Sports Betting Industry Trends – Emergence of Machine Learning in Sports Betting

Technavio recently released some really powerful insights on the growth of the sports betting industry. Many of their findings truly support exactly what we are building here at Sharper Betting – our use of machine learning to build predictive algorithms that result in a superior betting efficiency.

Here are some of key takeaways:

The Sports Betting Market Share is expected to increase by USD 106.25 billion from 2020 to 2025, according to the recent market study by Technavio. The report provides a detailed analysis of drivers & opportunities, top winning strategies, competitive scenario, future market trends, market size & estimations, and major investment pockets.

APAC will register the highest growth rate of 39% among the other regions. China and Australia are the key markets for Sports Betting. Moreover, market growth in APAC will be faster than the growth of the market in other regions.

Regional Market Outlook
APAC will register the highest growth rate of 39% among the other regions. Therefore, the sports betting market in APAC is expected to garner significant business opportunities for the vendors during the forecast period. The increase in demand for online games and fantasy sports platforms will facilitate the sports betting market growth in APAC over the forecast period.

Latest Drivers & Trends of the Market-

• Sports Betting Market Driver:
  • Digital revolution:

With the recent global digital revolution, cloud platforms are being preferred for storing data, and there has been a burgeoning increase in online transactions and payments among commercial as well as retail users. Also, there has been a significant increase in the consumption of digital content in the last five years, with the growing Internet speed. With extensive digitalization, the sports betting landscape has fundamentally changed, and the global sports betting market has shifted toward online or virtual applications and platforms. Modern consumers can easily engage in sports betting and conveniently connect with sportsbooks due to the easy access to the Internet and the availability of various mobile apps and online platforms. The rapid growth of digital platforms and the increasing Internet penetration have given consumers easy access to online sports betting platforms, which will drive the growth of the global sports betting market during the forecast period.

• Sports Betting Market Trend:
  • Emergence of machine learning in sports betting:

One of the key trends in the global sports betting market is the increasing impact of technologies such as blockchain, virtual reality, and AI, specifically machine learning tools. The global sports betting market is expected to grow during the forecast period as a direct result of improving consumer demand, driven by technological advances. Major vendors in the market are increasingly focusing a significant part of their investments in machine learning tools and methods, which have shown promising results in prediction. Machine learning helps build predictive algorithms and accurate predictive models for better betting efficiency. As the global sports betting market evolves, it is necessary for consumers to find useful strategies and accurate predictions to increase their efficiency. Sports bettors are expected to increasingly become familiar with new machine learning algorithms that attempt to predict the outcomes of games and races. Thus, the emergence of machine learning will be a positive trend for the global sports betting market during the forecast period.