Global Virtual Sports Betting Market Insights
Global Virtual Sports Betting Market size was valued at USD 8.45 billion in 2021 and is poised to grow from USD 9.12 billion in 2022 to USD 35.54 billion by 2030, growing at a CAGR of 17.3% in the forecast period (2023-2030).
Virtual sports betting is a form of online betting that allows users to bet on simulated sporting events that are created by software programs. These virtual events are designed to resemble real-life sports events in terms of rules, gameplay, and statistical analysis. A virtual sport betting typically involves betting on the outcome of a virtual game, such as football, horse racing, tennis, basketball, or cricket. Users can place bets on various aspects of the game, including the winner, score, and other outcomes. The betting odds are calculated based on the statistical analysis of the virtual event, and the payouts are determined by the amount wagered and the odds offered. One of the advantages is that the events are not affected by external factors such as weather, injuries, or other unforeseen circumstances that can impact the outcome of real-life sports events. This makes virtual sports betting more reliable and consistent, and it allows users to place bets on sports events at any time of the day or night.
The global market is expected to grow significantly over the next few years. The market is driven by several factors, including the increasing popularity of online sports betting, the growing adoption of virtual sports by sports leagues and broadcasters, and the advancement of technology in the gaming industry. One of the key drivers of the market is the increasing demand for online sports betting. As more people turn to online platforms for sports betting, virtual sports betting is becoming an increasingly popular option. An online sport betting is convenient, and accessible, and provides users with a wide range of betting options, including virtual sports events. Another factor driving the market is the adoption of virtual sports by sports leagues and broadcasters. Virtual sports events are becoming more prevalent in the sports industry, with many professional sports leagues offering virtual sports events in addition to their regular sports events. This has created new opportunities for sports betting operators to offer virtual sports betting options to users. Finally, the advancement of technology in the gaming industry is also driving the growth of the market. Virtual sports events are becoming more realistic and sophisticated, with improved graphics, animation, and gameplay. This is enhancing the user experience and drives user engagement.
Global Virtual Sports Betting Market Segmental Analysis
Global Virtual Sports Betting Market is segmented on the basis of simulation type, end-user and region. By simulation type, the Virtual Sports Betting Market is segmented into RNG-based and AI-based. By end-user, Virtual Sports Betting Market is segmented into individual customers and commercial customers. By region, the Virtual Sports Betting Market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Virtual Sports Betting Market Analysis by Simulation Type
The RNG-based virtual sports segment is the largest segment in the global virtual sports betting market. This is due to the fact that RNG-based simulations are easier and more cost-effective to develop compared to AI-based simulations. They also offer a more straightforward betting experience, which appeals to a wider range of users.
The AI-based virtual sports segment is the fastest growing segment in the market. This is because AI-based simulations are becoming increasingly sophisticated and realistic, which is enhancing the user experience and driving user engagement. AI-based simulations are also able to take into account more factors, such as player performance and historical data, which can improve the accuracy of virtual sports outcomes and provide users with more betting opportunities.
Virtual Sports Betting Market Analysis by End-User
The largest segment of the end-user segment in the global virtual sports betting market is individual customers. This segment includes people who enjoy sports and betting and use virtual sports betting products to satisfy their desire to bet on sports events. The individual customer segment includes both casual and professional bettors. The individual customer segment is generally much larger than the commercial customer segment, as individual customers account for the majority of the revenue generated by the market.
The fastest-growing segment of the end-user segment in the global market is commercial customers. Betting operators and sportsbook providers are increasingly offering virtual sports betting as part of their services, and this trend is expected to continue in the coming years. The commercial customer segment is critical to the growth of the virtual sports betting market, as these customers account for a significant portion of the revenue generated by the market. Betting operators and sportsbook providers are also likely to invest in technology and innovation to improve the virtual sports betting experience for their customers, further driving growth in the commercial customer segment.