The global sports betting and lottery market has seen unprecedented growth in recent years, according to Safebettingsites analysis, with the sector’s market size growing from $172.89 bln in 2020 to $194.63 bln in 2021, a jump of 13%.
Safebettingsites’ investments lead Edith Reads attributes this growth to several factors. Key among them is the sector’s resilience post the COVID-19 crisis.
“The epidemic led to the grounding of sports activities globally, resulting in lost revenues,” Reads said.
“In addition, containment measures such as capping numbers in public gatherings led to dwindling business for brick and mortar betting facilities. But the sector has bounced back robustly from those shocks to set the ground for further growth.”
Bar the pandemic-induced shrinkage, the global sports betting and lottery market has been growing recently. The increasing shift towards regulated sports betting and lotteries is a major driver of that growth.
Many countries are legalising these activities, which has increased the number of people wagering on events and games.
Another driver has been the rapid expansion of the digital age.
With more people spending time online, there is a greater demand for activities they can enjoy from the comfort of their location. This and the growth of mobile devices have helped to drive growth in the sector.
Again, the increasing popularity of esports has helped fan the growth in the global sports betting and lottery market.
According to a NewZoo projection, the global esports audience will surpass the 530 million mark in 2022. That has heightened the demand for platforms that support betting on such events.
Many analysts expect blockchain technology to be a major driver of the sector’s growth. The technology has the potential to revolutionize the industry by making it more secure and efficient.
Similarly, The Internet of Things is another major trend that is powering the global sports betting and lottery market growth.
Finally, Virtual Reality (VR) and Augmented Reality (AR) will also play a central role in the market’s development as they help to create more immersive experiences for bettors.