According to a market report, published by Sheer Analytics and Insights, The Asia sports betting market was valued at $39.8 billion in 2021 and it is expected to reach $260.8 billion at a CAGR of 16.60% between 2022 and 2032. The rising digital infrastructure and the penetration of connected devices are the key factors that are driving the sports betting market in Asia. In addition, the demand for sports betting platforms is rising due to the increase in the number of sports events and leagues. Most bets are placed on sports such as football, baseball, hockey, cricket, boxing, and auto racing. Moreover, sports betting are also practiced in non-athletic events such as horse racing and electronic sports or computer games. However, in the last two years, during the COVID-19 pandemic, many offline sports were canceled, which eventually reduced the betting opportunities across the Asian region. After the pandemic situation, many offline and online sports events are happening; hence, bettors can participate in those betting events again. This would benefit the market and it is expected to drive the growth of the market during the forecast period.
Asia is always a topic of interest for international betting and gambling operators. Due to the increasing adoption of digital and advanced technologies, customers are getting more opportunities by participating in online and electronic sports tournaments for sports betting. Asian market attracts more operators with their untapped potential. However, in this region, most developing countries and their government have restricted gambling and betting regulations, but few enterprises are legally allowed to operate these betting events. However, sports betting in Asia are huge in comparison to the rest of the world, and the sports betting industries in this region account for billions of pounds per year. The maximum number of sports fans in Asia place wagers on various sports events at some point. Additionally, at present days, Asian handicap betting is gaining more popularity as it provides lots of opportunities to eliminate the draw section in a game. Therefore, these rising factors are driving the growth of the Asian sports betting market.
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Online gaming is also known as virtual gaming. That does not involve physical interaction of players and sessions which are conducted by computer programs and software. Presently, online gaming is gaining popularity in the Asian region as it offers various benefits and advantages such as real-time betting experiences for players, cashless transactions, customizable budgets, and accessibility through any digital device. However, the beginning entrepreneurs prefer to work within the territory of their own country as they understand the interests of players, changes in the industrial atmosphere, strategies, and competitors. The sports betting market is quite large but uncoordinated in Asia. Several countries have prohibited gambling and betting such as China (except for Macau and Hong Kong), North Korea, Japan, and Vietnam. Hence, these are expected to hamper the growth of the market in a short period.
Key players such as 4Rabet (Cyprus), 10Cric (India), 22Bet (Cyprus), 888 Holdings (Spain), BetVictor (United Kingdom), Betsson AB (Sweden), Bet365 Gambling (U.K), COMEON (Canada), Caesars Entertainment (U.S), Churchill Downs Incorporated (U.S), DraftKings Inc (U.S), Entain (Isle of Man), Flutter Entertainment (Ireland), Fertitta Entertainment LLC (U.S), Kindred Group (Malta), MacAndrews and Forbes Holding (U.S), MGM Resorts International (U.S), Playtech (Estonia), PariMatch (Cyprus), Paddy Power (Ireland), Rivalry Corporation (Canada), SGHC limited (U.S), The Starts Group (Canada), Webis Holdings (Isle of Man), among others are leading the Asia sports betting market.
The Asia Sports Betting Market Has Been Segmented Into:
The Asia Sports Betting Market – By Platform Type:
The Asia Sports Betting Market – By Sports Type:
The Asia Sports Betting Market – By Betting Type:
The Asia Sports Betting Market – By Regional Type:
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