iGaming Platform and Sportsbook Software Market Size, Share, Growth, and Industry Growth by Type (B2B and B2C) By Application (Casinos, Mobile Devices and Others) Latest Market Updates, Sales and Revenue, Forecast From 2023 to 2031

Updated On: 13 November 2023

iGaming Platform and Sportsbook Software Market REPORT OVERVIEW

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global igaming platform and sportsbook software market size was USD 8904.3 Million in 2021 and market is projected to touch 25742.32 Million by 2031, exhibiting a CAGR of  11.2% during the forecast period.

Semantic modeling, gamification, complete telemetry engine technology, and other intelligent elements that are provided by the iGaming platform enable operators. Sportsbook software is a platform where bettors may put wagers on a variety of games in well-known sports, such as football, baseball, basketball, and soccer, by projecting what would happen. Based on cutting-edge technology, this software offers casinos and sportsbooks a complete set of goods and services. Innovative ideas may be unleashed and excellent player experiences can be delivered by customers using iGaming technologies. As a result, there is an increase in demand for the iGaming platform, which helps drive the market for sportsbook software and the iGaming platform.

Additionally, throughout the projected period, the demand for the iGaming platform and sportsbook software market is fueled by technological developments, an increase in digitization, and the rising popularity of sports betting.

COVID-19 Impact: Shift in Consumer Behavior Towards Internet to Benefit the iGaming platform and sportsbook software Market

The COVID-19 pandemic caused a significant shift in consumer behavior towards the internet as a means of coping with their financial, social, and psychological issues during lockdowns, which was beneficial for the sports betting industry.

Because users spent more time on their phones and desktop computers during lockdowns, which made it easier for them to place wagers, the online platform saw an increase in participation during those times. For instance, a study by Lund University in Sweden found that the limits during athletic events as a result of lockdowns have increased user demand for sports wagering platforms.

LATEST TRENDS

"Expanding Global Popularity to Augment the Market"

The football area of the iGaming platform and sportsbook software market records a high betting volume, with a growing number of bets, as a result of the expanding global popularity of both sports betting and football as a sport. It is particularly common in European nations where football is very popular, such as Italy, France, and Spain. The online market is mostly used in the sports sector, particularly in football competitions like the FIFA World Cup and the European Championships.

iGaming Platform and Sportsbook Software Market Segmentation

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• By Type Analysis

By type, market is segmented into plain unsweetened form and plain sweetened form. The plain unsweetened segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into supermarket, convenience store, online stores and others. The supermarket segment will lead the global share through 2031.

DRIVING FACTORS

"Increased Spending and Rapid Expansion of the Market to Propel the Demands"

Pre-match, in-play, and pool betting are all offered by sportsbook software, which also guarantees dependable and effective operations. Additionally, the iGaming platform and sportsbook software come with a number of features that make them more popular with users, like wallet management, risk management, payment gateways, etc. The market for sportsbook software and iGaming platforms is thus seeing rapid expansion. In addition, increased spending on enhancing sports infrastructure and an increase in the number of national and international sporting events throughout the world are anticipated to have an impact on the growth of the iGaming platform and sportsbook software markets.

"Technological Advancements in Smartphone Technology and Software to Boost the Market"

Global technological advancements in smartphone technology and software, along with digitalization trends, have made it possible for iGaming platform and sportsbook software to streamline their operations and give customers a satisfying betting experience. In addition, the use of digital technologies is bringing in new clients to the sportsbook software and iGaming platform markets, which is promoting industry expansion.

RESTRAINING FACTORS

"Negative Effects of Excessive Use of the iGaming Platform and Sportsbooks to Impede the Market"

The negative effects of excessive use of the iGaming platform and sportsbooks can range from anxiety and depression to decreased productivity at work, financial hardships, and strained relationships. Because to these factors, the market for sportsbook software and iGaming platforms is constrained.

iGaming Platform and Sportsbook Software Market REGIONAL INSIGHTS

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"Europe’s iGaming Platform and Sportsbooks Market’s Share to Grow Exponentially with the Forecast Period."

The biggest revenue share was in Europe, and this is anticipated to hold true for the duration of the forecast. The region's expansion is attributable to the passage of safety laws and regulations that apply to both offline and internet gambling. The implementation of safety laws and guidelines for sportsbook software and iGaming platforms in the majority of the region's nations can be linked to the rise of the regional market.

Furthermore, well-known sports like football and horse racing, as well as well-known football teams like Liverpool, Manchester United, and Chelsea F.C., are well-known in nations like Germany and the United Kingdom.

Asia Pacific accounted for the second-largest revenue share, and it is anticipated that during the projected period, it will expand at the highest CAGR. The market in this area is being driven by elements including the rise in the number of bettors on sports like basketball, football, hockey, and cricket. The region's rise is also being fueled by the legalization of the market in nations like Australia and India, as well as other elements like higher internet penetration and middle-class family income levels.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• BETLOGIK (Australia)
• Betradar (Switzerland)
• SB Tech (India)
• Bet Construct (U.S.)
• Digitain (Armenia)
• Soft Swiss (Austria)
• Play tech (Douglas)
• Every Matrix (Malta)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.