Digital revolution in sports industry is the primary factor responsible for the growth of sports betting market

Global Sports Betting Market is estimated to grow significantly in the forecast period owing to the rapidly growing preference for digital platforms and growing internet penetration that gives easy accessibility to customers for online sports betting. Sports betting is a kind of gambling activity that involves prediction of a sport result and placing wagers accordingly. Sports betting is similar to the traditional probability games like dice, roulette, or cards.

Digital revolution in sports industry is the primary factor responsible for the growth of sports betting market. Digital platforms allow customers to place bets from any remote location around the world. The growing popularity of e-sports is forcing bookies to bet on different e-sports matches, now including tennis, golf, and rugby. The growing volume of betting is driving the revenue generation across the sports betting market.

Extensive use of digital platforms and increasing demand from customers (betting supporters) is driving the growth of sports betting market. The rising popularity of virtual sports betting is one of the key trends in sports betting market. Several bookies prefer virtual sports betting due to increasing fascination of online and sports video games. Virtual betting is impartial since it predicts the results from the computer algorithm. In addition, virtual sports betting is integrated with innovative and highly advanced graphics that attract players.

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The high-quality videos of events and matches offer expansive opportunities for customers in online sports betting market. Moreover, the increase in number of initiatives taken to legalize sports betting will affect the growth of sports betting market in the years to come. However, sports betting market is facing few downsides like stringent government regulations for most sports, lack of consumer awareness and the growing rate of criminal activities.

Sports betting market is categorized on the basis of type, application, and geography. On the basis of type, sports betting market is divided into association football (soccer), American football, basketball, hockey, mixed martial arts, and boxing. Based on application sports betting market is divided into draw games, instant games, lotto, numbers games, and others.

Geographically, sports betting market can be segmented as North America, Europe, Asia Pacific, and Middle East & Africa. The Americas are predicted to be the major revenue contributors to the sports betting market due to the extensively rising popularity of sports betting in this region. The prominent players in sports betting market include Lottery, William Hill, Bet365, Ladbrokes, Paddy Power, Bwin, Betfair, Unibet, and Paddy Power Betfair among others.

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