Global Online Sports Betting Market Grows 15.59% CAGR (2018-2023) - Makreo Research

LOS VEGAS, Calif. - June 22, 2024 - PRLog -- The global online sports betting market has experienced remarkable expansion in recent years, spurred by advancements in technology and the increasing legalization of sports betting worldwide. According to the latest comprehensive report titled "Online Sports Betting Market Size and Forecast (2018-2028)" by Makreo Research, the market is poised to grow at a robust Compound Annual Growth Rate (CAGR) of 15.59% from 2018 to 2023.

Technological Innovations Power Market Growth
Technological advancements, including enhanced mobile accessibility and secure online payment gateways, have been instrumental in driving this growth. These innovations have not only boosted user convenience and security but also significantly increased participation in online sports betting activities globally.

North America Emerges as Fastest-Growing Region
North America has emerged as the fastest-growing region in the online sports betting market, fueled by recent legislative changes that have legalized sports betting across several states in the United States. This regulatory shift has unlocked substantial market potential, with the U.S. sports betting app market witnessing significant engagement.

Europe Leads in Market Share
Europe maintains its position as the largest market globally for online sports betting, benefiting from well-established regulatory frameworks that support a thriving online betting ecosystem. In 2022, sports betting accounted for 43% of the online Gross Gaming Revenue (GGR) among members of the European Gaming and Betting Association (EGBA).

Asia Pacific and South America Show Promise
The Asia Pacific region offers growth despite regulations. India has 140 million cricket bettors, showing high sports betting engagement. In South America, Brazil's market is rapidly expanding due to legalization efforts.

Key Market Trends and Challenges
The latest report highlights rising trends like live betting and increased smartphone usage, boosting user engagement and market growth. However, regulatory challenges and cybersecurity issues in some regions hinder market expansion.

Future Outlook and Competitive Landscape
Looking ahead, the global online sports betting market is projected to continue its growth trajectory with a CAGR of 10.67% from 2024 to 2028. This growth will be supported by ongoing technological advancements and evolving regulatory landscapes across key regions. Leading companies such as Flutter Entertainment, Entain Group PLC, and Bet365 are actively expanding their market presence through strategic investments and partnerships.

Conclusion
Makreo Research has published its comprehensive report on the global online sports betting market (2018-2028), providing crucial insights into trends, challenges, and growth opportunities across North America, Europe, Asia Pacific, and South America. The report equips industry stakeholders with essential data to navigate regulatory landscapes and capitalize on emerging market trends.

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Online Sports Betting Market Size and Forecast (2018-2028) - Regional Analysis (North America, Europe, APAC, South America) (https://www.makreo.com/report/online-sports-betting-marke...)