betting

For decades, Disney Corporation has been a lot more than Mickey Mouse and the Magic Kingdom. The company has ventured in recent years into many areas that aren’t necessarily considered child entertainment. Still, there’s no question about Disney’s dominance in theme parks and animated movies, but can it also become a major force in sports betting?

In August 2023, Disney-owned sports media company ESPN announced it was making a move into the regulated US sports betting market, which is now legal in 38 states. A $1.5 billion deal was signed between gambling company Penn Entertainment and ESPN. And on November 15, 2023, the new sportsbook ESPN Bet was launched in 17 states.

The group expected a pretty easy entry into the market, even though it’s highly competitive. ESPN is the United State’s biggest sports media brand. The company has more than 105 million unique visitors on its digital channels every month. Its social media channels have more than 370 million followers, and its streaming service, ESPN+, has more than 25 million subscribers.

ESPN Chairman Jimmy Pietro said: “Our primary focus is always to serve sports fans, and we know they want both betting content and the ability to place bets with less friction from within our products. The strategy here is simple: to give fans what they’ve been requesting and expecting from ESPN. Penn Entertainment is the perfect partner to build an unmatched user experience for sports betting with ESPN Bet.”

But in the meantime, one of ESPN Bet’s main competitors, Flutter Entertainment, owner of FanDuel, shows explosive growth, with stock prices rocketing and outperforming other companies in the marketplace.

Key Points to Note:

• ESPN Bet posted modest revenues of $31.5 million in Q4/23
• Penn Entertainment posted a $358.8 loss for the quarter, stating that the loss came from an investment in ESPN Bet.
• FanDuel earned Flutter $4.4 billion in revenues in 2023, up from $3.1 billion in 2022.
• FanDuel reported an EBITDA of $65 million for 2023, compared to a $347 million loss in 2022.
• Flutter Entertainment generated $11.7 billion in 2023, a 24.9% increase year-on-year.

Ziv Chen, a contributing writer to thesolitare.com said: “The US sports betting market is new; it’s only been around since 2018, and every state rolls out its regulated sports betting market gradually, once it is signed into law. So there’s a process of being first on the ground, educating customers, building trust, signing sponsorships with local teams and organizations, and more. FanDuel and DraftKings have been doing just that, so ESPN Bet certainly has a place and potential to grow, but it needs to be patient and understand that first-mover advantage counts, and they weren’t there first.”

SOURCE www.thesolitaire.com and www.rizeandreactmedia.com

Sports Betting Market size to grow by USD 143.73 billion from 2023-2027, Market growth at 10.09% CAGR expected during the forecast period.

The global Sports Betting Market size is estimated to grow by USD 143.73 billion from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 10.68% during the forecast period. APAC held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 42%. 

Technavio has segmented the market based on type, Type (Basketball, Horse riding, Football, and Others) and Geography (APAC, Europe, North America, South America, and Middle East and Africa). 

• The basketball betting segment is poised for significant growth, offering various wagering options like point spreads and over/under bets. The market, valued at USD 50.17 billion in 2017, benefits from the rise of NBA events and online platforms like DraftKings and Bet365, driving industry expansion.

Geography Overview
By geography, the global sports betting market is segmented into APAC, Europe, North America, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global sports betting market.

• APAC is expected to contribute 42% to the global industry’s growth. Regional trends vary, with emerging APAC countries betting on cricket, horse racing, and soccer. Regulations vary, from China’s strict controls to the US’s expanding sportsbook operations. Latin America shows potential, with states like Texas and Florida implementing legislation to address growing interest. While gambling is banned in Singapore, India’s fantasy sports platforms, like Dream 11, drive industry growth.

The Digital Revolution is a Key Factor Driving the Betting Industry’s Growth

The digital revolution propels the betting industry’s growth, with global Internet penetration surpassing 63% in 2021, led by APAC. Cloud platforms for data storage, increased online transactions, and faster Internet speeds have transformed the landscape. Consumers now prefer online betting due to easy access, mobile apps, and advanced statistics, enhancing market growth.

• A prominent trend in the worldwide market is the growing influence of technologies like blockchain, virtual reality, and AI, particularly machine learning. The market is anticipated to expand due to heightened consumer demand driven by technological advancements. Key market players are directing substantial investments toward machine learning tools, yielding promising predictive results. It is imperative to monitor betting trends. 
• Scandals and illegal practices in betting are key factors hindering the growth of the industry. The recent legalization in the US has led to a focus on preventing corruption. Match-fixing scandals have arisen, leading to efforts to identify and prevent fraud. Sportradar’s Universal Fraud Detection System (UFDS) helps monitor sports integrity, with football being the most susceptible.

Insights on Market Drivers, trends, & Challenges, historic period (2017 to 2021) and forecast period (2023 to 2027)

What are the key data covered in this Sports Betting Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the Sports Betting Market between 2023 and 2027
• Precise estimation of the size of the Sports Betting Market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the Sports Betting Market industry across APAC, Europe, North America, South America, and Middle East and Africa
• A thorough analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of Sports Betting Market vendors

The Sports Betting Market is experiencing rapid growth, driven by the rise of Digital Sports Betting platforms and the increasing popularity of online gambling worldwide. According to DataReportal, convenience and the availability of remote sports betting options have contributed to the market’s expansion, with secure transaction methods ensuring a seamless betting experience for consumers.

Major sporting events like the FIFA World Cup and European Championships continue to drive significant activity in the sports betting sector, particularly in the football segment. The American Gaming Association reports that the penetration of smartphones has further fueled the growth of online sports betting, with an increase in female participation observed.

Cashless transactions and the adoption of mobile application-based lottery games have revolutionized the industry, attracted a broader audience, and drove revenue growth. Leading firms, such as Betsson and OpenBet, are expanding their operations globally, with collaborations and licensing agreements enhancing their market presence.

The integration of Blockchain Technologies is also reshaping the sports betting landscape, offering enhanced security and transparency. As the global online gambling market continues to expand, the sports betting market is expected to maintain its position as one of the fastest-growing segments, driven by innovation, consumer demand, and strategic partnerships within the industry.

Market Overview:

The Sports Betting Market experiences dynamic growth fueled by technological developments and digitalization trends. Online sports betting markets, including eSports betting, attract modern consumers through seamless experiences offered by betting operators and betting software. Football, horse-racing, basketball, tennis, and baseball remain prominent in diverse sports betting options. Mobile devices and online platforms drive accessibility, enhancing the market’s expansion globally. Regulatory landscapes influence betting activities, with fixed odds wagering gaining traction. Technological innovations in betting software ensure a diverse range of options for players, reflecting the broader global population’s lifestyle choices. With increasing internet infrastructure and proliferation of smartphones, the market witnesses financial growth, with players engaging in competitive benchmarking and leveraging historical data to capitalize on regional opportunities and stay abreast of the latest trends. Pure Win emerges as a significant player in the online sports betting market, capitalizing on the fastest growing market segment. Furthermore, collaborations such as Uplatform and ventures like Betsson’s collaboration with Racing Club de Avellaneda and Betsson’s license in France, along with expansions like OpenBet Expansion in the United States, underscore the market’s rapid evolution.

Related Reports:

• The Global Horse and Sports Betting Market size is estimated to grow by USD 171.87 million accelerating at a CAGR of 9.64% between 2023 and 2027. 
• The UK Gambling Market size is estimated to grow by USD 3.28 billion at a CAGR of 5.36% between 2023 and 2028. 

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

SOURCE www.technavio.com and www.rizeandreactmedia.com

The Responsible Online Gaming Association (ROGA) brings together seven of the largest U.S. online sports betting and gaming operators to develop and advance responsible gaming practices. Recognized responsible gaming leader Dr. Jennifer Shatley to serve as Executive Director.

The Responsible Online Gaming Association (ROGA), an independent trade association launched today by seven of the largest U.S. legal mobile gaming companies, will actively promote a new industry-wide best practices charter, overseen by one of the world’s foremost experts in the field of responsible gaming (RG). 

This unprecedented effort will be led by Dr. Jennifer Shatley, a deeply respected responsible gaming executive with more than 25 years of experience in the industry. She will serve as ROGA’s full-time Executive Director, and her role will be to facilitate widespread education to all relevant parties on the subject of responsible gaming.

ROGA will embark on a series of initiatives under Dr. Shatley’s direction. These include research, consumer and industry responsible gaming education and awareness, promoting responsible gaming best practices, an independent data clearinghouse, and an independent certification program.

Demonstrating their commitment to this endeavor, initial member companies – who together represent more than 85 percent of the legalized online sports betting and iGaming industry – have pledged more than $20 million in support of ROGA’s mission in year one. ROGA’s member companies include BetMGM, bet365, DraftKings, Fanatics Betting and Gaming, FanDuel, Hard Rock Digital and PENN Entertainment.

“I am humbled, honored, and excited to be selected to lead ROGA during this important period of growth in legalized mobile gaming,” said Dr. Shatley. “Many of America’s largest legal mobile gaming operators will be establishing a framework that helps to aid in responsible gaming education and awareness. Together, our members will work alongside researchers, experts, regulators and stakeholders to promote responsible online gaming and maximize our efforts to support additional responsible gaming education and awareness. By coming together with a clear set of objectives, ROGA and our members will work to enhance consumer protections and help provide easier and more efficient access to responsible gaming tools for consumers to enjoy the entertainment of online gaming.”

About ROGA’s Mission

ROGA will operate with a specific purpose, centered around key pillars of focus, with an aim towards driving the most meaningful impact toward responsible gaming education.

• Research – ROGA will advocate for and fund independent research into gaming-related issues, such as the effectiveness of RG measures and impact of RG measures aimed at promoting sustainable play.
• Promoting Responsible Gaming Best Practices – ROGA will encourage and advocate for the application of responsible gaming best practices that can be utilized across the industry.
• Consumer and Industry Responsible Gaming Education and Awareness – ROGA will serve as a vehicle to drive both consumer and industry responsible gaming education and awareness and encourage responsible advertising and marketing practices within the industry.
• Independent Data Clearinghouse – In close coordination with member companies, ROGA aims to create, via an independent clearinghouse, a database which will facilitate information sharing — allowing a mechanism for industry-wide protection of consumers.
• Independent Certification Program – ROGA will establish an independent certification program to assess members’ responsible gaming efforts, providing operators with an objective independent evaluation of their responsible gaming policies and procedures.

About Dr. Jennifer Shatley
Leading ROGA will be newly appointed Executive Director, Dr. Jennifer Shatley. An innovative responsible gaming executive with more than 25 years of experience in the industry, Dr. Shatley has been the catalyst for the development and innovation of numerous “firsts” in the gaming industry. A recognized expert in the field and a highly sought speaker and advisor, Shatley works closely with the treatment community, academics, researchers, government bodies, state councils, and gaming industry representatives. She currently serves as President for the Nevada Council on Problem Gambling, is a member of the National Council on Problem Gambling, and Co-Chairs the Compliance Review Board for the American Gaming Association’s Responsible Marketing Code for Sports Wagering.

For more information on the Responsible Online Gaming Association, visit www.ResponsibleOnlineGaming.org.

ABOUT ROGA
The Responsible Online Gaming Association (ROGA) brings together the nation’s seven largest online gaming operators to advance the industry’s commitment to promoting responsible online gaming. Collectively, ROGA members have committed more than $20 million to fund rigorous academic research and consumer education and awareness campaigns, develop an independent data clearinghouse of players who display high-risk attributes, develop an independent certification program that will assess operators’ responsible gaming programs based on defined criteria, and drive education and awareness initiatives aimed at consumers and the industry. Learn more at www.ResponsibleOnlineGaming.org 

SOURCE Responsible Online Gaming Association and www.rizeandreactmedia.com