The industry report on legal sports betting includes details on historical analyses for legal sports betting markets, with the time frame spanning 2017-2020. The present state of the Legal Sports Betting market is also discussed in detail in the report, with a projection market analysis until 2030. Asia-Pacific region is expected to dominate the legal sports betting market during the forecast period due to an increased focus on legal sports betting R&D and production in countries including China, Japan, India, and South Korea.
The report provides cutting-edge insight into the Authorized Sports Activity Betting market that helps business strategists make one of the best investment analyses. The Global Online Gambling Market is expected to gain even more momentum during the projection period due to the increasing usage of digital currencies and websites companies provide to place wagers and play games. The global size of the online gambling market is expected to reach US$127.3 billion by 2027, recording an annualised growth rate of 11.5% between 2020 and 2027, according to a new report from Grand View Research, Inc. The U.S. online gambling market was valued at USD 2,178.29 million in 2020, which is expected to record a CAGR of 17.34 per cent over the projection period (2021-2026).
VIXIO Gambling Compliance, a game industry consulting firm, estimates annual revenues for sports betting in the U.S. will be between $12.1 and $17.7 billion in 2025, compared with the projected range of $6.7 billion to $8 billion in 2022. Europe led the online sports betting industry in 2019, with a volume of $12,146.2 million, with a projected 12 volume of $26,323.6 million in 2026, with a 12.1% CAGR. With a 48.6 per cent market share in 2019, Europe is the most significant participant in mobile online sports betting.
According to Eilers & Krejcik Gaming, LLC study, the sports gambling industry in the United States itself was worth $270 million in 2017. According to the current PRNewswire study, the sports betting market is anticipated to rise by $134.06 billion! This is why various industry leaders are rushing to invest in the lucrative business via online sports betting software solutions.
Thirty-three states and Washington DC authorised sports betting, giving rise to this large and emerging industry. More than half of the states in America have legalised sports betting, and more are on their way. Years before the Supreme Court struck down the Professional and Amateur Sports Protection Act in 2018, which allowed states to authorise sports betting, FanDuel and DraftKings were spending big bucks marketing daily fantasy sports contests to American sports fans.
After popularising daily fantasy sports, which served as the precursor to sports betting, platforms such as DraftKings and FanDuel worked with pro sports leagues and casinos. They moved to states where legalisation was on the table. The websites were built to stay ahead of the explosion in the online sports betting industry and were designed using direct feedback from amateurs and serious pro sports gamblers.