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Gambling in the USA

Sports Betting Market is set to reach USD 231.2 billion by 2032, with a notable 11.1% growth rate (CAGR)

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The Global Sports Betting Market size accounted for USD 81.7 Billion in 2022 and is expected to reach USD 231.2 Billion by 2032 with a considerable CAGR of 11.1% during the forecast period of 2023 to 2032.

Sports betting market is reshaping the gambling industry, providing cutting-edge and entertaining wagering experiences. What exactly are sports betting? They are specialized services that involve the outsourcing of specific telecommunications operations and responsibilities to third-party providers. The global market was valued at USD 81.7 Billion in 2022 and is projected to reach USD 231.2 Billion by 2032. Within the larger gambling business, the sports betting market is a dynamic and quickly increasing area. It is based on the activity of forecasting sports events and betting on the outcomes. This market has grown significantly in recent years, owing mostly to the advent of internet and mobile betting platforms, which have made it more accessible to a global audience. Sports betting covers a vast number of sports, including football, basketball, tennis, horse racing, and many more, and includes a wide range of betting choices, such as moneyline bets, point spreads, and proposition bets. The expansion of the market is also driven by regulatory changes in various locations, with some governments legalizing and regulating sports betting in order to increase tax revenue and safeguard consumers.

Key Points and Statistics on the Sports Betting Market:

  • The Global Sports Betting Market size is projected to grow to USD 231.2 Billion by 2032, expanding at a CAGR of 11.1% from 2023 to 2032.
  • Europe leads the market globally with around USD 29.4 billion revenue of the market in 2022.
  • The platform online segment captured the largest market share along with 48.1 billion in 2022.
  • By betting type, fixed odds wagering sub-segment held the largest market share of 27% in 2022.
  • The advent of 5G networks, AI, and blockchain technologies in sports betting increase the market value.

Sports Betting Market Coverage:

Market Sports Betting Market
Sports Betting Market Size 2022 USD 81.7 Billion
Sports Betting Market Forecast 2032 USD 231.2 Billion
Sports Betting Market CAGR During 2023 – 2032 11.1%
Analysis Period 2020 – 2032
Base Year 2022
Forecast Data 2023 – 2032
Segments Covered By Platform, By Betting Type, By Sports Type, By Age Group, And By Geography
Sports Betting Market Regional Scope North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Key Companies Profiled 888 Holdings Plc, Bet365, Betsson AB, Churchill Downs Incorporated, Entain plc, Flutter Entertainment Plc, IGT, Kindred Group Plc, Sportech Plc, William Hill Plc, and others.
Report Coverage Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis

Sports Betting Market Overview and Analysis:

Several dynamic aspects characterise the sports betting business. The growing popularity of sporting events, both amateur and professional, adds to market growth by providing more options for bettors. The increased use of internet and mobile betting platforms has resulted in convenience, real-time betting possibilities, and live streaming of sporting events, making it more appealing to a wider audience.Furthermore, shifting regulatory environments have a huge impact. Some regions have legalised sports betting, giving consumer protection and tax money, while others have severe rules or outright forbid sports betting.

Technological improvements, such as the use of artificial intelligence and data analytics, have enhanced the accuracy of odds and allowed bettors to conduct more in-depth research. As a result, in-play betting, in which wagers can be placed during a game or match, has grown in popularity. Furthermore, the growing popularity of e-sports and the expansion of virtual sports betting have added new elements to the market. While the sports betting market offers several opportunities for bettors and operators, it also confronts problems, such as concerns about responsible gambling and possible issues with match-fixing and sports integrity. As the market evolves, maintaining a balance between innovation and regulation will be critical for long-term growth.

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Latest Sports Betting Market Trends and Innovations:

Increased in-play and mobile betting, an emphasis on responsible gambling measures, and the use of modern data analytics to produce more accurate odds and predictions are all developments in the sports betting sector. Furthermore, the use of blockchain technology for transparent and secure transactions, as well as the growing popularity of e-sports betting, are important industry advances. These advancements improve the overall sports betting experience while also reaching a larger audience..

Major Growth Drivers of the Sports Betting Market:

The primary growth drivers include the rise in sports events and leagues, expanding global digital connectivity, a surge in sports betting interest among the younger generation, and the uptick in advertising and sponsorships are key drivers of the sports betting market.

Key Challenges Facing the Sports Betting Industry:

Challenges include the enforcement of stringent regulations on betting, increasing apprehension surrounding illicit wagering, and a mounting focus on addiction issues are elevating ethical concerns within the sports betting industry.

Sports Betting Market Segmentation Insights:

Based on Platforms:

  • Online
  • Offline

Based on Type:

  • Fixed Odds Wagering
  • Live/In Play Betting
  • eSports Betting
  • Exchange Betting
  • Others

Based on Sport Types:

  • Basketball
  • Football
  • Horse Racing
  • Baseball
  • Hockey
  • Cricket
  • Others

Based on Age Group:

  • Gen Y/Millennials
  • Gen Z
  • Baby Boomers
  • Gen X

Overview by Region of the Sports Betting Market:

Europe is the largest region in the global sports betting market, with a well-established betting culture and a plethora of markets within individual countries. The sports betting business in the United Kingdom, in particular, is strong and well-regulated. Another big market is North America, led by the United States, with the recent legalization of sports betting in numerous states adding to its rise. Asia-Pacific, which includes countries such as China and India, has significant growth potential. Sports betting is expanding in Africa and Latin America, with evolving regulatory frameworks promising future expansion. These regional dynamics highlight the multifaceted structure of the sports betting business.

List of Key Players in the Sports Betting Market:

The notable companies in the market include William Hill Plc, 888 Holdings Plc, Bet365, Betsson AB, Churchill Downs Incorporated, Entain plc, Flutter Entertainment Plc, IGT, Kindred Group Plc, and Sportech Plc..

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Canada

Red Rake Gaming launches with The Score

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Red Rake Gaming are delighted to have partnered with Penn Entertainments, The Score, in the provision of the Red Rake Gaming content across North America, in New Jersey, Pennsylvania and Ontario, through its partnership with Light and Wonder.

Penn, one of the most renowned gaming companies across North America will have access to Red Rake Gaming’s top performing, high action games to further complement Penn’s delivery of the best gaming offering to its players. Players can expect a wide range of thrilling games, cutting-edge technology, and exclusive tournaments that will keep them engaged and entertained like never before. With the collective strengths of Red Rake Gaming and Penn, this partnership is set to elevate the gaming experience to new heights, setting a benchmark for excellence in the industry.

The partnership covers the distribution of Red Rake Gaming’s diverse, localised portfolio, including its gamification tools. Games will include the newest releases, including its record breaking Super30Stars – the non-stop, action-packed slot which combines feature games and bonus rounds from all its predecessors in the Super series of games, “Gods of Ireland,” a game that boasts a plethora of features, free spins, and immersive minigames,  “777 Heist 2: The Art Forger,” which introduces thrilling “Cascading Reels” and intriguing skill-based gameplay elements, or “Mystic Spirits”, that offers a unique twist by providing payouts in both directions, adding an extra layer of excitement to the gaming experience.

This partnership represents a pivotal milestone in Red Rake Gaming’s ongoing commitment to providing unparalleled content within its current roster of regulated markets. It also underscores the resounding demand from players worldwide for the adrenaline-fueled gaming experiences that Red Rake Gaming is renowned for delivering.

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Nick Barr, Managing Director for Red Rake Gaming Malta, commented on the partnership stating: “Partnering with The Score for the roll out of the Red Rake Gaming portfolio of games reaffirms the demand for action-packed and engaging content from players across the globe. We could not be more thrilled to be working with one of the industry’s leading brands across the regulated gaming space and we very much look forward to contributing to their ongoing successes.”

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Gambling in the USA

Gaming Americas Weekly Roundup – June 3-9

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Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.

Latest News

BetConstruct is set to showcase its extensive array of leading-edge products and solutions at the Peru Gaming Show, Jockey Exhibition Centre, Lima, from June 12 to 13. The Peru Gaming Show (PGS), with 21 years of history, is Latin America’s largest gaming fair bringing together top brands, slot machine manufacturers, software developers and platforms for online games and sports betting.

OLG has begun the process of selecting a technology platform provider to replace aging, back-end lottery technology systems. On May 31, 2024, a Request for Proposal (RFP) was posted on MERXTM to initiate this work. The future implementation of a new lottery platform will give OLG the foundation needed to capitalise on emerging technological trends and offer market-leading products and experiences.

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Jackpot Digital Inc., a leading manufacturer of electronic multiplayer dealerless poker tables, announced that it has completed the installation of one Jackpot Blitz casino machine at Gray Wolf Peak Casino, located in Missoula, Montana. Currently, the Company has over 70 Jackpot Blitz tables in the field. The Company’s order book continues to grow and now includes more than 90 additional Jackpot Blitz tables, an increase of approximately 120% over the current installation base.

Bragg Gaming Group announced the appointment of Robbie Bressler as interim Chief Financial Officer, effective July 1, 2024. Bressler brings a wealth of experience to the role, previously holding senior finance positions, including SVP Finance, at Bally’s Corporation, Gamesys Group plc and The Intertain Group Ltd. He is currently serving as CFO of ForumPay Ltd., a crypto payment processing company. He began his career at Ernst & Young, where he spent over a decade in their financial services assurance group.

Evolution announced that its highly successful, world-leading Crazy Time live game show has launched to online players in Pennsylvania and West Virginia. Pennsylvania and West Virginia have become the latest states to join Crazy Time’s much-anticipated US rollout, following the game show’s US debut in New Jersey in December last year.

Partnerships

PENN Entertainment has announced that it has reached an agreement with Golf Canada on a multi-year extension for theScore BET to continue as the organisation’s exclusive Official Gaming Partner. The partnership includes sponsorship of Canada’s marquee national golf championships, the RBC Canadian Open and CPKC Women’s Open.

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BetMakers Technology Group Ltd has announced that it has signed two-year market access and content agreements with bet365 relating to New Jersey and Colorado. Under the agreements, bet365 will be licensed by BetMakers to offer fixed odds bets on thoroughbred horse racing to bet365 customers within New Jersey. Bet365 will also be licensed to distribute BetMakers’ thoroughbred racing content to bet365 customers in New Jersey and both thoroughbred and harness racing in Colorado.

Pragmatic Play, a leading content supplier to the iGaming industry, has reinforced its commitment to Latin American expansion by strengthening its existing relationship with Colombian operator FullReto. The latest agreement will see FullReto offer its players a broad selection of Pragmatic Play’s unique Virtual Sports titles, building on an already extensive offering of over 300 Slots and Live Casino games.

The post Gaming Americas Weekly Roundup – June 3-9 appeared first on European Gaming Industry News.

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Cash Hunt

Evolution’s Crazy Time Live Game Show Launches in Pennsylvania and West Virginia

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Evolution announced that its highly successful, world-leading Crazy Time live game show has launched to online players in Pennsylvania and West Virginia.

Pennsylvania and West Virginia have become the latest states to join Crazy Time’s much-anticipated US rollout, following the game show’s US debut in New Jersey in December last year.

Now streaming from Evolution’s state-of-the-art live casino studio in Philadelphia, Crazy Time is one of the company’s biggest and most ambitious game show productions. It integrates multiple cutting-edge technologies, including multi-camera live game show action, Random Number Generator (RNG) multipliers, augmented reality and slot-style and video-gaming elements.

The all-action gameplay revolves around a main game and four interactive bonus games. The main game features a two-reel Top Slot that spins together with a money wheel.

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Four varied and engaging bonus games — Cash Hunt, Pachinko, Coin Flip and Crazy Time — add to the excitement with unique features such as a shooting gallery, a coin flip, a puck drop and, finally, entry through the red door into a crazy and fun virtual world with a gigantic virtual money wheel. In the bonus games, players have the opportunity to reach a staggering 10,000x multiplier.

Jacob Claesson, Evolution CEO for North America, said: “Crazy Time has been a massive global hit since launching in 2020 and has attracted millions of players, making it the world’s #1 online live game show. That success story is now continuing across the USA. The reception from players in New Jersey has been fantastic, and Crazy Time is now one of our most popular live dealer games in the state. We’re incredibly excited to bring the unique Crazy Time online entertainment experience to players in Pennsylvania and West Virginia, with more US states set to join in the fun soon.”

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