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Sports Betting Market to Rise at a CAGR of 9.1% during Forecast Period, notes TMR Study

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Transparency Market Research Inc. – The sports betting market size stood at US$ 279.5 Bn in 2021 and is likely to reach value of US$ 664.0 Bn by 2031. The global industry is anticipated to develop at a CAGR of 9.1% between 2022 and 2031. Predicting sports results and making a bet on the result is known as sports betting.

Growing popularity of sports around the globe is driving in sports betting among the younger generation alongside professional gamblers. The statistics for the sports betting sector are improving due to the increased use of cellphones, implementation of favorable government rules, widespread adoption of the internet, and an upsurge in online gambling.

Key players are using persuading marketing techniques, such as sign-up incentives for new customers and risk-free wagering for a predetermined period, to entice sports fans to place bets. Additionally, companies are receiving new system orders from high-growth countries including Asia Pacific and North America since more urban residents are gaining interest in sports betting.

Sports betting bookies are currently focusing on boosting their R&D efforts and using advanced facilities in order to develop distinctive betting features. It is predicted that this would drive business opportunities in the global sports betting industry.

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Sports betting is becoming more popular all over the world due to rise in sports lovers. One of the rapidly growing industries is the gambling industry. Sports betting is being considered for legalization in many countries and this is anticipated to increase market demand for sports betting in the coming years. Sports gamblers use bookies or legal means to put their bets. Both internet and physical betting platforms are available for placing bets, which is anticipated to raise market value of sports betting.

The bulk of bets are placed on sports including football, basketball, American soccer, mixed martial arts, baseball, track cycling, boxing, car racing, and hockey, and boxing. While football betting is well-liked in North America and South America, online cricket betting has begun to gain traction in Asia Pacific.

Market Snapshot:

 Report Coverage  Details
 Market Revenue  US$ 279.5 Bn
 Estimated Value  US$ 664.0 Bn
 Growth Rate – CAGR  9.1%
 Forecast Period  2022-2031
 No. of Pages  136 Pages
 Market Segmentation  Game Type, Betting Type, Platform
 Regions Covered  North America, Europe, Asia Pacific, Middle East & Africa, South America
 Companies Covered  888 Holdings plc., BETSSON AB, Fortuna Entertainment Group a.s. (FEG), Entain, Gal Sports Betting (U) Limited, Kindred Group plc, Flutter, Betway, Bet365, TechSolutions Group N.V

Key Findings of Market Report

  • In terms of betting type, the fixed-odds segment is expected to account for a sizable market share due to an upsurge in successful outcomes. The risk of fixed-odds betting is also smaller than that of pari-mutuel betting as a result of the ease with which risk is assessed. This is anticipated to drive business growth in the fixed-odds segment during the forecast period.
  • In terms of game type, the cybersports segment is likely to account for sizeable market share. This is due to expansion of the e-sports business across the globe and convenience of placing bets online via smartphones in place of doing it physically.

Global Sports Betting Market: Growth Drivers

  • The rapid increase in use of internet-connected gadgets, such as tablets and smartphones, is fueling a boom in online betting worldwide. Gamblers who watch live betting have the chance to make quick decisions that, if they bet well, might guarantee them substantial gains. Consequently, it is anticipated that mobile devices like tablet computers and smartphones that support live betting would have a significant positive impact on the market for sports betting.
  • The vast majority of people watched only a few sports earlier, primarily football and basketball. However, other sports are starting to gain popularity all over the world. Table tennis, boxing, horse racing, cricket, hockey, and rugby are a few of these. Therefore, there are now more games accessible for wagering, which is likely to drive market development.

Global Sports Betting Market: Regional Landscape

  • Asia Pacific, which dominated the global industry in 2021, has seen a significant increase in the number of people who engage in betting as a pastime. The region has a large number of market players, which makes it one of the most desirable regions. China is expected to be a desirable location for business, while Japan offers tremendous potential for sports betting.

Global Sports Betting Market: Key Players

Some of the key market players are

  • Kindred Group plc.
  • 888 Holdings plc.
  • Fortuna Entertainment Group a.s. (FEG)
  • TechSolutions Group N.V.
  • Gal Sports Betting (U) Limited
  • BETSSON AB

Global Sports Betting Market: Segmentation

Game Type

  • Cybersports
  • Table Tennis
  • Football
  • Basketball
  • Baseball
  • Hockey
  • Cricket
  • Boxing
  • Others

Betting Type

  • Pari-mutuel
  • Fixed-Odds

Platform

  • Online
  • Offline

Regions

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America

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BetVictor

BetVictor Canada launches Tracy McGrady Safer Gambling campaign

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BetVictor Canada has launched its new out-of-home advertising campaign across the streets of Toronto to promote NBA legend Tracy McGrady as its Safer Gambling Ambassador.

Two mobile digital trucks strategically targeting high-traffic areas near Scotiabank Arena, Rogers Centre, and major sporting events will provide prime audience exposure for the campaign, scheduled around Toronto Maple Leafs, Toronto Raptors, and Toronto Blue Jays home games.

To further enhance the campaign’s reach, BetVictor Canada has partnered with Clear Media Group to leverage digital taxi tops across Toronto, providing city-wide exposure with 100 taxis displaying key brand messaging. These digital taxi tops will run during peak evening hours (5:00pm – 9:00pm) on select dates until April 5th, 2025.

The campaign coincides with Problem Gambling Awareness Month, a nationwide grassroots campaign held each March that seeks to increase public awareness of problem gambling and promote prevention, treatment, and recovery services.

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BetVictor Canada offers an array of tools and services to help its Canadian customers bet and play safely and responsibly, across a host of sports betting markets and online casino games.

Mark Harper, Head of Emerging Markets at BV Group, said: BetVictor is delighted to be participating in the National Council of Problem Gambling campaign in March, to help increase public awareness of problem gambling and the need to promote prevention, treatment and recovery services.

“In using our Safer Gambling Ambassador, Tracy McGrady, to raise awareness about BetVictor’s safer gambling tools such as loss limits, time alerts and product restrictions we are dedicated to ensuring all players have a safe gambling experience. #PGAM2025.”

The post BetVictor Canada launches Tracy McGrady Safer Gambling campaign appeared first on Gaming and Gambling Industry in the Americas.

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AGCO

AGCO issues $110,000 in penalties to BetMGM Canada for offering cash to induce new gambling customers

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The Alcohol and Gaming Commission of Ontario (AGCO) has served BetMGM Canada Inc. with an Order of Monetary Penalty (OMP) of $110,000 for violations of the Registrar’s Standards for Internet Gaming.

In two separate incidents in 2024, BetMGM engaged marketing companies who offered cash to members of the public in return for opening new BetMGM accounts. The marketing activities occurred in public forums, such as a major national trade conference. Under AGCO’s Standards, operators are responsible for the conduct of their third-party suppliers who are contracted to support the operator’s Ontario gaming business, and must require their third-parties to meet Ontario laws, regulations and standards (Standard 1.19).

Ontario is one of the first jurisdictions in the world to establish and enforce rules that strictly limit high-risk inducement advertising and marketing in the online gambling industry. Registered iGaming operators are prohibited from offering gambling inducements, bonuses and credits as part of their broad public advertising and marketing activities (Standard 2.05). These Standards exist to protect Ontarians from predatory advertising and promotional marketing practices in order to limit the risk of gambling-related harm.

A registered operator served with an OMP by the AGCO has the right to appeal the Registrar’s decision to the Licence Appeal Tribunal (LAT), which is an adjudicative tribunal independent of the AGCO and part of Tribunals Ontario.

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QUOTE

“Responsible gambling safeguards and the protection of Ontarians on registered gaming sites is among our key priorities. The AGCO monitors the activities of all registered operators and their third-party suppliers to ensure they are meeting our high standards and we continue to take strong action to ensure they operate within the public interest.”

Dr. Karin Schnarr, Chief Executive Officer and Registrar – AGCO

ADDITIONAL INFORMATION

BetMGM Canada Inc. failed to comply with the Registrar’s Standards for Internet Gaming. Specifically, the licensee failed to comply with the following provisions of the Standards:

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  • 1.19 Operators are responsible for the actions of third parties with whom they contract for the provision of any aspect of the Operator’s business related to gaming in Ontario and must require the third party to conduct themselves in so far as they carry out activities on behalf of the operator as if they were bound by the same laws, regulations, and standards.
  • 2.05 Advertising and marketing materials that communicate gambling inducements, bonuses and credits are prohibited, except on an operator’s gaming site and through direct advertising and marketing, after receiving active player consent.

Contrary to the Standards, BetMGM Canada Inc. and/or their affiliates allegedly engaged in the following activities:

a) On or about January 13 and 14, 2024, BetMGM representatives were alleged to have attended the National Franchise Show and were offering $100 in cash to new players for opening a new account and depositing $15.
b) On or about March 11, 2024, BetMGM acknowledged that its marketing affiliate “Above the Street” had engaged in prohibited inducement marketing. The conduct resulted in 377 player sign-ups and $127,180.00 in commissions to “Above the Street”.
c) On or about April 13, 2024, another BetMGM marketing affiliate “Maple Leaf Marketing” engaged in prohibited inducements and marketing to induce on-site activations and acquire new players. The conduct resulted in 94 player sign-ups and about $34,000.00 in commissions paid to “Maple Leaf Marketing”.

The post AGCO issues $110,000 in penalties to BetMGM Canada for offering cash to induce new gambling customers appeared first on Gaming and Gambling Industry in the Americas.

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BCLC

BCLC Launches “What’s played here stays here” Campaign

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BCLC’s new “What’s played here stays here” campaign is issuing an important reminder to British Columbians who choose to gamble – specifically that all net profit its operations generate stays in B.C. to help fund critical services like education, health care and community programs.

The campaign also reinforces that all other gambling websites operating in B.C. are illegal and take away funds from critical community programs and services.

“Across B.C. and Canada, we’ve seen incredible groundswell around the importance of buying and supporting local, and that’s no different for British Columbians who choose gambling for their entertainment. We want our B.C. players to know they can find a world-class gambling experience in their own backyard, whether it’s at one of our 33 casinos, 3,400 lottery retailers, or online at PlayNow.com, and that the proceeds from their play with BCLC make a positive impact at home in their community,” Pat Davis, President and CEO of BCLC, said.

Along with illegal online gambling websites, BCLC also competes with Washington State and Las Vegas casinos, all of which aggressively market to B.C. residents.

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“BCLC continues to raise awareness that these gambling options do not support B.C.’s economy and take away funds from vital provincial and community-based programs and services. In a time when British Columbians are standing united, we want to reinforce that playing together with BCLC helps make B.C. even better,” Pat Davis added.

The post BCLC Launches “What’s played here stays here” Campaign appeared first on Gaming and Gambling Industry in the Americas.

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