People’s Engagement in Sports Betting for Entertainment Making it One of the Desired Social Activity: Fact.MR Report

According to the newly released report by Fact.MR, a market research and competitive intelligence provider, the global sports betting & lottery market is evaluated to reach US$ 268.6 billion in 2024. The market is further projected to advance at a CAGR of 12.7% between 2024 and 2034.

Digital technology has revolutionized access, allowing enthusiasts to engage through smartphones and online platforms, while regulatory changes in several countries have brought these betting activities into the mainstream.

Beyond pure entertainment, these industries serve multiple purposes. Governments harness lottery revenues to fund public initiatives, from education to infrastructure. Sports betting has become integral to fan engagement, boosting viewership and creating communities around sporting events. The social aspect extends to office pools and group participation, fostering workplace camaraderie.

The integration with tourism has created new economic opportunities, with betting establishments becoming entertainment destinations. Moreover, the rise of data analytics has attracted a new demographic of participants who approach betting strategically. This multi-faceted utility, combined with increasing social acceptance and improved regulatory frameworks, continues to drive global demand, transforming what was once a niche activity into a mainstream entertainment option.

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Key Takeaways from Market Study:

• The global sports betting & lottery market is forecasted to attain a valuation of US$ 890.33 billion by the end of 2034.
• The market in South Korea is analyzed to expand at a CAGR of 10.2% from 2024 to 2034.
• The North American market is projected to reach US$ 230.7 billion by 2034-end.
• The market in Mexico is analyzed to progress at a CAGR of 7.1% through 2034.
• Based on different products and services, keno and VLTs sales are projected to rise at a CAGR of 12.4% from 2024 to 2034.
• The East Asian market is forecasted to expand at a CAGR of 11.3% through 2034.

“Rising income and improved living standards are contributing as one of the pivotal factors in people indulging in betting activities, making the demand rise,” says a Fact.MR analyst.

New Trends Proving to be Profitable for Service Providers of Betting and Lottery

Live or "in-play" betting has emerged as a game-changer, allowing participants to place bets during ongoing matches, creating a more dynamic and interactive experience.

Artificial intelligence and machine learning are revolutionizing the industry by offering personalized recommendations and more accurate odds calculations. Mobile-first platforms are incorporating social features, enabling users to share predictions and celebrate wins with their communities, while blockchain technology is introducing transparency and security in transactions.

Virtual and augmented reality experiences are creating immersive betting environments, while esports betting is attracting younger demographics. The integration of cryptocurrency payments is expanding accessibility across borders, and gamification elements, such as achievements and rewards programs, are enhancing user engagement.

Sports Betting & Lottery Industry News:

Leading players in the sports betting & lottery market are increasingly leveraging technology to enhance customer engagement and streamline betting experiences, driving positive market trends.

In September 2021, Nuvei Corporation partnered with 888 Holdings Plc. to integrate its Instant Bank Transfer payment service into SI Sportsbook, a newly launched online sports betting platform, improving transaction efficiency and user convenience.

Leading Players Driving Innovation in the Sports Betting & Lottery Market:

Key industry participants like 888 Holdings Plc.; Betsson AB; Kindred Group; MGM Resorts; Caesars Entertainment; Flutter Entertainment; DraftKings Inc.; FanDuel Group; William Hill (now part of Caesars Entertainment); BetMGM (a partnership between MGM Resorts and Entain); Paddy Power Betfair (Flutter Entertainment); Lottomatica; IGT (International Game Technology); Scientific Games Corporation; Intralot S.A.; Camelot Group (UK National Lottery) etc. are driving the sports betting & lottery industry.

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the sports betting & lottery market for 2019 to 2023 and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on product & service (lotteries- including lotto & instant scratches, sports betting, keno & VITS, bingo etc.), and major market (consumer aged to 45 years, consumers aged 46 to 55, consumers aged over 55 years), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).

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