According to the latest report by IMARC Group, titled “United States Sports Betting Market: Industry Share, Size, Growth, Opportunity and Forecast 2022-2027,” The United States sports betting market is expected to exhibit a CAGR of 13.67% during 2022-2027.
Sports betting represents a type of gambling activity that entails making predictions regarding sports outcomes and then placing a wager on them. Bets on games allow fans to showcase their expertise or allegiance to a specific team or competitor. Furthermore, sports gambling is more common in some cultures than others, with the most popular leagues for wagers being boxing, track cycling, basketball, baseball, football, etc. Sports bettors with in-depth knowledge of teams as well as athletes are more likely to make consistent profits.
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The widespread adoption of wireless connectivity and the increasing penetration of smartphones are primarily driving the United States sports betting market. Additionally, the growing number of annual sports events and leagues in the country, including major league baseball (MLB), national football league (NFL), national basketball association (NBA), national hockey league (NHL), etc., is also catalyzing the market growth. Besides this, the inflating popularity of ripple, bitcoin, dogecoin, etc., in the sports betting landscape is encouraging bettors towards these virtual currencies to attain ease of transaction, which is acting as another significant growth-inducing factor. Moreover, the rising integration of blockchain technology with sports betting apps for automation of real-time data using smart contracts that assist in past event analytics, payment, bet confirmations, etc., is augmenting the market growth. Apart from this, the development of cutting-edge machine learning (ML) algorithms to predict the outcomes of games is anticipated to fuel the United States sports betting market over the forecasted period.
Breakup by Platform:
Breakup by Betting Type:
- Fixed Odds Wagering
- Exchange Betting
- Live/In Play Betting
- eSports Betting
Breakup by Sports Type:
- Horse Racing
Breakup by Region:
The report has also analysed the competitive landscape of the market along with the profiles of the key players.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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