A qualitative research study done by Data Bridge Market Research reported that the sports betting market is expected to grow by USD 167.66 billion by the year 2029. The forecast period of 2022 to 2029 showed a compound annual growth rate (CAGR) of 10.26%. In 2021, the market was valued at USD 76.75 billion.
Sports betting is an activity of predicting sports results and placing a wager on the outcome. Various sports being bet upon varies by culture and country but it includes both athletic human events and non-human contests such as cockfighting.
To arrive at the conclusion of the research, the Data Bridge Market Research team used market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario. They also included in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and consumer behavior.
The report showed that a large number of customers engaging in sports betting try to seek extra income with entertainment. It also showed the rise of online betting, with a great number of the younger population participating in it.
In the Philippines, one of the most popular sports that make use of online betting is online cockfighting or e-sabong. However, e-sabong has been prohibited in the country, citing the numerous cases tied to it.
The study covered sports betting markets across the world, including the U.S., Canada, Mexico, Spain, Philippines, India, Brazil, and Saudi Arabia, among others.