Global Internet Sports Betting Services Market Size, Share, Growth, And Industry Analysis, By Type (Web-based and App-based), By Application (Football, Tennis, Basketball and Others), Regional Forecast To 2031

Updated On: 08 April 2024

Internet Sports Betting Services Market Report Overview

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The global internet sports betting services market size is expanded rapidly in 2022 and market is expected to generate substantial revenue by 2031, exhibiting a high compound annual growth rate (CAGR) from 2022 to 2031.

The process of placing bets on sporting events or casino games through the internet is known as online betting. As more people have access to broadband internet connections, this sort of betting has grown in popularity in recent years. Because of the accessibility and convenience of placing bets from anywhere in the world, Online Betting has become one of the most popular ways to gamble.

The increasing adoption of the internet and smartphones, expanding demand for online gaming, and increasing legalization of gambling activities can all be related to industry growth. Over the projection period, the sports betting segment is estimated to account for the majority share of the global online betting for sports and casinos market. This can be linked to the growing popularity of sports among bettors in various locations. In terms of application, desktop is predicted to have a greater global market share than mobile devices over the projection period.

COVID-19 Impact: Restrictive Regulations on Sport Companies to Hinder Market Growth

Betting companies are concerned not only about the COVID-19 outbreak, but also about the regulatory implications. There is growing pressure on the government to impose the most restrictive regulations on gaming companies. According to the House of Lords, the usage of smartphones and soft-touch regulation encourages gambling addiction. They are urging authorities to put the welfare of gamblers over profits. Sports betting, like any other industry globally, is still suffering from the financial drain caused by the pandemic. Even with the major professional sports leagues returning to action, the consequences are far from done. You can't put all your eggs in one basket as a punter.

Latest Trends

"Fixed-Odds Betting and Point Spread Betting to Attract Customers"

Sports betting is a gamble on the outcome of a sporting event. Fixed-odds betting and point spread betting are the two most common types. The stake in fixed-odds is decided before the start of the game and remains constant throughout its duration, whereas in point spread, the spread between each side can fluctuate during game time. A casino, often known as a gaming house or a gambling hall, is a game of chance. It is played with chips, cards, wheels, lotteries, or electronic devices such as slot machines. The fundamental goal of any casino game is to gain money, and in many situations, it can be termed an addiction.

Internet Sports Betting Services Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into web-based and app-based.

In terms of product, web-based is the largest segment.

• By Application Analysis

Based on application, the market can be divided into football, tennis, basketball and others.

In terms of application, football is the largest segment.

Driving Factors

"Desktop Segment to Enhance Market Performance"

The global internet betting for internet sports betting services market is divided into desktop and mobile devices. In terms of revenue, the desktop segment led the whole industry. This is due to the large number of online gambling operators who provide casino games on their websites as well as mobile applications. Furthermore, because of the ease and convenience associated with it, a big percentage of players prefer playing casino games on their laptops rather than on mobile devices. The mobile device segment is growing much faster than the desktop device segment because both are accessible via smartphones or tablets, which have gained popularity among players worldwide due to features such as access through social media accounts, the ability to install apps directly onto these devices without requiring any additional software downloads, and so on.

"Proliferation Of Sporting Leagues and Events to Accelerate Market Growth"

The proliferation of sporting leagues and events is expected to promote the growth of the internet sports betting services industry. A sports league or event is a gathering of teams, nations, groups, or individuals who compete for a prize or title. These leagues are scheduled to take place at specific times or during specific seasons, and all participating teams or individuals are required to do so in order to determine the league's overall champion, which increases the adoption of sports betting and positively influences the future trends of the internet sports betting services industry. New professional sports leagues are springing up all over the world, providing customers with the opportunity to diversify their wagering costs. As a result of the increase of sports leagues and events in the sports betting industry, the sports betting market is expanding.

Restraining Factors

"Addiction to Gambling to Impede Market Expansion"

Addiction to gambling is a big problem these days. Losing too much money can push you to retrieve it. As previously said, it can have catastrophic effects. Yet, a winning streak can also lead to addiction. Winning a large sum of money is possible if you are lucky or know a smart strategy. The sensation it produces can be addictive and harmful at times. This is anticipated to restrain internet sports betting services market growth.

Internet Sports Betting Services Market Regional Insights

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"Asia Pacific to Dominate the Market Due to Expanding Popularity"

Over the projection period, Asia Pacific is expected to be the fastest-growing regional internet sports betting services market share. Increased disposable income, expanding popularity of online betting, and increased penetration of global casino operators in countries such as China and India can all be contributed to the expansion. Furthermore, favorable gambling rules are expected to promote iBET demand in this region. According to a white paper produced by the Macau Business Review Center (MRV), online gambling has been legalized with various limits in Macau under Chapter IV Gaming (Gaming Act), whereas casinos have been permitted to operate.

Key Industry Players

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

Prominent internet sports betting services market players are making collaborative efforts by partnering with other companies to stay ahead of 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 portfolios.

List of Market Players Profiled

• Kindred Group (Malta)
• Unibet (U.S.)
• Unikrn Inc (U.S.)
• William Hill Limited (U.K.)
• Fortuna Entertainment Group (Netherlands)
• Flutter Entertainment (Ireland)
• Betway Group (U.S.)
• Cyber Bet (U.S.)

Report Coverage

This research profiles a report on internet sports betting services with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.