Participation in online betting permits players to monitor betting activities in real-time through internet-connected devices. For instance, according to Global Social Media Overview April 2021 by DataReportal, there are more than 4.8 billion internet users across the world. The market has also benefitted from the growth in internet penetration, which is driving increased investments in online sports betting platforms. During lockdowns, the online sports betting industry witnessed an increase in participation as users had more time to spare on their phones and desktop computers, making it convenient for them to place bets. As a result of the lockdown of land-based betting facilities, many customers/bettors shifted to online betting platforms. However, the sports betting industry is expected to witness lesser financial damage compared to other industries. The COVID-19 pandemic led to the cancellation of sports events, which reduced sports betting opportunities. However, sports betting also extends to non-athletic events, such as horse racing and eSports. Most bets are placed on sports, such as football, baseball, basketball, hockey, cricket, boxing, and auto racing. Sports betting is an activity of foretelling sports results and placing a bet on the result.

Additionally, the increase in the number of sports events and leagues is driving the demand for sports betting platforms. The growing digital infrastructure and the penetration of connected devices are the key factors driving the market. The global sports betting market size is expected to reach USD 140.26 billion by 2028, according to a new report by the publisher The market is expected to expand at a CAGR of 10.1% from 2021 to 2028. 28, 2021 (GLOBE NEWSWIRE) - The 'Sports Betting Market Size, Share & Trends Analysis Report By Platform (Online, Offline), By Type (Fixed Odds Wagering, eSports Betting), By Sports Type (Football, Basketball), By Region, And Segment Forecasts, 2021 - 2028' report has been added to 's offering.

Sport betting industry