The Global Betting Industry: Size, Market Dynamics and Segmentation
In 2017, the global sports betting market had an estimated value of around $104.31 billion. That’s less than half of what the global gambling market is worth. Even better, that value has continued soaring over the last two years due to the digital revolution and betting on live sports events. This article lays down the size of the global betting industry while discussing the market dynamics and segmentation.
How Huge is the Betting Industry?
According to a report released by a business research company, the global gambling market will be valued at around $565.4 billion by 2022. That represents a 5.9% annual growth rate, fueled by the rise of online gambling activities and advancements in technology. The growing per capita income, growing interest, high adoption, and increase in the number of dual-income households will also contribute to the transformation of the betting market.
Over the next five years, the demand for online games will also continue attracting new players in the gambling industry, while penetrating new markets. Even better, the increasing penetration of mobile apps in the UK, US, China, Italy, and the SAR region will continue enabling the global market in the next decade.
The Dynamics of the Gambling Industry
The exponential popularity of live casinos like Betway will help to develop the global market in the next five years. Live sports betting is also a huge trend in the market, with fans who bet on the Bundesliga live with Betway preferring it than other forms of betting. Additionally, the rise of competitive eSports gaming is driving growth in the global betting market.
Like major sports events, eSports competitions are broadcasted worldwide through online streaming platforms like Twitch and YouTube. These games allow online gambling operators to penetrate the video gaming market while utilizing digital payment systems to allow punters to place their wagers from any corner of the world.
Market Segmentation
In 2017, land-based casinos occupied the largest market segment in the global betting market. However, with online betting platforms on the rise, you can expect the market to be dominated by web-based gambling platforms in the next two decades.
When considering the products available, the global betting market can be divided into three major segments. That includes:
Lottery sports
According to market experts, the global lottery industry will grow by $220.52 billion by 2024, growing at a 10% annual growth rate. This market is divided into three major segments according to the types of games, including Scratch-off games, sports lotteries, and terminal-based games.
Casinos & games
Over the last decade, the global casino industry has witnessed excellent growth due to different factors, and the momentum will continue moving forward in years to come. Some of the factors contributing to this growth include advancement in technology, increasing digitization, access to entertaining casino games, and the relaxation of gambling laws across the world.
Online betting companies
When it comes to betting, most people around the globe choose to wager on sports. That’s because betting on sports allows them to use the knowledge they have about their favourite games and teams, letting them know whether they’re as informed as they think. Even better, the risks involved in sports betting are minimized compared to other forms of gambling.
Photo by Aidan Howe on Unsplash
