VIRTUAL SPORTS BETTING MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

The Virtual Sports Betting Market is estimated to be valued at USD 12.61 billion in 2024 and is expected to reach USD 39.78 billion by 2031, exhibiting a compound annual growth rate (CAGR) of 17.8% from 2024 to 2031.

The virtual sports betting market allows players to bet on randomly generated virtual sporting events. Contrary to traditional sports betting which involves real life matches and outcomes, virtual sports utilizes algorithms and computer simulations to recreate games like football, horse racing, dog racing etc. Without requiring any actual games to be played, virtual sports provide betting opportunities around the clock from the comfort of online platforms. With growing penetration of smartphones and internet, more people especially millennials are participating in virtual betting on daily basis. The market offers easy access, convenience of gambling entertainment anywhere and anytime which is driving its popularity worldwide.

Market Dynamics:

The global virtual sports betting market growth is primarily driven by increasing smartphone and internet penetration globally. Continuous technological advancements offering enhanced visual graphics and life-like simulations is propelling the demand. Also, lack of regulations in many countries have made virtual betting legal and easily accessible. This along with 24/7 accessibility from anywhere provides gambling entertainment around the clock, attracting more users. However, stringent regulations in some regions inhibits market growth. Moreover, many users prefer betting on real life sports over virtual games which remains a key challenge. Nevertheless, virtual betting providers introducing blockchain-based platforms ensuring transparency and security presents lucrative opportunities for market expansion going ahead.

Key features of the study:

• This report provides in-depth analysis of the global virtual sports betting market, and provides market size (US$ Billion) and compound annual growth rate (CAGR %) for the forecast period (2024–2031), considering 2023 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global virtual sports betting market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include Betradar, BetConstruct, Inspired Entertainment, Inc., Kiron Interactive, Golden Race, NSoft Corporation, Betgenius, Vermantia, Global Bet Virtual, 1X2 Network, Playtech plc, BtoBet, Digitain, Sportradar AG, FSB Technology, Bragg Gaming Group, EveryMatrix Ltd., Metric Gaming LLC, Virtual Gaming Worlds, Microgame S.p.A., and Pari Match are the major players
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• The global virtual sports betting market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global virtual sports betting market.

Detailed Segmentation-

• By Simulation Type
  • RNG Based
  • AI Based
•  By End Users
  • Individual Players
  • Betting Companies
• By Regional
  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa
• Key Players Insights
  • Betradar
  • BetConstruct
  • Inspired Entertainment, Inc.
  • Kiron Interactive
  • Golden Race
  • NSoft Corporation
  • Betgenius
  • Vermantia
  • Global Bet Virtual
  • 1X2 Network
  • Playtech plc
  • BtoBet
  • Digitain
  • Sportradar AG
  • FSB Technology
  • Bragg Gaming Group
  • EveryMatrix Ltd.
  • Metric Gaming LLC
  • Virtual Gaming Worlds
  • Microgame S.p.A.
  • Pari Match