Web3 Bets Ecosystem cuts across sports, crypto, and betting. The ecosystem has an enormous growth potential, because it integrates three markets with blockchain technology.
Every country in the world engages in one sports activity or another. There are more than 4 billion sports fans worldwide. According to Research and Markets, the market size of global sports was almost $388 billion at a compound annual growth rate (CAGR) of 3.4% since 2015. In fact, it decreased by 15.4% from 2019, where the market size was $458 billion. This decline was caused by COVID-19 outbreak and measures countries took to contain the pandemic.
In 2020, cryptocurrency market size was valued at $1.49 billion, and from 2021 to 2030, it is projected to grow to $4.94 billion at a CAGR of 12.8%.
Statistics show that at least 1.6 billion people around the world engage in betting, and about 4.2 billion bet at least once in a year. PwC 2020 reported that sports betting is the most bullish sports revenue stream in recent years and with the highest growth rate of 7.2% among other revenue streams that was studied.