Therefore, the growing sports leagues and events are driving the growth of the sports betting market.

The establishment of new professional sports leagues across the globe is providing customers with the opportunity to diversify their betting expenditures. For instance, according to a study published by Wire, currently, more than 100 professional leagues in various sports are active across the globe. These leagues are planned to happen in a particular schedule or during a particular season, in which all the teams or members are required to participate in naming an overall champion of the event or league. A sports league or an event is a group of clubs, countries, associations, or people trying to compete with each other in a game for a championship or a title. The increase in the number of sports leagues and events is expected to propel the growth of the sports betting market.

The market size of global sports betting is expected to grow to $135.95 billion in 2027 at a CAGR of 6.7%. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The global sports betting market size will grow from $96.84 billion in 2022 to $104.78 billion in 2023 at a compound annual growth rate (CAGR) of 8.2%. The global sports betting market is segmented -ġ) By Type: Line-in-play, Fixed Old Betting, Exchange Betting, Daily Fantasy, Spread Betting, E-Sports, Pari-Mutuel, Other TypesĢ) By Sports Type: Football, Basketball, Baseball, Horse Racing, Cricket, Hockey, Other Sports Types Further, the platform is segmented into online and offline depending on the place of betting. The sports segment includes football, basketball, baseball, horse racing, cricket, hockey, and other sports, depending on the type of betting.

Line-in play refers to a type of wager in which the bookmaker or sportsbook determines the favored and underdog teams in a match by setting gambling odds. The main types of sports betting are line-in-play, fixed old betting, exchange betting, daily fantasy, spread betting, e-sports, pari-mutuel, and other types. Sports betting refers to a type of gambling in which bets are placed on sporting events in order to gain a specified sum if the team or person chosen wins the event.

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