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Sports betting has come a long way from its early days when it was primarily limited to horse racing. CNBC News Today, it is a multi-billion dollar industry that spans across various sports and is enjoyed by millions of people worldwide. With the advent of online betting platforms, sports betting has become more accessible than ever before, leading to a surge in its popularity over the last few years. This study aims to provide a comprehensive overview of the latest trends and developments in sports betting, covering various aspects such as the market size, growth drivers, challenges, and future prospects.

Market Size The global sports betting market is estimated to be worth around $85 billion, with the majority of the revenue generated from football betting. While traditional forms of sports betting such as in-person betting at brick-and-mortar sportsbooks still exist, online betting platforms have emerged as the dominant force in recent years. The increasing popularity of mobile devices and the internet has made it easier for people to place bets on their favorite sports from anywhere and at any time.

Growth Drivers One of the significant factors driving the growth of the sports betting industry is the legalization of sports betting in several states in the US. Since the Supreme Court’s ruling in 2018, several states have legalized sports betting, leading to an increase in revenue for both the states and the betting companies.