Grand View Research: global sports betting market to hit $182 billion by 2030

The US-based market research and consulting company, Grand View Research, released a new report, predicting exponential growth of global sports betting activities in the next decade. On Monday, the company released a 131-page market research report that predicts solid growth of global betting activities by the year 2030.

The report estimates the global betting market size to hit $182.1 billion by 2030, surpassing previous growth predictions. The new white paper predicts a compound annual growth rate (CAGR) of 10.3% between this year and 2030 with the market driven by an increase in mobile and esports activities.

"This growth of the market is driven by the proliferation of internet infrastructure and evolving regulatory landscape of the entire gambling industry across the world," explains a statement released by Grand View Research. "In addition, the increase in the number of sports events and leagues worldwide such as the NFL, FIFA World Cup, Carabao Cup, and UEFA Europa League has positively influenced the growth of the market," added the company.

Grand View Research explained that the global COVID-19 pandemic changed the lives of households around the globe and acknowledged it resulted in the cancellation of sports events around the world and the closing of retail betting locations and casinos.

The pandemic impacted not only gambling but nearly all global industries. However, the research company explained that the closing of land-based gambling venues helped increase the popularity of online sports betting. At the same time, citing a study from Public Health England, the report outlined that during the pandemic, online gambling increased by 9%.

Additionally, the report acknowledged the growing popularity of mobile betting, explaining that major industry companies now offer such options and the interest in placing a wager from a mobile device continues to grow. According to a survey from the Gambling Commission in the UK, due to the pandemic, the betting habits of gamblers changed and mobile devices are now the most popular method for wagering.

Grand View's recent report outlined the importance of esports within the sports betting vertical. Significantly boosted by the pandemic, esports became an integral part of the global wagering industry.

Considering the surge in online gambling activities, the sports betting vertical ultimately benefitted from new growth opportunities created by esports. Supporting that statement, the new report cited data from the Gambling Commission in the UK that points to an increase of 2,922% in esports betting revenue between March 2019 and March 2020.

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