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Increased Connectivity Grows Horse Racing Commercialization
New York Ag Connection - 07/15/2020

The horse and sports betting market is likely to experience steady growth because of the increasing digital connectivity and rapid growth in commercialization of horse racing and sports events. Rising at a CAGR of over 9%, the market is estimated to have an incremental growth of $139.52 billion by 2024.

A Technavio analyst says, "The global horse sports betting market will have a positive impact due to the spread of COVID-19. The extension of containment efforts is increasing demand and reducing production. Hence, the prices are expected to remain elevated for the short term, thereby resulting in an improved topline growth of vendors."

Technavio's recent analysis of horse and sports betting market, includes a detailed examination of its revenue forecasts, including market drivers and challenges, key market participants, and growth opportunities. The study segments the markets in Europe, APAC, North America, South America, and MEA, geographically. The European region is expected to have a market share of 46% and will provide significant growth opportunities for market vendors during the forecast period.

Stringent government regulations and illegal practices associated with sports betting are expected to hinder the growth of the market. However, the increasing adoption of AI and machine learning and growing focus on consolidation will have a positive impact on the horse and sports betting market during the forecast period.

Technavio's analysis of the horse and sports betting market also includes:

- CAGR of the market during the forecast period 2020-2024

- Detailed information on factors that will drive horse and sports betting market growth during the next five years

- Precise estimation of the horse and sports betting market size and its contribution to the parent market

- Accurate predictions on upcoming trends and changes in consumer behavior

- The growth of the horse and sports betting market industry across Europe, APAC, North America, South America, and MEA

- A thorough analysis of the market's competitive landscape

- Comprehensive details of factors that will challenge the growth of horse and sports betting market

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