Predicting sports results and making a bet on the outcome is known as sports betting. The frequency of sports wagering varies by culture, with most wagers being put on amateur and professional levels of association football, American football, basketball, baseball, hockey, track cycling, car racing, mixed martial arts, and boxing.
The market size of the Sports Betting sector in the Asia-Pacific region reached a value of $21 billion in 2021. Key markets for Sports Betting in the region include countries like Singapore and South Korea. As many of the countries globally have made betting legal in their respective region which has paved way for the growth of the sector.
The Sports Betting market globally grew by 18% in 2021 as the sector witnessed a recovery in demand after easing the restrictions which were placed on account of the pandemic COVID-19.
Earlier in the year 2020, The COVID-19 outbreak impacted the sector greatly. Sports Betting were forced to shut their business for most of the year due to the ongoing coronavirus restrictions and lockdowns. During the year 2020, the market value of sports betting in the Asia-Pacific saw a de-growth of 26%.
Many games provided by the casino require attendants to be close to each other or be played between groups of people. Thus, when casinos were open, they needed to adjust their games and follow the government’s coronavirus safety measures, decreasing demand for the sector in general.
The major companies that have a strong presence in the Asia-Pacific sports betting market includes The Hong Kong Jockey Club, and SportsBetting.ag.
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