The global sports betting and lottery market has experienced unprecedented growth in recent years, according to new analysis by Safebettingsites. The UK gaming experts website says the sector’s market size has grown from $172.9 billion in 2020 to $194.6 billion in 2021, an increase of 13%, with projections indicating further growth for US $231 billion in 2022.
Safebettingsites chief investment officer Edith Reads attributed this growth to several factors, including the industry’s resilience after the COVID-19 crisis. “The epidemic has brought sporting activities to a halt across the world, resulting in a loss of revenue.”
“Furthermore, containment measures such as limiting the number of public gatherings have led to a decline in business from brick-and-mortar betting facilities. But the industry has rebounded strongly from these shocks to lay the groundwork for further growth.” , added Edith.
Despite the losses caused by the pandemic, the global sports betting and lottery market has grown recently, according to the website. One of the main drivers of this growth is that many countries are legalizing these activities, which has increased the number of people who bet on events and games.
Another factor has been the rapid expansion of the digital age. With more people spending time online, there is a greater demand for activities that they can enjoy from the comfort of their own home. And as more people use their phones or tablets to bet on sports or play the lottery, demand for mobile platforms has grown, helping to drive the growth of online gaming options.
Safebettingsites also credits the growing popularity of eSports for helping to drive the growth of the global iGaming market. According to a projection by NewZoo cited by the site, the global audience of eSports will exceed the 530 million mark by 2022, which has increased the demand for platforms that allow betting on these events.
The analysis suggests that the sports betting and lottery market is set to grow even further. “New technologies will drive innovation and enthusiasm in the industry, increasing opportunities for bettors and investors,” according to the report.
Among the new developments that will gain traction, analysts expect blockchain technology to be one of the main growth drivers in the industry. “The technology has the potential to revolutionize the industry by making it safer and more efficient,” says Safebettingsites.
“The Internet of Things (IoT) is another big trend driving the growth of the global market for the sector. The industry can use the IoT to improve the efficiency of betting processes, connecting devices faster and more efficiently.”
In addition, Virtual Reality (VR) and Augmented Reality (AR) “will also play a key role” in market growth. These technologies could help create “more immersive experiences” for bettors. Investors can use both to create realistic 3D environments for users, providing more markets to explore.
While there are discrepancies in exact numbers, many of the new sports betting analysis and predictions predict that the global market will continue to grow.
A recent study by Delaware-based company Transparency Market Research states that the global sports betting market is expected to grow at an annual rate of 9.8% between 2022 and 2023, with the sector reaching a value of $653.5 billion. in 2031.
“The growing popularity of sports around the world is expected to boost the sports betting market,” the company’s analysis states. “The proliferation of the Internet has increased traffic to some of the top sports betting sites around the world.”
“To attract even more fans, sports betting companies are employing aggressive marketing techniques such as time-based risk-free betting and sign-up bonuses for new customers. These promotional measures are expected to drive the growth of the sports betting industry.” In the next years”.