DUBLIN, October 12, 2016 /PRNewswire/ --
Research and Markets has announced the addition of the "Global Sports Betting Market 2016-2020" report to their offering.
The global sports betting market to grow at a CAGR of 4.26% during the period 2016-2020.
Sports betting is a very popular type of gambling that involves predicting sports results and placing a wager on the outcome. There is a wide range of sports betting available in the market. Some of the most popular games that involve high betting are football, horse racing, cricket, basketball, greyhound racing, baseball, and golf. More than 60% of the sports betting done across the world are illegal as the governments are trying to maintain a balance between the world economy and social welfare. In 2015, more than 90% of the sports betting was land-based, which will decrease with the growing shift of preference toward online sports betting platforms.
Global Sports Betting Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market. To calculate the market size, the report considers the revenue generated from land-based sports betting, and online sports betting.
According to the report, increased reach of online gambling will be a key driver for market growth. One of the most attractive features of online sports betting is its higher reach among the bettors. This type of betting does not require the physical presence of the bettors at the venue, which eliminates the need for traveling to the venue. In addition, the online sports betting is more popular on computing and mobile devices, which have a higher adoption among youngsters.
Therefore, it has a higher reach in the young population as well. The mobile ads, which are one of the strongest mediums of advertising, reach those untapped groups of the population that refrain from going to the betting venue and encourage them to try the game online. In 2015, the average age of online sports bettor was 38 years, whereas for land-based sports it was 45 years. The reach of the online lottery will be more during the forecast period.
Further, the report states that the processing of customer payments through financial institutions remains a big challenge for the vendors. Until 2011, the federal government was liberal in targeting online gaming operators approaching patrons in the US. However, after the implementation of the Unlawful Internet Gaming Enforcement Act of 2006, which prohibits the online gambling platforms from knowingly accepting payments related to a bet or a wager, financial institutions and credit card processors started prohibiting these transactions to avoid becoming the target of federal investigations. Similarly, the increasing instances where the bettors are unable to return the money to the financial institutions is another challenge.
Key questions answered in this report
- What will the market size be in 2020 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?
- 888 Holdings
- Bwin.Party Digital Entertainment
- William Hill
Other prominent vendors
- Gala Coral
For more information about this report visit http://www.researchandmarkets.com/research/sb2spw/global_sports
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SOURCE Research and Markets