Internet Sports Betting Market
Internet Sports Betting Market (Game Type: Cybersports, Table Tennis, Football, Basketball, Baseball, Hockey, Cricket, Boxing, and Others; and Device Type: Desktops & Laptop and Tablets & Mobile) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031
- Consumer Goods & Services
- 152 Pages
Regulated Online Betting Ensures Games Offered Responsibly amid Coronavirus Crisis
In a time when traditional brick-and-mortar sports betting suffered due to forced coronavirus lockdowns, the pandemic has benefitted stakeholders in the Internet sports betting market. Stakeholders have been quick in adapting to changes caused by the pandemic and increased efforts to build well-rounded & diversified online propositions. They are adjusting their cost base, mainly in terms of marketing expenditures and offer customers with betting options in online poker & casino games.
Stakeholders trying to capitalize on incremental opportunities in the Internet sports betting market are transitioning from physical properties to online games and betting options, whilst moving their staff to work from home environments. The ever-changing nature of COVID-19 variants is anticipated to boost growth in the market. This has led to the demand for regulated online betting to ensure that games and events are offered in a responsible & safe manner.
Request a sample to get extensive insights into the Internet Sports Betting Market
Addiction Risks Associated with Internet Sports Betting Affecting Market Growth
The Internet sports betting market is estimated to clock a robust CAGR of 12.1% during the forecast period. However, in a research suggested by the National Council on Problem Gaming, gambling problems may increase as sports gambling grows explosively at the changing rate of mobile & online technologies. Allegedly, suicide by hanging is growing in India due to online betting and is causing concern among parents & gamers. Hence, stakeholders are increasing their research about the financial, mental health, and addiction risks associated with sports gambling.
There is a demand for direct tax on sports betting revenue to fund research and expand educational outreach & treatment programs with respect to internet sports betting. In the U.K., there is a growing call for mandatory industry tax to pay for gambling addiction treatment.
To understand how our report can bring difference to your business strategy, Ask for a brochure
Tie-ups with National Sports Channels Fueling Revenue in Sports Betting Apps
Sports betting apps are growing prominent in the United States. DraftKings and FanDuel are gaining popularity of legal online sports betting. After relaxation in the Professional and Amateur Sports Protection Act (PAPSA) in the U.S., stakeholders in the Internet sports betting market have been capitalizing on this opportunity to build legal sports betting apps. They are increasing the availability of apps that tie up with official and national sports channels.
Tie up of Internet sports betting apps with national sports channels is opening up opportunities for steady stream of promotions tied with network personalities. Betting apps are being introduced in potential states where legalization of such apps is in progress. Such trends are driving revenue in the Internet sports betting market.
Stakeholders Invest in Brick & Mortar Property to Advance in Online Offerings
The Internet sports betting market regulations are creating hurdles for stakeholders. It has been found that nearly every state that allows online sports betting requires a brick & mortar setting to allow an online offering in the U.S. Online offerings are also known as skins. However, there are only a limited number of licenses or skins available to become a legal online sports betting operation. Thus, the unstructured nature of the Internet sports betting market in the U.S. is affecting market growth.
In order to overcome challenges pertaining to licenses, stakeholders in the Internet sports betting market are investing in legal brick & mortar properties to operate at the physical location. After receiving a retail license, stakeholders must acquire a master license to allow it to offer sports betting.
Revenue Opportunities Grab Stakeholder Attention amid Need for Regulations in Indian Market
India holds lucrative opportunities for stakeholders in the Internet sports betting market. An increasing number of Internet users is inclining toward gambling in online games. However, the illegal gambling segment in India is currently worth billions of dollars and is affecting the growth of licensed online betting games. Indian stakeholders are increasing efforts to introduce regulations in the market for Internet sports betting.
It has been found that the India law discriminates each game to be a game of skill and a game of chance. This differentiates fantasy sports from traditional betting. Betting in fantasy sports is legal in India, since it is a game of skill. Though the legal sports betting segment will not substitute the illegal one in India, the government and market stakeholders can benefit from taxing betting activities.
Stuck in a neck-to-neck competition with other brands? Request a custom report on Internet Sports Betting Market
The regulated online betting is paving the way for curtailing and treating gambling addiction and other potential effects during and post the COVID-19 outbreak. The Internet sports betting market is expected to value over US$ 70.78 Bn by 2031. Since the U.S. casino companies lack the online experience necessary for online sports betting, online operators are working closely with casinos to manage the activities.
The U.S. holds lucrative revenue opportunities for stakeholders in the Internet sports betting market. However, many states are yet to sort through legalization procedures of Internet sports betting apps. Hence, stakeholders are bullish on upcoming legal online sports betting states such as Arizona, Connecticut, and Florida, among others, to expand their revenue streams.
Internet Sports Betting Market: Overview
- According to Transparency Market Research’s latest research report on the global Internet sports betting market for the historical period of 2017-2019 and the forecast period of 2021–2031, rising demand from the cyber sports industry is expected to boost the global Internet sports betting market during the forecast period
- In terms of revenue, the global Internet sports betting market is projected to exceed the valuation of US$ 70.78 Bn by 2031, expanding at a CAGR of 12.1% during the forecast period
Existing User Base of Traditional Gambling Players Driving Internet Sports Betting Market
- Global Internet sports betting revenue is expected to grow at a healthy rate, owing to high disposable income of consumers, favorable regulations, and tax rebates in different regions. End users aged between 35 and 55 years have high disposable income and a passion for adoption of latest technological devices as part of leisure activity. Therefore, this end-use segment is more likely to adopt multiple betting platforms in the upcoming years, thus driving the Internet sports betting market.
- Generations Y and Z consisting of the age group between 18 to 25 are more inclined to use mobile devices and may find Internet sports betting a leisure activity in the upcoming years. Thus, combining the inputs from both age groups, the Internet sports betting market is expected to register positive growth during the forecast period.
Digital Promotion of Sports Betting Positively Effect on Internet Sports Betting Market
- Internet sports betting operators integrate innovative software solutions and advanced digital technology to offer a greater range of bets with reliable data. This is expected to boost the Internet sports betting market in the near future. In addition, operators providing secure payment options of Neteller, Skrill, Adyen, etc. are found to be popular among end users, while indulging in Internet sports betting.
- Rise in digital promotion of local web and hybrid pari-mutuel betting applications for mobile phones and tablets is projected to surge the Internet sports betting business. Moreover, awareness about betting in regional sports among the masses in niche markets is expected to expand the Internet sports betting market through digital promotions.
- Betting players targeting users of different age groups through multiple digital channels and applications is projected to drive the Internet sports betting market
- Mobile devices such as smartphones and tablets help increase the contact time with the end user by engaging the user with online gambling activities, ensuring that daily activities are impacted to a minimum. Thus, smartphones are projected to play a major role in the adoption of Internet sports betting among end users in the near future.
Internet Sports Betting Market: Competition Landscape
- Detailed profiles of providers of Internet sports betting have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global Internet sports betting market are
- 888 Holdings Plc
- Entain Plc
- Kindred Group
- Unikrn Inc
- William Hill Limited
- Fortuna Entertainment Group
- Flutter Entertainment
- Betway Group
- Cyber Bet
- Furthermore, rising number of startups in various countries is driving the Internet sports betting market.
Internet Sports Betting Market: Key Developments
- Key providers of Internet sports betting such as Kindred Group, Flutter Entertainment, Fortuna Entertainment Group, and Entain Plc are focusing on mobile application development to attract more customers. Some other key developments in the global Internet sports betting market are highlighted below:
- In July 2021, Kindred Group has signed an agreement to acquire the remaining outstanding shares in Relax Gaming, a rapidly growing B2B iGaming supplier. This is anticipated to drive the Internet sports betting market.
- In April 2021, Kindred Group completed the acquisition of 100% shares in Blankenberge Casino-Kursaal (Blancas) NV, which operates Casino Blankeberge in Belgium, from the Rank Group Plc.
- In October 2019, Flutter Entertainment announced the acquisition of Canadian gaming operator The Stars Group for US$ 6.95 Bn. This acquisition will help the company to expand its reach. The company promotes its branding strategy with multiple promotions for customer engagement by competitive pricing to gain profit margins.
- In November 2018, Entain Plc acquired Neds International, an Australian digital sports betting startup, launched in 2017. Through a combination of effective marketing, proprietary technology, and an experienced management team, business has grown rapidly and is expected to achieve AUS$c 1 Bn of wagers.
Internet Sports Betting Market – Scope of Report
A new study on the global Internet sports betting market has been published by Transparency Market Research (TMR). It presents a wealth of information on key market dynamics, including the drivers, market trends, and challenges, as well as the structure of the global Internet sports betting market across the globe. TMR’s study offers valuable information about the global Internet sports betting market to illustrate how the market would grow during the forecast period, 2021–2031.
Key indicators of market growth, which include value chain as well as supply chain analyses, and Compound Annual Growth Rate (CAGR), are elucidated in TMR’s study in a comprehensive manner. This data can help readers interpret quantitative growth aspects of the global Internet sports betting market during the forecast period.
An extensive analysis on business strategies of leading market players is also featured in TMR’s study on the global Internet sports betting market. This can help readers understand principal factors to foresee growth in the global Internet sports betting market. In this study, readers can also find specific data on the qualitative and quantitative growth avenues for the global Internet sports betting market, which is expected to guide market players in making apt decisions in the future.
Key Questions Answered in TMR’s Internet Sports Betting Market Study
- What are the key factors influencing the Internet sports betting market in each country?
- What will be the CAGR of the global Internet sports betting market between 2021 and 2031?
- What is the future scope and current trends in technologies of the global Internet sports betting market?
- What is the revenue of the global Internet sports betting market based on segments?
- Which key strategies are used by top players of the global Internet sports betting market?
- Which are the leading companies in the global Internet sports betting market?
Research Methodology – Internet Sports Betting Market
A unique research methodology has been utilized by TMR to conduct a comprehensive research on the growth of the global Internet sports betting market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary sources referred to by analysts during the production of the global Internet sports betting market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the Internet sports betting market as a primary source.
These primary and secondary sources provided exclusive information during interviews, which serves as a validation from Internet sports betting industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global Internet sports betting market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped in making TMR’s estimates on the future prospects of the global Internet sports betting market more reliable and accurate.
Internet Sports Betting Market – Segmentation
TMR’s study on the global Internet sports betting market includes information categorized into three sections - game type, device type, and region. Changing industry trends and other crucial market dynamics associated with these sections of the Internet sports betting market are discussed in detail.