2018: Online Sports Betting Market
According to studies, analysts have predicted that the online sports betting market industry will grow by almost $125 billion by 2022 from 2018. It has been identified that digital revolution is the fundamental reason for the development of this industry. Since consumers experience effortless access to online sports betting platforms and with growing Internet penetration, the preference for digital platforms keep increasing.
Unlike sports betting, the online gambling market has been growing consistently, now more than $ 40 billion. Accounting for more than two – thirds of the total activity in most regulated markets internationally, online betting is the ruler. The Betway Nigeria secure online sports betting for instance, has been growing significantly the last year.
Dermot Smurfit, CEO of GAN plc is of the opinion that online sports betting can possible equal or eclipse retail sports betting. DraftKings, playMGM and SugarHouse are the only three bands which has earned more than a third of revenue in New Jersey.
DraftKings had a total revenue of $ 2.9 million in August itself since it’s full launch on the 6th of August. With the beginning of the NFL season in September, and with additional improvements like the inclusion of PayPal to the sportsbook wallet, the sports industry is all set to see a massive boost.
Although more than 7 brands are now competing on the digital platform, online sports betting is restricted to the state’s land based casinos and racetracks. However, every key license holder has been permitted to operate up to 3 different online sports betting brands alongside partnership with external brands.
For instance, DraftKings does not run any casino or horse – race track but offers sports betting online because of its partnership with land based casino Resorts Atlantic – City.
Before the end of 2019, there will be 30 online sportsbooks.
In the forecast period, Europe seems to be leading in the online betting industry globally. The improvement in the number of wagers participating has led Asia Pacific to have highest CAGR of 14% during the period of forecast.
The key trend in the existing market is the growing number of online women gamblers and the expansion of Bitcoin gambling.
Despite everything, the market is facing obstructions for it’s growth. The lack of cyber security issues, rigid government regulations and improper handling of the software are major challenges.
Playtika is the largest online casino with a market share of 25.4% chased by SciGames Interactive with 8.4% market share and Zynga with 8.1%.
As revenue continues to increase in the Asia Pacific (APAC) region, more and more money is being placed in betting. Africa and Latin America too are a substantial part of this money making industry, but not as much as the US and APAC.
Presently the fastest growing online betting sports market is the e – sports. Until last year, the industry generated over $ 650 million is expected to make even more with games like Starcraft and Player Unknown Battlegrounds.
Throughout the globe, 20% of the betting take place via mobile phone and this is set to cross 45% as 2019 draws to a close. The operators and wagers are grabbing new opportunities everyday on the digital platform with Sportsbook responding to their consumers’ demand to develop connectivity.