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.
Italy is the fourth biggest market for sports betting. The market size of the sports betting sector in Italy reached a value of $2.2 billion in 2021, accounting for 2% of the global market size. Italy accounts for 10% 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 Italy saw a de-growth of 1%.
After the restrictions were eased, the sector witnessed a recovery in demand as the sports betting market in Italy grew by a significant 20% in 2021 which accounts for an increase in market size of $0.4 billion.
The sports betting market in Italy grew at a CAGR of 9% 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 Italy was witnessing good growth before the pandemic hit.
The major companies that have a strong presence in Italy’s sports betting market include Bwin, Bet365, Betway, and Kindred among others.
United States of America
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Hong Kong
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