SPORTS BETTING
US – Global sports betting market size is expected to grow by $144bn by 2025
By Phil - 13 September 2021
Even the pandemic could not prevent the Global Sports Betting Market to thrive and continue to grow. The global sports betting market had been pent-up for about a year. However, sports gambling statistics in the US suggested strong, record growth with $387m in revenue being attributed to January alone, per the American Gaming Association (AGA).
As a record month for nationwide sports betting, it signified a 174 per cent year-over-year surge in revenue from 2020. In addition to the 11 states that reported record-setting wager amounts from sports betting in January, there were also two new legal jurisdictions, in Virginia and Michigan, which contributed to those statistics. Tennessee and South Dakota are among a few other states looking to finalize legislation to legalise sports betting within their borders before starting the next football season, September 2021. According to an article in the European Business Review, domestic sports betting revenue in the US is projected to be valued at $7bn by 2025 and it continued saying that, according to a report by Technavio, the global sports betting market size is expected to grow by $144.44bn between 2020-2025. Active gaming and tech companies in the markets today include: Esports Technologies, Esports Entertainment Group’s , Skilz, Golden Nugget Online Gaming, FansUnite Entertainment.
The article said: “Gross gambling revenue (GGR) in Europe was forecasted to be worth 24.7bn Euros, in 2020, including online lottery, online casinos, and sports betting. Italy, the UK, Germany, France, and Spain had the highest GGRs, respectively. In 2019, forty-one percent of online gambling revenue in Europe came from sports betting. The region’s online gambling market was expected to be valued at $94bn by 2024. While Europe leads the way internationally for online gambling, many sportsbooks throughout Latin America remain available through traditional, land-based casinos. However, online wagering is becoming an unstoppable force.”
