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Sports Betting Continues to Recover and is Forecasted to Grow by 2027

This year has been a hard one not only for sports but also for the sports betting industry. The pandemic has affected sports that were quite a shock to everyone. The cancelations of many major sports events never really happened before this year. The sports betting industry just wasn’t ready for it.

March was when many sports events started to take a break because of the lockdowns implemented by different countries worldwide. Since then, betting companies had a hard time looking for betting odds that they could offer to their customers.

Some of the sports started to make a comeback in June. Major sports events like the EPL, the NBA, the IPL, the Championships League, and many other more started to make announcements that will be able to push through with this year’s seasons.

Since then, there have been reports that the sports betting industry is now recovering from the negative impacts that the pandemic has given in the first and 2nd quarter of the year. A report has also been released that sports betting businesses would even continue to grow until 2027.

The report stated that the betting market should be able to grow with a CAGR of 9.99 percent during the forecast period that starts this year until 2027. There a few factors considered for them to come up with this data. But what seems to stand out is the rapid growth of online and mobile betting.

According to the report, the rapid adoption of the internet and mobile devices like smartphones and tablets maximize the interaction time that operators have with their end-users. Through these devices, they can engage with them with online gaming and betting. This is why mobile devices play a significant role in this forecast that concerns sports betting.

Currently, there are already around 4 billion smartphone users worldwide. While this is already a high number, it is still expected to grow. This means that more people would have access to video streaming and instant messaging services that could fuel online and mobile sports betting.

Currently, there are already plenty of sportsbooks apps that people could download and app developers are in competition when it comes to the features that they can offer to their customers. Improved smartphone apps could help boost the betting market.

The application of 5G networks in many places around the world could also encourage online gambling or betting. The growth of the 5G network is already starting any many countries are now starting to make it available. As this grows, the potential of mobile apps could also be more developed.

The growth in these sectors could help you understand how operators would work in the industry based on their target markets:

  • On the platform (online and offline)
  • On application (draw games, instant games, lotto, numbers games, and many more)
  • Based on the types of betting (in-play, fixed-odd betting, exchange betting, daily fantasy, spread betting, e-sports, and many more)
  • Based on the sports type (football, baseball, basketball, cricket, hockey, boxing, horseracing, auto racing, and many more)

According to the report, the top key players at the moment in the betting industry are William Hill, GVC Holdings, Kindred Group, Amaya Gaming, Paddy Power, Bet365 Group, Bet-at-home, Betsson, Draft Kings, Fan Duel, BetAmerica, Gala Coral Group, Sportech, Twinspires, and Watch Wager. These are betting sites that would offer services to domestic and global players.

China, India, and countries in the Asia-Pacific are experiencing an increase in awareness of sports betting. North America will be experiencing a significant growth rate within the years 2020 to 2027.

It helps that in the United States, sports betting is becoming more widely accepted. More and more states are starting to look into legalizing the local operations of sports betting. More countries are also looking into it and this would boost the sports betting industry worldwide.