Global sports betting market expected to reach nearly $155.49 B by 2024

FinancialBuzz.com, a financial news informational web portal, has analyzed the sports betting market, noting that it continues to gain popularity among people of all generations as online betting is gradually becoming more mainstream.

The portal cites data provided by a Zion Market Research report that indicates sports betting holds about 70% of the global gambling revenue, which is more than any other sectors, including those of lotteries, casinos, and poker, among other forms of gambling. As for which sports are the most popular, European football attracts the greatest betting revenue, and is then closely followed by baseball. 

FinancialBuzz also notes that numerous technological developments have helped propel the market to new highs. The stronger presence of online betting has completely transformed the process of sports betting, making it easier, faster and more convenient to place bets. On the other hand, the strict regulations by various governments are still an obstacle for the online market. Nevertheless, according to the report, the global sports betting market was valued at around USD 104.31 Billion in 2017 and is expected to reach approximately USD 155.49 Billion by 2024 while growing at a healthy CAGR (compound annual growth rate) of 8.83% between 2018 to 2024. 

Despite legal restrictions, regionally and country wise, in 2018 the market had already produced more than USD 48.9 Billion in worldwide revenue and is projected to expand past USD 134.5 Billion by 2027, according to data provided by Transparency Market Research. 

FinancialBuzz also delved into recent news involving FansUnite Entertainment, GAN, Boyd Gaming Corporation, International Game Technology (IGT), and Scientific Games Corporation.

FansUnite Entertainment and Askott Entertainment just announced breaking news that the two companies, have entered into a definitive amalgamation agreement to create one of Canada's leading online gaming companies, focused on sports betting, esports wagering and casino games. 

The combined FansUnite and Askott will have four live business-to-consumer (B2C) platforms that have generated over CDN$350 million in wagers since inception and will have over 300,000 registered members.

FansUnite and Askott will have four executed business-to-business (B2B) contracts, two of which are currently live and generating revenue with leading esports companies. Two esports themed casino games will be released on multiple casino games aggregators platforms this year with more games currently in development. Also, applications have been completed for gaming licenses for B2C and B2B; 

According to a recent report by Grandview Research, the global online gambling market size was valued at USD 53.7 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 11.5% from 2020 to 2027.

GAN is a business-to-business supplier of online gambling software-as-a-service solutions to the U.S. land-based casino industry. The company has developed a proprietary internet gambling enterprise software system, GameSTACK, which it licenses principally to land-based U.S. casino operators as a turnkey technology solution for regulated real-money internet gambling, encompassing internet gaming, internet sports gaming and virtual Simulated Gaming. Recently GAN had announced that Cordish Gaming Group, the global gaming division of The Cordish Companies, has engaged GAN as their enterprise software Platform provider to power their new "PlayLive!" branded Internet gambling business in the State of Pennsylvania, complementing the development of two new Live!-branded gaming facilities in Philadelphia and Pittsburgh.

Boyd Gaming Corporation and FanDuel Group recently announced the debut of FanDuel Sportsbooks at four Boyd Gaming properties: Blue Chip Casino Hotel and Spa in Michigan City, Indiana; Diamond Jo Casino in Dubuque, Iowa; Diamond Jo Casino in Northwood, Iowa; and Belterra Casino Resort in Florence, Indiana. 

IGT announced earlier this month that its PlaySports platform will power retail and mobile sports betting at Wild Card Saloon and Sasquatch Casino in Black Hawk, Colorado. Owned and operated by privately held gaming company, Ed & Shirley's Inc., both casinos will leverage IGT PlaySports kiosks, platform and mobile technologies to give their patrons choice and convenience for how, when and where they place sports bets. "Offering omni-channel sports betting via the IGT PlaySports solution will introduce an exciting new dimension of gaming to Wild Card Saloon and Sasquatch Casino that sports fans throughout Colorado are ready to embrace," said Ed Smith, Ed & Shirley's Inc. President. "We've leveraged IGT's expertise and trusted technology to create a sports betting program that gives players choice and convenience for wagering on their favorite teams."

Scientific Games Corporation announced earlier in March that it had partnered with Vaix.ai to offer sports bettors personalized recommendations and tailored betting choices through the OpenMarket branch of the OpenSports product suite. Vaix.ai will offer an Artificial Intelligence (AI) model through OpenSports that enhances the sports betting experience. By providing sports, league, team, event, and market recommendations to bettors in real-time, the companies aim to further personalize sports betting through Scientific Games' OpenMarket solution. OpenMarket is the industry's first one-stop content marketplace, giving Scientific Games' partners access to top-tier sports betting intelligence, data feeds and tools without the need for complex integrations and financial agreements.