Market Trends of Online Sports Betting Industry
Increasing Popularity of Online Gambling
The football segment of the international online sports betting market records a high betting volume, with a growing number of bets. It is especially prevalent in European countries such as Italy, France, and Spain, where football is more popular. The online betting segment is predominantly applied in sports, especially in football events like the Fédération Internationale de Football Association (FIFA) World Cup and European Championships. Moreover, the increased penetration of smartphones is leading to an increase in several mobile application-based lottery games. The end-user has the convenience and comfort of gambling within the comfort of their own space, which is one of the primary drivers of the segment. Casino gambling has been one of the rapidly growing gambling categories, owing to the convenience of usage and optimal user experience. Also, the rising adoption of online payment gateways has made payment options convenient for players. Online payment provides a safe and secure mode of transaction, boosting the growth of the online sports betting market.
Europe Dominates the Market
The market records a high demand from European betting consumers, who bet across multiple leagues, pre-match, and in-play. The market generates a significant portion of its revenue from the United Kingdom, Spain, Germany, and other European countries, as most companies are expanding into regulated markets to generate sustainable revenues. As online sports betting is predominantly applied in events such as the FIFA World Cup, the Wimbledon Championship, and the European Championships, the online sports betting market in Europe has grown significantly in the last few years. Companies are expanding their presence in the region based on various factors, including offerings, user experience, brand equity, personalized payoffs, and access to multiple platforms. For instance, in September 2023, global gaming operator Betsson entered the French online betting market. Betsson’s entrance into the French market results from collaborating with a local partner. It strategically aims to bring the company closer to the French sports betting arena. In the fourth quarter of 2023, the official launch of Betsson’s flagship brand took place.
