Global eSports Betting Is a $66 Billion Dollar Industry Still Expected to Grow As Latest Technology Enhances Consumer Experience

PALM BEACH, Fla., Dec. 1, 2021 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - The global sports betting market has been growing in recent years and is expected to continue for years to come. A report from Grand View Research projected that the global sports betting market size was valued at USD 66.98 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 10.1% from 2021 to 2028. It said that the application of AI and blockchain technologies is anticipated to boost market growth in the coming years. For instance, to legalize commercial gambling in Great Britain, the Gambling Commission introduced the Gambling Act 2005. Moreover, the same act was reviewed recently in December 2020, where the government directed platform providers to comply with the technological changes.  The report said: "The online segment accounted for the largest revenue share of over 50.0% in 2020 and is anticipated to maintain its lead over the forecast period. The online segment is expected to witness the fastest growth over the forecast period. In terms of platform, the market has been divided into online and offline sports betting.  The growth of the online betting segment can be attributed to the increase in the penetration of smartphones and connected devices across the world. For instance, according to H2 Gambling Capital, a betting and gaming consultancy, in 2018, 43% of online bets were placed through mobile devices and 57% were placed using desktops."   Active companies in the markets today include:  Esports Technologies (NASDAQ: EBET), DraftKings Inc. (NASDAQ: DKNG), Skillz Inc. (NYSE: SKLZ), Elys Game Technology, Corp. (NASDAQ: ELYS), Rush Street Interactive, Inc. (NYSE: RSI).

Grand View Research added: "The fixed odds wagering segment accounted for the largest revenue share of over 25.0% in 2020 and is expected to maintain its lead throughout the forecast period. This can be attributed to the familiarity of this betting type among people that bet on sports, such as baseball, football, hockey, horse racing, and basketball globally. Fixed-odds wagering can be further segmented into numerous sub-types, such as point spread, proposition bets, fractional odds, in-game betting, and parlays. The competitive landscape of the market is fragmented, featuring several global as well as regional players. The key participants are entering into strategic collaborations, partnerships, and mergers & acquisitions to expand their business footprint and survive the highly competitive environment. Moreover, service providers are spending considerably on research & development activities to incorporate new technologies in their offerings and develop advanced products to gain a competitive advantage over other market players."