|By Business Wire||
|October 19, 2016 01:43 PM EDT|
Technavio’s latest report on the global sports betting market provides an analysis on the most important trends expected to impact the market outlook from 2016-2020. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The global sports betting market was valued at USD 205.6 billion in 2015 and will grow at a CAGR of 4.26% during the forecast period to reach USD 253.3 billion by 2020.
Ujjwal Doshi, lead analyst from Technavio, specializing in research on publishing and advertising sector, says, “Low-cost cross-border service delivery is opening up sports betting markets, which were previously protected by state-regulated monopolies or dominant local operators.”
The easy accessibility to new gambling distribution methods such as the Internet and mobile phones has resulted in the formation of new groups of customers of all age groups. With innovation in technology and improving broadband penetration, new entertainment services like live betting are becoming popular. The growth in the number of televised sports events and increasing global interest in high-profile football and poker tournaments are increasing the passion for sports among the viewers, leading to an increase in the demand for betting.
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The top four key trends driving the global sports betting market according to Technavio media and entertainment research analysts are:
- Increasing availability of cash alternative
- Growing popularity of online sports betting among younger audience
- Increased penetration of international credit and debit card
- Shift in consumer gambling habits
Increasing availability of cash alternative
The sports betting market comprises a number of types of games, such as money line bets, spread betting, treasures, and parlays in different prize range. Rewards are given in the form of physical goods, as well as monetary benefits. The online gambling market in the US enables the bettors to use virtual money, which has reduced the risks related to cash. Payment through online real cash transactions and virtual money enables the distribution of prize money as virtual currency, which can later be used to play other games or redeem as cash. It also helps the vendors track the spending history of the customers. Another advantage of online gambling is the scalability it offers as it can be implemented to reach a large gambling population. This will give vendors an opportunity to create customized marketing plans to attract more bettors.
Growing popularity of online sports betting among younger audience
Online gambling, especially sports betting, attracts the younger population. It also reaches the gambling population that does not follow sports and is available in countries where betting is legal or illegal. The average age of a land-based sports bettor is 45 years, whereas the average age group of an online sports bettor is 38 years.
“In the current market scenario, it is essential for any business to attract the millennial generation, and the global online gambling market is successfully attracting this segment of the population by offering a variety of games and incentives other than the prize money,” adds Ujjwal.
Increased penetration of international credit and debit card
The biggest challenge for the online gambling market is the legal issues with different countries. Though a number of countries permit land based sports betting because it promotes tourism, they are extremely strict about online sports betting. Some of these countries include the US and the Middle East. However, online sports betting cannot be banned completely as users can always go to a foreign website with a proxy server and gamble easily using an international credit or debit card.
The governments do not take measures to ban these websites permanently because they assume that a person who engages in such activities is educated enough to know the consequences or is financially well off to be adversely affected by gambling losses. Another reason is that it will stop advertisers on the websites tapping into the country's market, resulting in a loss of revenue.
Shift in consumer gambling habits
There has been a significant change in consumer behavior in the global sports betting market. The increase in the popularity of gambling apps and social gambling will propel the growth of the market during the forecast period. Vendors are taking advantage of the growing Internet-using population and increasing adoption of mobile devices to develop innovative social gambling games. The number of people participating in social gambling is also increasing because competing with friends is the top-most reason for the gamers to adopt social gaming.
The key vendors are as follows:
- 888 Holdings
- Bwin.Party Digital Entertainment
- Unibet Group
- William Hill
Browse Related Reports:
- Global Online Gambling Market 2016-2020
- Online Gambling Market in the US 2016-2020
- Online Lottery Market in China 2016-2020
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