports teams and entities ventured into the eSports domain, either establishing their own eSports teams or investing in pre-existing ones. This convergence not only lent a degree of endorsement to eSports but also underscored its potential, as esteemed sports entities acknowledged its significance. In the realm of eSports and traditional sports betting, there was a noticeable transition towards digital platforms and mobile applications, providing users the convenience of placing bets directly from their smartphones and tablets.

SEGMENTATION

• 

• Request a Free Sample to learn more about this report

• By Type

Based on type market is Esports, Basketball, Football, Baseball, Boxing, Hockey, and Others.

• By Application

Based on application market is classified as Entertainment, Commercial, and Other.

DRIVING FACTORS

"Technological Advancements to Fuel Market Growth"

Technological progress plays a central role in shaping the trajectory of both the market sectors, driving the eSports and traditional sports betting market growth. These advancements not only enrich user experiences but also broaden the scope and potential of these industries, propelling their expansion. By introducing more immersive, interactive, and user-friendly encounters, technological innovations catalyze the growth of the markets.

"Global Connectivity to Stimulate Market Progress"

Global connectivity stands as a foundational element driving both the eSports and traditional sports betting markets to elevated levels. This influential factor is intricately linked with the expansion of the internet and digital infrastructure, facilitating global interaction and involvement. In essence, global connectivity serves as an accelerant, enabling extensive engagement, participation, and advancement within both the eSports and traditional sports betting arenas.

RESTRAINING FACTORS

"Regulatory Challenges to Harm Market Growth "

The intricate and continuously changing legal environment concerning sports betting and eSports across different regions can impede the expansion of the eSports and traditional sports betting market, resulting in uncertainty and operational challenges.

REGIONAL INSIGHTS

• 

• Request a Free Sample to learn more about this report

"North America Is Established As a Prominent Hub to Drive Market Share"

In North America, both the markets have flourished, establishing the region as a prominent hub. The eSports and traditional sports betting market share has expanded due to a rising count of significant eSports tournaments and a firmly established sports betting sector. Moreover, the legalization of sports betting in multiple U.S. states has spurred heightened interest and substantial investment, thereby boosting the market share and fostering growth.

KEY INDUSTRY PLAYERS

"Multitude of Companies Exerted Substantial Influence on the Advancement of Technologies"

These prominent industry players have exerted substantial influence on the advancement, expansion, and widespread appeal of both the eSports and traditional sports betting markets. Their contributions encompass a spectrum of offerings, innovations, and strategic choices that have molded the experiences of aficionados, bettors, and followers globally. An exemplar, Riot Games, as the creative force behind "League of Legends," occupies a pivotal role in the eSports domain. The title's competitive structure incorporates regional leagues and the yearly World Championship, amassing an immense viewership.

List of Market Players Profiled

• Sportingbet (U.K.)
• Bodog88 (Philippines)
• 22bet (Middle East)

REPORT COVERAGE

The future demand for the eSports and traditional sports betting market is covered in this study. The Research report includes the Impact of Increased Online Engagement due to the Covid-19 Impact. The report covers the latest trends in Mainstream Recognition. The paper includes a segmentation of the eSports and traditional sports betting market. The research paper includes the driving factors that are Technological Advancements to Fuel Market Growth. The report also covers information on Regional Insights where the region which has emerged leading market for eSports and traditional sports betting.