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New Study Predicts Significant Growth of Global Sports Betting IndustryPublished January 27, 2018 by Elana K
A new study conducted by the India-based research group ReportsnReports is forecasting tremendous growth of the global sports betting industry.
A new study conducted by the India-based research group ReportsnReports is forecasting tremendous growth of the global sports betting industry, at a compound annual growth rate (CAGR) of 8.62% over the next four years. The report, entitled Global Sports Betting Market 2018-2022, analyzed five major online gambling companies - 888 Holdings, GVC Holdings, Kindred Group, Paddy Power Betfair, and William Hill - and provides 73 data exhibits.
What’s Driving the Global Growth of Sports Betting?
According to the study, online betting is the main factor that has been driving the growth of the global sports betting industry. Whereas prior to the digital age, people could place sports bets with their local bookies, today, anyone from anywhere in the world can place a wager online and see the results immediately. Additionally, online sports betting is often safer and more secure than going to your local bookie.
The Fastest Growing Form of Sports Betting
According to the study, the main subcategory of sports betting that is rising the quickest is virtual sports betting, which is betting on virtual games in which the outcome is generated by an algorithm, not by a real team or player. Virtual sports betting is a combination of video games and sports betting, making its appeal stretch to both video game lovers and sports fans.
Global eSports Growth
ReportsnReports released a related report, entitled Global eSports Market 2017-2021, in which research analysts have forecast a staggering CAGR of 32.28% between 2017-2021. eSports usually takes the form of multiplayer video game competitions, and have been a part of video game culture for a long time.
The study analyzed the following eSports companies: Activision Blizzard, Epic Games, Nintendo, Riot Games, Valve, and Wargaming.net. Other significant eSports companies are EA Sports, Hi-Rez Studios, and Microsoft Studios.
The Future of Global Sports Betting and eSports
As computer and smartphone use continue to rise, there is no question that the popularity of sports betting and eSports will continue to rise as well. The studies conducted by ReportsnReports present a particularly high rate of growth in both industries, and as of now, there are no foreseeable obstacles that can significantly slow it down.