Connect with us
MARE BALTICUM Gaming & TECH Summit 2024

Canada

Sports Betting Market to Rise at a CAGR of 9.1% during Forecast Period, notes TMR Study

Published

on

 

Transparency Market Research Inc. – The sports betting market size stood at US$ 279.5 Bn in 2021 and is likely to reach value of US$ 664.0 Bn by 2031. The global industry is anticipated to develop at a CAGR of 9.1% between 2022 and 2031. Predicting sports results and making a bet on the result is known as sports betting.

Growing popularity of sports around the globe is driving in sports betting among the younger generation alongside professional gamblers. The statistics for the sports betting sector are improving due to the increased use of cellphones, implementation of favorable government rules, widespread adoption of the internet, and an upsurge in online gambling.

Key players are using persuading marketing techniques, such as sign-up incentives for new customers and risk-free wagering for a predetermined period, to entice sports fans to place bets. Additionally, companies are receiving new system orders from high-growth countries including Asia Pacific and North America since more urban residents are gaining interest in sports betting.

Sports betting bookies are currently focusing on boosting their R&D efforts and using advanced facilities in order to develop distinctive betting features. It is predicted that this would drive business opportunities in the global sports betting industry.

Advertisement

Sports betting is becoming more popular all over the world due to rise in sports lovers. One of the rapidly growing industries is the gambling industry. Sports betting is being considered for legalization in many countries and this is anticipated to increase market demand for sports betting in the coming years. Sports gamblers use bookies or legal means to put their bets. Both internet and physical betting platforms are available for placing bets, which is anticipated to raise market value of sports betting.

The bulk of bets are placed on sports including football, basketball, American soccer, mixed martial arts, baseball, track cycling, boxing, car racing, and hockey, and boxing. While football betting is well-liked in North America and South America, online cricket betting has begun to gain traction in Asia Pacific.

Market Snapshot:

 Report Coverage  Details
 Market Revenue  US$ 279.5 Bn
 Estimated Value  US$ 664.0 Bn
 Growth Rate – CAGR  9.1%
 Forecast Period  2022-2031
 No. of Pages  136 Pages
 Market Segmentation  Game Type, Betting Type, Platform
 Regions Covered  North America, Europe, Asia Pacific, Middle East & Africa, South America
 Companies Covered  888 Holdings plc., BETSSON AB, Fortuna Entertainment Group a.s. (FEG), Entain, Gal Sports Betting (U) Limited, Kindred Group plc, Flutter, Betway, Bet365, TechSolutions Group N.V

Key Findings of Market Report

  • In terms of betting type, the fixed-odds segment is expected to account for a sizable market share due to an upsurge in successful outcomes. The risk of fixed-odds betting is also smaller than that of pari-mutuel betting as a result of the ease with which risk is assessed. This is anticipated to drive business growth in the fixed-odds segment during the forecast period.
  • In terms of game type, the cybersports segment is likely to account for sizeable market share. This is due to expansion of the e-sports business across the globe and convenience of placing bets online via smartphones in place of doing it physically.

Global Sports Betting Market: Growth Drivers

  • The rapid increase in use of internet-connected gadgets, such as tablets and smartphones, is fueling a boom in online betting worldwide. Gamblers who watch live betting have the chance to make quick decisions that, if they bet well, might guarantee them substantial gains. Consequently, it is anticipated that mobile devices like tablet computers and smartphones that support live betting would have a significant positive impact on the market for sports betting.
  • The vast majority of people watched only a few sports earlier, primarily football and basketball. However, other sports are starting to gain popularity all over the world. Table tennis, boxing, horse racing, cricket, hockey, and rugby are a few of these. Therefore, there are now more games accessible for wagering, which is likely to drive market development.

Global Sports Betting Market: Regional Landscape

  • Asia Pacific, which dominated the global industry in 2021, has seen a significant increase in the number of people who engage in betting as a pastime. The region has a large number of market players, which makes it one of the most desirable regions. China is expected to be a desirable location for business, while Japan offers tremendous potential for sports betting.

Global Sports Betting Market: Key Players

Some of the key market players are

  • Kindred Group plc.
  • 888 Holdings plc.
  • Fortuna Entertainment Group a.s. (FEG)
  • TechSolutions Group N.V.
  • Gal Sports Betting (U) Limited
  • BETSSON AB

Global Sports Betting Market: Segmentation

Game Type

  • Cybersports
  • Table Tennis
  • Football
  • Basketball
  • Baseball
  • Hockey
  • Cricket
  • Boxing
  • Others

Betting Type

  • Pari-mutuel
  • Fixed-Odds

Platform

  • Online
  • Offline

Regions

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America
Continue Reading
Advertisement

British Columbia Lottery Corporation

SCCG Management Signs Contract with British Columbia Lottery Corporation

Published

on

sccg-management-signs-contract-with-british-columbia-lottery-corporation

 

SCCG Management has signed a contract with the British Columbia Lottery Corporation (BCLC), the B.C. Crown corporation which conducts and manages commercial gambling in the province, including lotteries, casinos, and online gaming. This partnership aims to undertake a comprehensive assessment and strategic enhancement of BCLC’s diverse operations.

The work between SCCG and BCLC will involve a thorough review of technological infrastructures, strategic market positioning, and the integration of various gaming modalities. SCCG’s extensive expertise will be pivotal in harmonizing BCLC’s online and physical gaming experiences.

Stephen Crystal, Founder and CEO of SCCG Management, said: “Our collaboration with BCLC represents a remarkable opportunity to push the boundaries of innovation within the gaming industry. We are committed to deploying our resources and expertise to enhance BCLC’s operational efficiencies and customer engagement strategies. It’s an honor to partner with an organization that has a robust impact on the community through its support of public initiatives.”

Continue Reading

AGCO

AGCO Requires Ontario Gaming Operators to Stop Offering WBA Bets Due to Integrity Concerns

Published

on

agco-requires-ontario-gaming-operators-to-stop-offering-wba-bets-due-to-integrity-concerns

 

The Alcohol and Gaming Commission of Ontario (AGCO) has mandated all Ontario-registered sportsbook operators to halt offering and accepting wagers on World Boxing Association (WBA) events immediately. This measure is being taken to protect the Ontario betting public following concerns that WBA-sanctioned boxing matches are not adequately being safeguarded against match-fixing and insider betting.

Since December 2023, the AGCO has been conducting a comprehensive review of suspicious wagering activity on a WBA-sanctioned title fight between Yoenis Tellez and Livan Navarro that was held in Orlando, Florida. Suspicious betting patterns on the bout lasting over 5.5 rounds were reported to the AGCO by two registered independent integrity monitors and detected in Ontario by a registered igaming operator. Media reports also alleged that Tellez’s Manager placed $110,000 on the match lasting longer than 5.5 rounds at a Florida casino. The bout ended with Tellez knocking out Navarro in the 10th round.

Following an intensive review that included outreach to the WBA, Ontario-registered gaming operators, independent integrity monitors, and regulators in other jurisdictions, the AGCO has concluded that bets related to WBA events do not currently meet the Registrar’s Standards for Internet Gaming.

The AGCO requires all Ontario-registered gaming operators to ensure the sport betting products they offer are on events that are effectively supervised by a sport governing body. At a minimum, the sport governing body must have and enforce codes of conduct that prohibit betting by insiders.

Advertisement

Registered gaming operators were unable to demonstrate to the AGCO that the WBA prohibits betting from insiders, which could include an athlete’s coaches, managers, handlers, athletic trainers, medical professionals, or others with access to non-public information. Further, registered gaming operators were unable to demonstrate that the WBA took any action to investigate or enforce the allegations of potential match-fixing and insider wagering.

The AGCO has indicated to registered operators that in order for WBA betting products to be reinstated in Ontario, operators must demonstrate that the WBA effectively supervises its events, thus bringing them into compliance with the Registrar’s Standards. In December 2022, the AGCO required gaming operators to stop offering bets on UFC events for similar issues related to insider betting safeguards. Within a month, UFC amended its policies and implemented new protocols that allowed the AGCO to reinstate betting on UFC events in the province.

“Ontarians who wish to bet on sporting events need to be confident that those events are fairly run, and that clear integrity safeguards are in place and enforced by an effective sport governing body. Knowing the popularity of boxing in Ontario, we look forward to reinstating betting on WBA events once appropriate safeguards against possible match-fixing and insider betting have been confirmed,” Dr. Karin Schnarr, Registrar and CEO of AGCO, said.

Continue Reading

Andrew Cochrane Chief Business Officer of GiG

GiG increases Ontario market presence, powering the launch of Casino Time

Published

on

gig-increases-ontario-market-presence,-powering-the-launch-of-casino-time

 

Gaming Innovation Group Inc. (GiG), has announced the launch of Casino Time, powered by its award winning iGaming platform and pioneering real-time rules engine LogicX, with revolutionary sportsbook, SportX soon to follow, to further extend its footprint in the regulated Canadian province of Ontario.

The launch of Casino Time carries extra significance, marking only the second time that on-demand, regulated online Bingo has been made available in Ontario. The new Bingo product vertical, launched alongside a strong Casino offering, will be boosted by GiG’s new sportsbook, SportX, as part of a planned release later this year.

GiG has focused its solutions on driving exponential growth in revenue for operators with its highly scalable iGaming platform, offering localised third party content and leading suppliers for the Ontarian market. GiGs peerless gamification layer creates an optimised and immersive casino experience tailored to regional preferences, swelling client retention and player engagement.

Canadian owned and operated, Casino Time is a joint venture amongst leading retail operators in Ontario’s Charitable Gaming sector, delivering Bingo, Slots and Live Dealer Casino Games. Promising a personalised service and community experience, Casino Time is continuing its long-standing partnership with local charities, introducing its joint fundraising model into the iGaming space for the first time.

Advertisement

Now coming towards the end of its second year of licensed operations, Ontario has emerged as one of the largest iGaming markets in North America, second only to New Jersey according to data supplied by Vixio. The first and as yet only Canadian province to launch a regulated market, Ontario boasts more than 1.6 million active player accounts spread over 40 plus operators, generating €1.3 billion in Gross Gaming Revenue (GGR) in its first year of trading, with this data supplied by iGaming Ontario.

Andrew Cochrane, Chief Business Officer of GiG, said: GiG continues to set the pace with a strong cadence of brand launches in 2024, and I’m pleased that when operators are seeking platform solutions in regulated markets, GiG is leading the pack. Our partnership with Casino Time, will help deliver something new and exciting to the Ontarian market, and further helps to demonstrate the flexibility of our solutions, adapting to match the regional aspirations of our partners to deliver growth.

D’Arcy Stuart, CEO of Casino Time, said: “We are thrilled to partner with GiG as the core technology provider of our iGaming platform. Their powerful suite of player engagement tools, as well as diverse content and regulatory integrations, underpin our ability to serve and delight our player community. Our hybrid online and offline customer network, as well as unique bingo offerings, will drive exciting opportunities as the platform and the marketplace continues to grow.”

Continue Reading

Trending

Get it on Google Play

Offering comprehensive coverage on all aspects of the gaming sector, our daily posts include online and land-based gaming, betting, esports, regulatory and compliance updates, and technological advancements. Regular features encompass daily news articles, press releases, exclusive interviews, and insightful event reports.

The platform also hosts industry-relevant webinars, and provides detailed reports, making it a one-stop resource for anyone seeking information about operators, suppliers, regulators, and professional services in the European gaming market. The portal's primary goal is to keep its extensive reader base updated on the latest happenings, trends, and developments within the gaming and gambling sector, with an emphasis on the European market while also covering pertinent global news. It's an indispensable resource for gaming professionals, operators, and enthusiasts alike.

Contact us: [email protected]

Editorial / PR Submissions: [email protected]

Copyright © 2015 - 2024 - Gaming News Room is part of HIPTHER Agency. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania