The sports betting market is expected to grow by an estimated $143.73 billion from 2021 until 2027, according to a recent study.
TechNavio, a global technology research and advisory company, also estimates the compound annual growth rate of the global sports betting market is 10.68%.
The study's results found a fragmented market that will go through consolidation through mergers and acquisitions, fueling sports betting’s growth.
The study highlighted China and Australia as robust regions for faster sports betting surges. Online games and fantasy sports platforms will fuel demands in those markets.
TechNavio cited operators 888 Holdings and bet365 Group as market leaders.
Growth specifics
TechNavio predicts 42% of the market growth will come throughout Asia because of the digital revolution and increased interest in wagering.
The study highlighted China and Australia as robust regions for faster sports betting surges. Online games and fantasy sports platforms will fuel demands in those markets.
The ease of being able to place wagers via the Internet is the study’s leading driver.
Future of betting
TechNavio’s research found that a key aspect in the future of sports betting growth will be machine learning and AI, which are affecting businesses and markets around the world. The study said sports bettors understanding predictive models and machine-learning algorithms will increase interest globally during the forecasted period.
One of the major challenges to growth, however, is stringent government regulations and restrictions. The study projects that will hinder growth, especially in Asia.
