According to multiple recent studies, the expansion of digital infrastructure and the widespread availability of wireless connectivity will result in a massive growth rate in the sports betting market by 2029.
The analysis is detailed in a 350-page qualitative research study completed by Data Bridge Market Research’s database, titled “Global Sports Betting Market.” According to the data, the Sports Betting Market was valued at USD 76.75 billion in 2021 and is expected to reach USD 167.66 billion by 2029, with a CAGR of 10.26 percent from 2022 to 2029.
Allied Market Research revealed a similar conclusion that the use of the internet contributes to the growth of online gambling. They published the details in the report titled ‘Global Opportunity Analysis and Industry Forecast, 2022-2029.’
According to the studies, several factors are influencing this growth, including the increased use of online gambling. Mobile devices are now used for a variety of purposes in everyday life. Online gambling using app is becoming more popular among bettors because it is more efficient, secure, and convenient.
The growth rate of the sports betting market is expected to be driven by the expansion of digital infrastructure and the prevalence of wireless connectivity. Leading vendors are investing in the development of mobile apps and websites that facilitate online activities in order to keep up with evolving technologies. Furthermore, the market is driven by high internet penetration as a result of individuals’ increasing use of smartphones to play online games in public places or in their homes.
A large number of customers engage in leisure activities such as sports betting in order to supplement their income. In addition, interactive games are gaining popularity among the younger generation.
Despite the fact that a significant portion of the population participates in competitive matches for hobbies, entertainment, and income, large audiences will act as market drivers and further boost opportunities for the market’s growth rate.
Moreover, an increase in middle-income groups’ purchasing power, distribution channel expansion, increased product awareness, and smart strategic marketing activities will all contribute to the growth of the sports betting market. The use of 5G networks, artificial intelligence, and blockchain technologies broadens the market’s advantageous opportunities.
Players must be 21 years of age or older or reach the minimum age for gambling in their respective state and located in jurisdictions where online gambling is legal. Please play responsibly. Bet with your head, not over it. If you or someone you know has a gambling problem, and wants help, call or visit: (a) the Council on Compulsive Gambling of New Jersey at 1-800-Gambler or www.800gambler.org; or (b) Gamblers Anonymous at 855-2-CALL-GA or www.gamblersanonymous.org.
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