Sports Betting with Cryptocurrencies – The global sports betting market is expected to be fragmented, owing to huge number of players operating in the market on a regional and global scale. The players including GVC Holding PLC, Paddy Power Betfair PLC, Bet 365 Group Ltd, The Star Group, and William Hill PLC, accounting for around 25-30% share globally, lead the sports betting market.
The important factors boosting the growing share of the market involve in-house product development, mergers and acquisitions, and new innovations. For example, Paddy Power collaborated with Betfair, in 2016, to launch Paddy Power Betfair, and took over another company in May 2017, Daily Fantasy Sports Co. This acquisition is aimed to make use of the technology to enhance their abilities and provide and cater to better betting experience to the clients.
Having said that, regional companies are also emphasizing on creating partnerships to improve their reach and better their position in the market by implementing several strategies. For example, Kindred Futures, and Cockroach Labs in 2017, partnered with each other to create a next-gen online gaming program. And it’s not just gambling that can benefit from the technology, as the marijuana industry has several well know Cannabis Cryptocurrencies.
With the advent of virtual sports betting, there has been a rise in value of various economies of the different nations. Thus, sports betting, which earlier was considered illegal by regulatory authorizes is being accepted gradually and witnessing a significant revolution.
According to recent report by Transparency Market research, the global sports betting market is foreseen to register a robust CAGR of around 11% within the forecast period from 2019 to 2027. By the end of 2027, the global sports betting market is prognosticated to be valued around worth US$608 bn.
Live Streaming Gambling Platforms to Fuel Sports Betting Market growth
Key players are banking on integrating online and live streaming gambling platforms to attract mire bettors across the globe through digital promotions. With the emergence of cryptocurrencies such as Dogecoin, Bitcoin, Litecoin, and Ripple in betting market scenario, it is getting easier for bettors to put resources through them virtual, which was earlier difficult through traditional methods. Moreover, better operating from the nations where the real money is prohibited for gambling, sports betting with cryptocurrencies can make a good use of these for their safe transaction.
With a concentration of leading betting brands, Europe has become home to the sports betting industry, with football contributing a significant share to the regional market, and ‘cricket mania’ is driving bets at an exponential rate. However, the Asia Pacific sports betting market remains driven by the high frequency of mega sports events and surge in the number of participants.
Asia Pacific to Lead Due to Rising Usage of Smartphones in Region
Since nations in Asia Pacific, like India and China have young and middle ages population base, the scope of indulgence in sports is greater here. Moreover, rising infiltration of smartphones is as well fueling the popularity of sports betting trend in the region.
Since the popularity of football is not restricted in the certain boundaries of well-established nations, it is tending towards being adopted as a global sport. This gives a great opportunity for sports betting market to expand its presence in this sport as well. It also lets key players explore the untapped areas to gain more profit among the other game types. Nevertheless, susceptibility to addiction, cyber-threats, and unorganized market scenario for now are some of the leading factors pulling back the demand in sports betting market in future.
This review is based on the findings of a TMR report titled “Sports Betting Market (Platform: Online, Offline; Game Type: Football, Baseball, Basketball, Hockey, Cricket, Tennis, Golf, Boxing, Horse Racing, Auto Racing, Others) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027.”
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