According to the latest report by IMARC Group "United States Sports Betting Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027". The United States sports betting market is expected to exhibit a CAGR of 13.67% during 2022-2027. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.
Sports betting represents a type of gambling activity that entails making predictions about outcomes and then placing a wager on the result. Gambles on games allow fans to showcase their allegiance or expertise to a specific team or competitor. Sports betting is more common in some cultures than others, with the most prevalent leagues for wagers being baseball, boxing, track cycling, basketball, football, etc. Gambling can be made online or offline, on both professional and amateur levels. Sports bettors with in-depth knowledge of teams and athletes are more likely to make consistent profits.
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United States Sports Betting Market Trends:
The escalating number of annual events and leagues, such as the National Football League (NFL), National Hockey League (NHL), National Basketball Association (NBA), etc., are among the primary factors driving the United States sports betting market. Besides this, the rising penetration of smartphones and the high influence of user-friendly gambling apps are further augmenting the market growth. Moreover, the growing popularity of Bitcoin, Dogecoin, Ripple, and Litecoin in sports betting is propelling bettors toward these virtual currencies to attain ease of transaction, which is also catalyzing the market across the United States. Apart from this, the emerging trend of digitalization in the gaming industry and the extensive utilization of wireless connectivity are acting as significant growth-inducing factors. Additionally, the integration of blockchain technology with betting apps for automation of real-time information using smart contracts that assist in past event analytics, payment, bet confirmations, etc., is also stimulating the market growth. Furthermore, the development of cutting-edge machine learning (ML) algorithms that aim to anticipate the outcomes of games is expected to bolster the United States sports betting market in the coming years.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Platform:
- Offline
- Online
Breakup by Betting Type:
- Fixed Odds Wagering
- Exchange Betting
- Live/In Play Betting
- Pari-Mutuel
- eSports Betting
- Others
Breakup by Sports Type:
- Football
- Basketball
- Baseball
- Horse Racing
- Cricket
- Hockey
- Others
Breakup by Region:
- Northeast
- Midwest
- South
- West
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
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