Virtual Sports Betting Market Size, Share, Growth Analysis, By Simulation Type(Random Number Generation (RNG)-based, AI-based), By End User(Individual customers, and Commercial customers), By Region - Industry Forecast 2024-2031

Global Virtual Sports Betting Market size was valued at USD 9.23 billion in 2022 and is poised to grow from USD 10.81 billion in 2023 to USD 38.45 billion by 2031, growing at a CAGR of 17.30% in the forecast period (2024-2031).

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.

US Virtual Sports Betting Market is poised to grow at a sustainable CAGR for the next forecast year.