Dublin, Aug. 31, 2020 (GLOBE NEWSWIRE) -- The 'Sports Betting Market - Forecasts from 2020 to 2025' report has been added to ResearchAndMarkets.com's offering.
The sports betting market was valued at US$85.047 billion in 2019.
The sports betting market is projected to witness considerable growth primarily on account of the inclination of the governments of numerous countries towards the legalization of sports betting. Furthermore, the rising penetration of various legal online platforms in some countries is also further supplementing the sports betting market growth in the near future.
The market is also poised to grow on account of the rising popularity of international sports events around the globe coupled with the increasing popularity of high-end sports such as cricket, soccer, baseball has gained a lot of traction in the past years, which has led to a decent increase in the sponsorships for clubs, teams, players.
Additionally, the rising investments by numerous sports organizations in marketing and promotional activities have led to increased investments by major betting companies in providing sponsorships for sports teams around the globe. Thus, the rising commercialization of sports events is considered to be a key factor that is expected to positively impact the market growth during the next five years.
The rising consumer expectations have led to the constant participation of key players of the market in the form of partnerships, collaborations, agreements, and R&D for the launch of various platforms to cater to the rising consumer expectations. For instance, recently in June 2020, Sportech PLC a leading market player in the gaming technology industry of the world announced its strategic partnership with a French gaming operator ZeTurf, the aim of this partnership was to deliver attractive and alternative options for betting on French racing.
Similarly, in May 2020, the company announced a successful launch of Tote Betting services in Moscow for client Pari Engineering Rus. Furthermore, the growing partnerships between high end-resorts and casinos with leading market players for availing their services also shows the potential for the market to grow in the near future.
For example, in February 2020, William Hill, a leading sports betting company entered into a long-term partnership agreement with the Grand Traverse Band of Ottawa and Chippewa Indians (GTB), a federally recognized Indian tribe for exclusively providing online sports betting and online casino gaming throughout Michigan. Also, during the same month, the company also entered into a partnership with CBS Sports with an aim to increase the reach to millions of new sports fans and fantasy players by extending its leadership in sports betting content.
Moreover, in February 2019, Churchill Downs Incorporated entered into a partnership agreement with Golden Nugget Casino for the launch of its BetaAmerica online real-money sports betting and online casino platform in New Jersey.
However, the sports betting market may be restrained by the fact that still sports betting is considered to be an illegal activity in some parts of the world. Also, the recent outbreak of the novel coronavirus is expected to be a major factor inhibiting the market growth during the short run as the intense outbreak has led to enforcement of directives by the WHO such as social distancing and quarantine measure in almost every country of the world.
This has led to the temporary suspension or cancellation of all the major sports events at international, regional, and national levels that include, football, hockey, marathons, cricket, basketball, and more. This is considered to be one of the prime factors that is projected to hamper the market growth for the next ten to eleven months.
Growing legalization is offering lucrative opportunities
One of the major factors that is propelling the market growth opportunities is the rising government initiatives for the legalization of sports betting with an aim for the generation of revenue. For instance, in 2018 sports betting for the first time was legalized in New Jersey. Furthermore, the inclination of governments of various developing countries such as India and Brazil among others to tap the potential of revenue that the sports betting industry holds is considered to be a prime opportunity for the market to grow in the near future. For example, in 2018, the Law Commission of India stated in its report the recommendations for legalizing sports betting in the country.
The global sports betting market has been segmented on the basis of platform, sport, and geography. By platform the segmentation of the market has been done on the basis of online and offline. By sport the market has been classified into cricket, FIFA, horse racing, and others. Geographically, the segmentation of the sports betting market has been done into North America, South America, Europe, Middle East and Africa, and Asia Pacific.
Online segment to witness a decent growth
By platform, the online segment is projected to witness a healthy growth during the next five years. The rapid internet and smartphone penetration coupled with the launch of new online betting platforms are some of the key factors bolstering the growth of this segment throughout the forecast period.
Europe to hold a notable share
Geographically, the European region is anticipated to hold a substantial share in the market throughout the forecast period primarily on account of the legalization of betting in several European countries. Also, investments by players in countries of this region for expansion of services further supplement the market growth in Europe during the next five years.
Competitive Insights
Prominent key market players in the Sports Betting market the 888 Group, Kindered Group plc, Wiliam Hill PLC, and Churchill Downs Incorporated among others. These companies hold a noteworthy share in the market on account of their good brand image and product offerings. Major players in the Sports Betting market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last two years.
Key Topics Covered
1. Introduction
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
2.2. Assumptions
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Sports Betting Market Analysis, By Platform
5.1. Introduction
5.2. Online
5.3. Offline
6. Sports Betting Market Analysis, By Sport
6.1. Introduction
6.2. Cricket
6.3. FIFA
6.4. Horse Racing
6.5. Others
7. Sports Betting Market Analysis, By Geography
7.1. Introduction
7.2. North America
7.3. South America
7.4. Europe
7.5. Middle East & Africa
7.6. Asia-Pacific
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.1. the 888 Group
9.2. Kindred Group plc
9.3. William Hill plc
9.4. Churchill Downs Incorporated
9.5. Sportech plc
9.6. The Stars Group Inc.
9.7. Webis Holdings plc
9.8. Flutter Entertainment plc
For more information about this report visit https://www.researchandmarkets.com/r/lkiuog

Sports betting market size is forecast to grow by $134.06 billion during 2019-2024 at a CAGR of 10%. Sports betting market analysis indicates that the increasing commercialization of sports events will drive market growth. The integration of advanced technologies in self-service kiosks will also drive sports betting industry growth. FRANKFURT (Reuters) - Deutsche Telekom has applied for a sports betting license which could pit the telecommunications company against online gambling companies competing for a limited number of.

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The PA sports betting market decided to break one more record before putting a bow on a trying 2020.

Pennsylvania sportsbooks took $548.6 million in bets for December, setting a new state record. The previous record was $525.8 million from October.

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Sports betting revenue was $45.3 million, though that drops to $34.1 million in taxable revenue once the $11.3 million in promo credits are deducted. That resulted in $12.3 million in tax revenue for the Keystone State, according to the state report.

Nearly all of that handle came from online with $535.2 million wagered, good for 97.6% share of the market. Mobile handle for Pennsylvania sports betting typically hovers above the 90% mark but December’s share was likely helped by casino closures to curb the spread of the coronavirus.

Online sports betting revenue hit new heights, both before and after promos. Total revenue was $44.2 million with taxable revenue of $32.9 million.

Pennsylvania online sports betting share drops for some

The top two sportsbooks in the state, FanDuel Sportsbook and DraftKings Sportsbook, both saw online market share decline in December.

Sports betting market size chart

Sports Betting Market Makers

FanDuel’s online market share slipped to 38.8% from 39.5% in November. DraftKings’ decline was smaller as it fell 0.1 percentage points to 24.5% in December.

Fourth-place BetRivers also saw market share for its two online sportsbooks fall to 9.1% last month from 10.6% in November.

Barstool, BetMGM picking up scraps

Those fluctuations might not seem like a big deal for bigger, established operators. That share has to go somewhere, though, and recent market entrants were happy to add to their coffers.

Sports Betting Market Size

Barstool Sportsbook remained third in the state with 13.4% of online handle, up 1 percentage point from November. The brand and its Penn National employees will get its first real test beyond its first market this week as Barstool launches online in Michigan, its second online state.

BetMGM, meanwhile, came out of the gates with $12.1 million in handle, or 2.3% of the PA online market. That was only for about two weeks’ worth of events as well since the brand launched Dec. 17 for testing.

PA sports betting third in handle for now

Pennsylvania closed 2020 as the third-biggest US sports betting market in terms of handle. Its $3.6 billion will fall short of New Jersey‘s $6 billion and Nevada‘s more than $4 billion.

This could be the last time the state is so high on the list.

Recently-launched states like Colorado and Illinois are ramping up fast and could overtake Pennsylvania soon enough. New markets about to open like Michigan and Virginia could also catch PA down the line.

New Jersey Sports Betting Market Share

Sky-high tax rate still delivers

It’ll be hard for a state to top Pennsylvania in terms of tax revenue, though. PA sports betting by far brought in the most for its state last year at $66.1 million thanks to its industry-high 36% effective tax.

For comparison, New Jersey sportsbooks contributed $50.9 million in tax revenue. That’s $15.2 million less than Pennsylvania even though NJ sportsbooks generated $128.6 million more operator revenue than PA books last year.

Sports Betting Industry

New Jersey taxes retail betting revenue at 8.5% and online betting at 13%.

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