The Global Lottery and Sports Betting Market Keeps Growing

By Jessica Whitehouse,
Editor at online-gambling.com

Jessica Whitehouse Editor at online-gambling.com

Jessica Whitehouse is a content expert and editor from Santa Monica, California. At online-gambling.com, she focuses on roulette, blackjack reviews, lottery, and casino payments. Whitehouse is also our leading go-to expert in online gambling in South Africa. In addition, she provides the photo materials for most articles on the site.

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Last updated: August 31, 2022

In recent years, the global market for sports betting and lotteries has grown at an unprecedented rate, according to a new Safebettingsites analysis. The UK gaming expert site claims that the market size for the industry increased by 13%, from $172.9 billion in 2020 to $194.6 billion in 2021. Projections indicate that it will grow to $231 billion by 2022. One of the reasons for this growth, according to Safebettingsites’ Edith Reads, is the gambling sector’s resilience during and following the COVID-19 crisis.

In her analysis, Reads noted, “The epidemic led to the grounding of sports activities globally, resulting in lost revenues. In addition, containment measures such as capping numbers in public gatherings led to dwindling business for brick and mortar betting facilities.” The site asserts that, aside from the shrinkage caused by the pandemic, the global lottery and sports betting market has been expanding recently.

Drivers of the Growth

The shift to regulated lotteries and sports betting, which many countries have legalized, is one of the main drivers of the growth. These activities have resulted in more people betting on games and events.

The fast expansion of the digital age is another driver. As more people spend time online, the demand for activities they can enjoy from their home’s comfort has increased. Additionally, the need for platforms that are mobile-friendly has increased as more people play lotteries or bet on sports using their tablets or phones.

According to Safebettingsites, the global lottery and sports betting markets have also grown as a result of the growing popularity of esports. The site cites a NewZoo projection that the global esports audience will go beyond the 530 million mark in 2022. This projection has increased demand for platforms that allow wagering on such events. The analysis also notes that the “Internet of Things” (IoT) is also a major trend which drives growth, and that the gambling industry can use IoT to increase the efficiency of betting processes.

Safebettingsites also mentions Augmented Reality (AR) and Virtual Reality (VR) as technologies that will play a vital role in the growth of the market. These technologies may help create a more immersive experience for those who bet. Also, investors can use these technologies to build realistic 3D betting environments, opening more market opportunities.

Many Expects the Global Market to Grow Further

According to the analysis, there is room for further expansion in the lottery and sports betting markets. The statement reads that new technologies will bring innovation and new opportunities.

Analysts predict that blockchain technology will be a key factor in the sector’s growth. They believe it will be among novelties to make a mark. Safebettingsites says that blockchain technology can make significant changes in the industry by making it safer and more efficient. Although there are differences in the exact numbers, numerous recent sports betting forecasts and analyses predict that the global market is poised to continue growing.

According to a recent study by Transparency Market Research, the global sports betting market is predicted to grow at a compound annual growth rate (CAGR) of 9.8% from 2022 to 2023. The industry is estimated to reach a value of $653.5 billion by 2031.