LONDON--(BUSINESS WIRE)--The sports betting market is expected to grow by USD 134.06 billion during 2020-2024, according to Technavio. The report offers a detailed analysis of the impact of COVID-19 pandemic on the sports betting market in optimistic, probable, and pessimistic forecast scenarios.

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Sports betting market size is forecast to grow by $134.06 billion during 2019-2024 at a CAGR of 10%. Sports betting market analysis indicates that the increasing commercialization of sports events will drive market growth. The integration of advanced technologies in self-service kiosks will also drive sports betting industry growth. Global Online Sports Betting market is growing by registering a CAGR of 10.1% during the forecast period (2019-2024). Online sports betting is predominantly applied in events, such as FIFA World Cup and European Championships. Online betting is also popular in horse racing and tennis. This is a professional and in-depth study on the current state of the Online Sports Betting Market with a basic overview of the industry including definitions, classifications, applications. Global Sports Betting Market: Overview As the effective sports betting landscape initiates carrying real value to the economies of numerous countries, the idea of sports betting, as considered illegal by regulatory bodies, is observing an epochal scale of change.

The sports betting market will witness a Positive impact during the forecast period owing to the widespread growth of the COVID-19 pandemic. As per Technavio’s pandemic-focused market research, market growth is likely to increase as compared to 2019.

With the continuing spread of the novel coronavirus pandemic, organizations across the globe are gradually flattening their recessionary curve by leveraging technology. Many businesses will go through response, recovery and renew phases. Building business resilience and enabling agility will aid organizations to move forward in their journey out of the COVID-19 crisis and towards the Next Normal.

This post-pandemic business planning research will aid clients to:

• Adjust their strategic planning to move ahead once business stability kicks in.
• Build Resilience by making effective resource and investment choicesfor individual business units, products and service lines.
• Conceptualize scenario-based planning to mitigate future crisis situations.

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Key Considerations for Market Forecast:

• Impact of lockdowns, supply chain disruptions, demand destruction, and change in customer behavior
• Optimistic, probable, and pessimistic scenarios for all markets as the impact of pandemic unfolds
• Pre- as well as post-COVID-19 market estimates
• Quarterly impact analysis and updates on market estimates

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Major Three Sports Betting Market Participants:

888 Holdings Plc

888 Holdings Plc operates its business under Business to Customer and Business to Business segments. The company offers online sports betting services for various sports and sports leagues such as NBA games, NFL matches, NHL contests, MLS, golf, tennis, NASCAR, and Formula One.

bet365

bet365 operates its business under three segments, which include sports, in-play, and casino. The company offers sports betting services for sports including football, basketball, soccer, and others.

Churchill Downs Inc.

Churchill Downs Inc. operates its business under various segments such as racing, online wagering, casino, other investments, and corporate. The company offers online sports betting services on iGaming platforms.

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Sports Betting Market 2020-2024: Segmentation

Sports betting market is segmented as below:

• Platform
  • Offline
  • Online
• Geography
  • APAC
  • Europe
  • North America
  • MEA
  • South America

The sports betting market is driven by the digital revolution. In addition, other factors such as increasing commercialization of sports events is expected to trigger the sports betting market toward witnessing a CAGR of almost 10% during the forecast period.

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Market Drivers

Market Challenges

Market Trends

Sports Betting Industry Analysis

Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

Sports Betting Market

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New Jersey Sports Betting Market Share

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.