There are around 6.3 billion smartphone users worldwide, and this number is growing every year. The growing usage of smartphones has changed the way consumers perform a variety of activities, including games betting. The sports betting market is being driven by the growth of digital infrastructure and the prevalence of wireless connectivity. For instance, according to a study by Lund University in Sweden, customer demand in sports wagering platforms has increased as a result of restrictions in sporting events due to lockdowns. The online platform has seen an increase in involvement during lockdowns as users had more time on their phones and desktop computers, making it easier for them to place bets. As a result of the COVID-19 pandemic, consumers moved the most to the internet platform to overcome their financial, social, and psychological problems during lockdowns that had a favorable impact on the sports betting market. The majority of the younger population resides in Asian countries, and the past two years of the Covid-19 phase pushed younger people towards spending more time on smartphones which also favored the adoption of the market. Know more about this report : request for sample pages

The key factors influencing the market growth include, increase in penetration of the connected smart smartphones, changing digital arena of the South Asia economies, and a rise in the emergence of online betting among the younger generation. The global sports betting market was valued at USD 70.23 billion in 2021 and is expected to grow at a CAGR of 11.7% during the forecast period.

Sports betting size of industry