Predicting sports results and making a bet on the outcome is known as Sports betting. The frequency of sports wagering varies by culture, with most wagers being put on amateur and professional levels of association football, American football, basketball, baseball, hockey, track cycling, car racing, mixed martial arts, and boxing.
The global market size of the online sports betting sector reached a value of $34 billion in 2021, accounting for 45% of the market size in Online gambling which includes Bingo, Poker, and Casinos alongside Sports betting.
Earlier in the year 2020, the COVID-19 outbreak impacted the sector greatly as most of the outdoor facilities were shut down and people were forced to spend most of their time in their homes, thereby with little to no sports taking place for the better part of the year, which in turn meant no betting activities. The business was shut down for most of the year due to the government’s restrictions and lockdowns. As a result of this, in the year 2020, the global market value of online sports betting saw a de-growth of 5%.
After the restrictions were eased, the sector witnessed a recovery in demand as global online sports betting grew by a significant 5% in 2021 which accounts for an increase in market size of over $1.5 billion.
The global online sports betting market grew at a CAGR of 9% during the period 2017-2021 as the world recovered from the pandemic and people, in general, became spendthrift and willing to spend on betting as they were forced to sit out of sporting events for the better part of a year. Also, the sector was witnessing good growth before the pandemic hit which further helped the market to bounce back as soon as restrictions were eased.
The major companies that have a strong presence in the online casino market include Betway, Kindred, 888Sport, and Caesars Sportsbook among others.
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