A new report that studied the global sports betting market said that it will be worth US$155.4 billion in five years.
US.- Sports betting is one of the verticals within the gambling industry that has been experiencing an exponential growth year after year. While its worth was estimated at US$104 billion in 2017, it is expected that it will reach US$155.4 billion by 2024.
A new report from Zion Market Research called “Sports Betting Market by Platform, by Type, and by Sports Type: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017—2024” said that the industry will grow at a healthy CAGR of 8.83% between 2018 to 2024.
The report details that the sports betting market is likely to grow dynamically in the future thanks to the digital revolution. The market holds around 70% of the global gambling revenue, which is more than any other sectors inclusive of lotteries, casinos, and poker, among other forms of gambling. Furthermore, European football is the biggest vertical within sports betting closely followed by baseball.
Furthermore, one of the major factors being the sports betting growth will be the increasing popularity of virtual sports betting. However, strict government regulations could hamper the development on a global scale in the future.