Latest market research report highlights factors expected to contribute to the rise of horse and sports betting by 2028.
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The global horse and sports betting market is forecasted to increase by $221.4 million by 2028, according to Technavio, a leading global technology research and advisory company.
This estimate expects growth to occur at an 11.06% compound annual growth rate across the next five years.
Key players
In Technavio’s latest market research report, there are several key players involved with contributing to the rise of horse and sports betting by 2028. This includes bet365 Group Ltd., which recently entered a partnership with BetMakers Technology Group Ltd. to bring fixed odds betting markets on thoroughbred horse racing and harness horse racing to bet365 customers in New Jersey and Colorado.
The United States, U.K., Italy, China, and Germany are all key countries expected to contribute toward this accelerated growth. However, there are some challenges with restrictions and regulatory frameworks in many Asian and European countries.
Undoubtedly, the biggest asset driving horse and sports betting market growth in the next five years is the expansion of digital online betting platforms. The availability and convenience of smartphones and various legal sportsbook operators that offer horse and sports betting market options are widespread. Numerous horse racing events are held both domestically and internationally each day.
Data and analytics
The advent of artificial intelligence (AI) is being integrated into machine learning algorithms to give bettors more accurate predictive data when it comes to placing wagers on the horse and sports betting market. Data and analytics also play a big part in operators improving their customer service and enhancing their business operations.
Volumetric data and real-time analytics allow bettors to leverage predictive technology to increase their chances of winning. With a variety of horse betting markets, including outright win, place, show, exacta, and trifecta, plus popular bet types like straight bets, parlays, and exotics, there’s a number of ways to place wagers on the horse and sports betting market.
As long as online operators continue to leverage the expansion of the digitalization era, combined with popular retail outlets such as Flutter Entertainment and licensed casinos, the estimated $221.4 million growth of the horse and sports betting market by 2028 should prove to be accurate.