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Sports Betting

Global Sports Betting Market Analysis : Industry Trends, Challenges and Forecast to 2021

written by Saloni Agrawal | Jan 23, 2021
Global Sports Betting Market Analysis

We can consider sports betting as global activity in terms of both organizational and technical viewpoints. If we talk about technological perspective, sports betting is conducted on the web or online. Although, in an enterprise, it works on several server points presented across the globe. By seeing the growth of Sports betting game development, many developed nations are coming forward to legalize sports betting. They are also offering a wide range of employment and high revenue generation. Global Sports Betting Market Analysis by industry experts are giving here

This article is all ready to provide you with sufficient information about the sports betting industry such as-

  • Sports Betting Software
  • Betting Industry Trends
  • Betting Business Challenges
  • Sports Betting Market Analysis,
  • predictions of Sports Betting
  • Cost Estimation of  Sports Betting App & Web Development

Overall Analysis and Future Predictions of Global Sports Betting Industry 

The sports betting market globally is expected to develop by USD 144.44 billion from 2020 to 2024. Currently, it is progressing at 11% CAGR during its forecast period. Here we will give you the knowledge and full analysis of the present global market scenario and market environment. The legalization of sports betting platform providers is also responsible for accelerating the sports betting market growth.

Key Trends of the Global Sports Betting Market 

Global Sports Betting Market Analysis

The sports betting industry has also grown with the advent of technological advancements that have made sports betting more simplified and convenient than ever before. Here are the top key trends of the sports betting market globally-

Mobile Sports Betting

Whether it is Android or iOS, each mobile platform provides its users boon in online sports betting scripts. With the Corona Pandemic outbreak, reports say that gamers spend 45% more time playing sports games on their phones. It is an indication that the global market is expanding for mobile sports betting.

Live Betting

It is a game-changer, and with the help of technological advancements, it is now possible to bet on a specific live match or game while running. This sort of bet depends upon a live stream as the game or match is too uncertain to search on mainstream media. It also provides the chance to place extra bets if an impending play is about to happen. 

Micro Betting

This specific betting type permits the bettors to indulge into such sporting events via forecasting a live-in-play action’s result provided in minutes or seconds. Sports betting software providers are offering this feature by using machine-learning and real-time technology. Micro betting allows users to bet on a large number of micro-events throughout the game. 

Virtual and eSports

It is an entirely new concept to the sports industry that is used for bettors to bet on the new betting industry results. Esports refers to electronic sports played by professional players or teams. Simultaneously, virtual sports are fixed-odds electronic games with RNG (random number generator) for virtual event results. 

Crypto Sports Betting

Due to legality, various Sports betting apps allowed their users to deposit and withdraw their money in the form of cryptocurrencies. The Blockchain technology use eliminates the need to operate with fiat currency and enter into the world of easy betting chances with measures like safety, simplicity, and anonymity. 

Sports Betting Development challenges

With the popularity and rise in sports betting, there come some challenges as well. Here we have mentioned those challenges below, take a look-

Lack of Trust

If you have a true brand identity, it will help you sideline all your competitors who lack trust and loyalty. Due to the clutter in the sports market, no venture can lead without a solid brand identity. Have the consistency to bring trust among users.

Current User Demands

The new generation comes with higher demands and to fulfil them, sports betting app developers need to create potential ideas and strategies. The new form of millennials has a different perspective, regardless of what looks good and what not?

Fraud and Spam

The chance of fraud and spam is getting higher with the development of the sports betting market. Anonymity or stolen identity data is the biggest threat to users and the sports betting industry globally.

Technological Growth

Technology advancement solutions have become the biggest challenge for new ventures in the sports betting market. It isn’t easy to keep pace with the present time. The current demand is to be updated in technology and adding new technologies and features into the enterprise to gain more customers. 

>>>Read More: Features & Cost Analysis to Develop a Betting Application<<<

Regulations

Every nation has its own rules and regulations regarding sports betting apps. Even, some places don’t allow for sports betting. So, it is significant to keep an eye on the recent changes in the rules & regulations. In the countries where sports betting is legal, the market needs to have a domestic license for regulating it. 

Comparison by Platform Placement

Here we have shown a comparison between five best online sports betting sites as per the platform placement. In the fastest competitive legal sports betting market, there are many factors to choose and compare among different sports betting apps for having a smooth playing experience.  

Platform’s Name Available On Bonuses Ratings
Betway Both iOS and Android Full bonus up to $1,000  5 star
888sport Both iOS and Android Get £30 on the bet of £10 5 star
William Hill Both iOS and Android £30 or €30 for free bets 4 star
Ladbrokes Both iOS and Android £50 free bet 4 star
BetVictor Both iOS and Android £50 match bet 4 star

Sports Betting Opportunity by Platform

There is a lot to say if we talk about the opportunities provided by top On-Demand Sports betting software or sites. From better profitability to increased user experience, the sports betting market has got better opportunities. Look at these below points-

  • Rise in the automated bots of sports betting developed on top of appropriate forecasting models to analyze the arbitrage opportunities algorithmically. 
  • Smart contracts, the Ethereum Blockchain’s invention permits for instantaneous and guaranteed payouts. And the digital escrow account distributes the funds as per the game result automatically. 
  • Onboarding logistics reduce the inability to complete KYC or AML, user’s geolocation verification and accepting payments.

Geographic comparison of Sports Betting 

Global Sports Betting Market Analysis

The global sports betting market has been partitioned based on sports, platforms, and geographical areas. In Global Sports Betting Market Analysis locations play a vital role. Here we will talk about the geographical landscape that is specifically divided into these five following spaces- 

APAC (Asia-Pacific)

The entire sports betting market is expected to reach up to USD 98.23 billion from 2020 to 2024 in the APAC area. It is progressing at 7% CAGR in its prediction period. Easy-going regulatory frameworks drive the whole market. And, the increased popularity of online sports betting is also accelerating the growth of the gaming market.   

Europe

The European sports market is projected as a continuously grown market with 9.20% of CAGR during 2020-2025. Various sports betting mobile app development companies generate innovative offerings in this region to compete with the available players and gain a competitive advantage. 

MEA (the Middle East and Africa)

The sports betting market in MEA is expected to have healthy growth in the coming five years. The mobile phone penetration and fast internet integrated with the new online betting platforms deployment are prime reasons to boost online sports betting growth. 

South America

Columbia was the first one to legalize sports betting in 2016, and it has a regulated market of sports betting that is developing at a fast rate. 

North America

This region is expected to support the largest fantasy sports market share in its prediction period. North America’s dominance is helpful for economic growth, an enhanced number of internet devices, high-popularity of sports, and sports sponsorship.  

Key Leading Countries of Sports Betting

As we live in the 21st century, all the people are enjoying technological advancements that are making their lives more fun and easier to live. The sports betting world is also expanding at a high pace. Several countries are now allowing Sports betting game development into their country. Do you know which are those countries who are key leading nations in sports betting? Take a glance below-

  1. USA
  2. France
  3. Singapore
  4. Australia
  5. Canada
  6. Greece
  7. Ireland
  8. Italy 
  9. Spain

Analysis of Betting Software Development 

The popularity of the sports betting market is increasing day-by-day and sports events like FIFA, NFL, cricket champions league, etc. are beneficial in this. These are the main reasons to pull up the massive customer and media interest that bring more sponsorship deals for clubs, users, owners, and associations. Also, the legalization ofthe best sports betting platforms positively affects the market and assists in its growth essentially. 

The outbreak of coronavirus impacted the sports positively betting market. Nations across the globe applied restrictions and also promoted social distancing for land-based casino operations. Online sports betting market also got a hike during the time such as Bet365, 888 sports, William hills, Betway, etc. 

Various Sports Betting Website Development companies developed new casino and sports betting games as they were in high demand by users.

These newly developed apps were composed of different games like tennis, horse racing, basketball, cricket, hockey, soccer, etc. Although these apps also got striked via careful government directions and restrictions. 

Global Sports Betting market forecasting to 2021

According to the market reports world, globally, the sports betting market is expected to grow 125.18 bn USD by 2023 with 10% CAGR. Developing software and hardware innovations will also benefit the sports betting industry and impact market growth.

>>> Read More: How to Start a Sports Betting Company <<<

Prime factors for the growth of Sports betting game development are different sports, the launch of new sports apps, and enhancing investment in the internet infrastructure.    

Cost of sports betting Software Development

For Sports betting game app development, you have to monitor and consider numerous essential aspects. Select an efficient and knowledgeable Sports betting software provider who can provide you with an appropriate sports betting solution with all the required and advanced features. Apart from it, below are some significant points you should look at while developing a sports betting app

  • Number of different games
  • Select among Android or iOS (or both) or web
  • App generation as per the nation
  • Designing and development (Technologies)
  • Needed Features and functionalities   

These are some of the factors you must consider to get a better online betting website or app to grow your venture. It would be better if you go for an MVC version of a mobile app, it can cost you a little higher, but it is worth it. The overall cost of sports betting app development will be dependent upon these factors, as mentioned earlier. So, choose the app development company and developers carefully.

>>>Read More: How Much Does it cost to Develop a Betting Application ?<<<

Final Verdict of Global Sports Betting Market Analysis

In this article, we BR Softech has provided details about analyzing the global sports betting market, including its industry trends, forecasting, challenges, estimated cost, etc. We are a well-reputed sports and game app development company in the respective field and serve the proper solutions to our customers for many years.

call to action fantasy sports app

Our team of skilled and proficient developers will provide you with assistance in developing sports betting apps along with post-development maintenance support. Contact a leading betting website developers india for further enquiry! Hope so you have got enough information about Global Sports Betting Market Analysis.

Saloni Agrawal

I am a passionate and full-time writer with experience in academic writing and blogs related to the IT sector, High-tech, and lifestyle. I’ve grown my skills of content writing with the time and have keen interest in learning and exploring new things.

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