The Online Sports Betting market in G7 has been experiencing significant growth in recent years.
Customer preferences: Customers in the G7 countries have shown a strong preference for online sports betting due to its convenience and accessibility. With the rise of smartphones and the increasing availability of high-speed internet, more people are opting to place their bets online rather than visiting physical betting shops. The ability to bet on a wide range of sports events from the comfort of their own homes has attracted a large number of customers to online platforms. Additionally, the availability of live streaming services has further enhanced the online betting experience, allowing customers to watch the games they have placed bets on in real-time.
Trends in the market: One of the key trends in the Online Sports Betting market in G7 is the increasing popularity of in-play or live betting. This allows customers to place bets on events that are already in progress, adding an extra level of excitement and engagement to the betting experience. The ability to make informed decisions based on the performance of the teams or players during the game has made live betting a preferred choice for many customers. In addition, the integration of social media platforms into online betting sites has created a sense of community among bettors, allowing them to share their experiences and tips with others.
Local special circumstances: Each G7 country has its own unique set of circumstances that contribute to the growth of the Online Sports Betting market. For example, in the United States, the recent legalization of online sports betting in several states has opened up a huge market for operators. In the United Kingdom, the long-standing tradition of sports betting and the liberal regulatory environment have created a highly competitive market with a wide range of options for customers. In Japan, the upcoming Tokyo Olympics have generated significant interest in sports betting, leading to an increase in online betting activities.
Underlying macroeconomic factors: The growth of the Online Sports Betting market in G7 can also be attributed to several underlying macroeconomic factors. One of the key factors is the increasing disposable income of consumers, which allows them to spend more on leisure activities such as sports betting. Additionally, the growing popularity of sports events and the rise of international tournaments have created a larger customer base for online betting operators. Furthermore, advancements in technology and the increasing penetration of internet services have made it easier for customers to access online betting platforms, further driving the growth of the market. In conclusion, the Online Sports Betting market in G7 is experiencing significant growth due to customer preferences for convenience and accessibility, the increasing popularity of in-play betting, local special circumstances in each country, and underlying macroeconomic factors such as increasing disposable income and advancements in technology.
Data coverage:
The data encompasses B2C enterprises. Figures are based on Gross Gambling Revenue (GGR) and represent what consumers pay for these products and services.Modeling approach:
Market size is determined through a Top-Down approach. We use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Consumer Insights Global survey), as well as performance factors (e.g., user penetration, price per product, usage) to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as GDP, number of internet users, and internet consumption.Forecasts:
We apply a variety of forecasting techniques, depending on the behavior of the relevant market. For instance, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP per capita, consumer spending per capita, and 4G coverage.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Data from the Statista Consumer Insights Global survey is reweighted for representativeness.
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