The online platform segment dominated the market in 2022 and is expected to showcase the highest CAGR during the forecast period.

has legalized sports betting in 36 states as of January 2023, which is a promoting factor for the regional market growth

North America is expected to witness a CAGR of around 11% during the forecast period.

The survey also found a massive inclination towards esports betting across the globe. Furthermore, as per the GB Gambling Commission survey, betting habits among people have changed due to Covid-19, with mobile devices continuing to be the most popular medium for gambling. For instance, according to a study conducted by Public Health England, online casino gambling had seen growth by nearly 9.0% during the pandemic. The popularity of online sports betting increased during the pandemic with an upsurge in the number of betting participants. However, the pandemic expanded the online sports betting industry due to the rise of esports and virtual sporting events. In addition, this situation led to the cancellation of worldwide sports matches and the closure of land-based casinos and betting shops. The lives of multiple households around the globe have been affected during the COVID-19 pandemic. In addition to this launch, the company has further announced to increase its presence across a greater number of regulated markets in 2023. For instance, in December 2021, Unikrn Inc., a global esports betting & entertainment media company introduced its betting platform in Canada and Brazil. Additionally, the market players are expanding their presence across countries with supportive regulatory compliance.

Major players in the global betting industry now operate via official websites and online platforms to cater to the increased demand for sports betting.

Gambling Commission, there was a huge 2922% year-on-year rise in esports betting revenue from March 2019 to March 2020.

For instance, according to the report by the U.K. The surge in online sports events backed up by a rise in the number of esports tournaments offers stable growth opportunities for the betting industry. Market players are utilizing the increased number of esports events to offer an opportunity for their customers to bet on such esports competitions and earn extra income. Esports, which is an organized, multiplayer video game competition, played by professional players, individuals, or teams, has gained massive popularity during the COVID-19 pandemic and witnessed a surge in the number of events worldwide.

How big is sports betting industry