The Casino and gaming industry is made up of Casinos, Lotteries, Sports betting & related, and other activities, out of which Sports betting and related accounts for 24% of the market size with $101 billion.
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.
Germany is the fifth biggest market for sports betting. The market size of the sports betting sector in Germany reached a value of $1.9 billion in 2021, accounting for 1% of the global market size. Germany contributes to 8% of the market size in the Europe region.
Earlier in the year 2020, the COVID-19 outbreak impacted the sector greatly as most of the outdoor facilities were shut down and people were forced to spend most of their time in their homes, thereby with little to no sports taking place for the better part of the year, which in turn meant no betting activities. The business was shut down for most of the year due to the government’s restrictions and lockdowns. As a result of this, in the year 2020, the market value of sports betting in Germany saw a de-growth of 19%, accounting for $0.4 billion.
After the restrictions were eased, the sector witnessed a recovery in demand as the sports betting market in Germany grew by a significant 14% in 2021 which accounts for an increase in market size of $0.23 billion.
The sports betting market in Germany grew at a CAGR of 6% during the period 2017-2021 as the world recovered from the pandemic and people, in general, became spendthrift and willing to spend on betting as they were forced to sit out of sporting events for the better part of a year. Also, the sector in Germany was witnessing steady growth before the pandemic hit.
The major companies that have a strong presence in Germany’s sports betting market include Bwin, Mybet, Betway, and Unibet among others.
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