Sports Betting Market

Sports Betting Market Size:

The global sports betting market size reached US$ 94.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 205.6 Billion by 2032, exhibiting a growth rate (CAGR) of 9.01% during 2024-2032. The market is propelled by the rising popularity of e-sports and competitive gaming, increasing adoption of advanced technologies such as virtual reality (VR) and AR, increasing demand for personalized and ergonomic gaming peripherals, rising penetration of internet and smartphones, and cultural enthusiasm among individuals.

Sports Betting Market Analysis:

• Major Market Drivers: The growing popularity of e-sports and online gaming, significant technological developments in gaming peripherals, and rising disposable income levels are some of the major market drivers.
• Key Market Trends: Some of the key market trends driving the sports betting market demand is the rising number of games and gaming enthusiasts, significant technological advancements in gaming hardware, and rising disposable income levels globally.
• Geographical Trends: The increasing penetration of internet and smartphones, cultural enthusiasm for numerous sports among individuals, and the rising disposable income levels are some of the major factors driving the Asia Pacific region.
• Competitive Landscape: 888 Holdings PLC, Bet365 Group Ltd., Bet-at-home.com AG (BetClic Everest Group S.A.S.), Betfred USA Sports, Betsson AB, DraftKings Inc., Entain plc, Flutter Entertainment plc, International Game Technology PLC, Kindred Group plc, Sportech PLC and TwinSpires (Churchill Downs Incorporated), are among some of the major key players in the sports betting industry. 
• Challenges and Opportunities: Some of the challenges include numerous stringent restrictions across varied nations and the rising prevalence of illegal and unregulated betting market. Whereas, significant technological advancements driving the market and rapid expansion into new markets is creating a positive sports betting market outlook.
   

Sports Betting Market Trends:

The Rising Global Popularity of Sports

The worldwide appeal of sports serves as a pivotal catalyst for the growing sports betting industry. Major sports such as football (soccer), basketball, cricket, and tennis possess a vast fan base that stretch across the globe. These sports are supported by established professional leagues and tournaments that capture the attention of millions of viewers and participants alike. For instance, global events such as the FIFA World Cup and the Olympics draw enormous interest and promote significant betting activities. Additionally, the emergence of regional leagues such as the Indian Premier League (IPL) for cricket and English Premier League (EPL) for football, further create a positive sports betting market forecast. With the growing availability of sports content via streaming services and social media platforms, an increasing number of individuals are engaging in following and betting on sports events. According to a research report by GITNUX, 26% of the sport industry revenue globally is received from media and sponsorship money.

Significant Technological Advancements

Technological advancements have drastically transformed the sports betting landscape, enhancing accessibility and ease of use. The widespread availability of smartphones and high-speed internet allows bettors to place wagers at any time and from any location. Mobile betting apps have simplified the process, offering features such as real-time odds, live streaming of sports events, and instant payment options. Moreover, the incorporation of artificial intelligence (AI) and data analytics has enabled more precise predictions and personalized betting experiences. Blockchain technology is also gaining popularity, delivering increased security, transparency, and trust in transactions. These tech innovations are drawing in new users and is also keeping existing ones engaged by providing an exceptional betting experience.

Legalization and Regulatory Developments

The legalization and regulation of sports betting in various regions have been influential in increasing the sports betting market size. Regions that once possesses stringent anti-gambling laws are now recognizing the potential economic advantages of legal sports betting, such as increased tax revenues and job creation. For instance, the U.S. Supreme Court's 2018 decision to overturn the Professional and Amateur Sports Protection Act (PASPA) has sparked a wave of legalization across multiple states. This shift has untapped new markets and drawn substantial investments from major industry players. Furthermore, regulated markets provide safer environments for bettors, mitigating the risks linked to illegal betting activities. As per a report by the AMERICAN GAMING ORGANIZATION, legalizing sports betting could possibly generate $8 Billion in local taxes, offering hundreds of job opportunities, and adding $22.4 Billion to the gross domestic product (GDP).

Sports Betting Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on platform, betting type, and sports type.

Breakup by Platform:

• Offline
• Online
   

Online accounts for the majority of the sports betting market share

The report has provided a detailed breakup and analysis of the market based on the platform. This includes offline and online. According to the report, online represented the largest segment.

The online betting dominates the market, on account of its distinctive accessibility and convenience. According to GITNUX, the global online gambling market, which includes sports betting is expected to reach $127.3 Billion by the year 2027. Users can place bets from virtually anywhere, at any time, using their smartphones or computers. The integration of advanced technologies, such as live streaming, in-play betting, and secure payment options, significantly enhances the user experience. Moreover, online platforms frequently provide a broader array of betting options and more competitive odds than traditional betting shops, thereby creating a positive sports betting market forecast report.

Breakup by Betting Type:

• Fixed Odds Wagering
• Exchange Betting
• Live/In Play Betting
• Pari-Mutuel
• eSports Betting
• Others
   

Fixed odds wagering holds the largest share in the industry

A detailed breakup and analysis of the market based on the betting type have also been provided in the report. This includes fixed odds wagering, exchange betting, live/in play betting, pari-mutuel, esports betting, and others. According to the report, fixed odds wagering accounted for the largest market share.

Fixed odds wagering represent the largest market share due to its clear and straightforward nature. Bettors are aware precisely what they stand to win based on the odds provided at the time of placing their bets. This predictability and transparency are essential for both novice and experienced bettors, as it simplifies the decision-making process and helps manage expectations effectively. Furthermore, fixed odds wagering is the most traditional form of sports betting, deeply embedded in betting culture for numerous years. This familiarity makes it the preferred choice for numerous bettors.

Breakup by Sports Type:

• Football
• Basketball
• Baseball
• Horse Racing
• Cricket
• Hockey
• Others
   

Football represents the leading market segment 

The sports betting market research report has provided a detailed breakup and analysis of the market based on the sports type. This includes football, basketball, baseball, horse racing, cricket, hockey, and others. According to the report, football represented the largest segment.

Football is the largest segment in the sports betting market due to its immense global popularity and expansive fan base. According to FIFA, the 2018 FIFA WORLD CUP RUSSIA, had an approximate global betting turnover of 2.1 Billion Euros, with the final between Croatia and France generating approximately 7.2 Billion Euros. Major football leagues and tournaments, such as the FIFA World Cup, UEFA Champions League, and the English Premier League, draw billions of viewers globally, creating countless betting opportunities. The frequent matches and extensive media coverage of the sport further amplify betting activity. Additionally, the straightforward nature of the game and its widespread accessibility contribute significantly to its dominance in the sports betting market.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Asia Pacific leads the market, accounting for the largest sports betting market share

The sports betting market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific accounted for the largest market share.

The Asia- Pacific region is the largest segment in the sports betting market, owing to its high population density, extensive internet penetration, and cultural affinity for sports and gambling activities. Countries such as China, India, and Japan boast massive sports fan bases and rapidly expanding economies, resulting in higher disposable incomes and greater participation in sports betting. Furthermore, progressive regulatory changes and technological advancements in online platforms within the region facilitate easy access to betting services, significantly driving market growth.

Competitive Landscape:

• The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the sports betting industry include 888 Holdings PLC, Bet365 Group Ltd., Bet-at-home.com AG (BetClic Everest Group S.A.S.), Betfred USA Sports, Betsson AB, DraftKings Inc., Entain plc, Flutter Entertainment plc, International Game Technology PLC, Kindred Group plc, Sportech PLC and TwinSpires (Churchill Downs Incorporated).
  
  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
   
• Leading sports betting companies are heavily investing in technology to enhance user experience. They are integrating AI and machine learning to provide personalized betting recommendations, real-time analytics, and more accurate odds. Mobile apps are being continuously improved to offer seamless, on-the-go betting experiences, complete with live streaming of events and instant updates. Blockchain technology is also being explored to ensure secure and transparent transactions. Other than this, to capitalize on the growing global interest in sports betting, key players are expanding into new markets. The legalization of sports betting in various U.S. states has seen companies such as DraftKings and FanDuel rapidly establishing their presence. Similarly, in the Asia Pacific region, companies are forming local partnerships to tap into the vast potential of markets in countries such as India, Japan, and China.

Latest News: 

• January, 2023: KENTUCKY lawmakers launched a new bill in order to legalize sports betting and online poker.
• January 2023: SPORTS INFORMATION SERVICES (SIS), a leading multi-channel supplier of 24/7 live betting services, signed a deal to integrate its offering onto the platform of leading global provider BETCONSTRUCT, starting with its 24/7 LIVE RACING CONTENT.

Sports Betting Market Report Scope:

Key Questions Answered in This Report:

• How has the global sports betting market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global sports betting market?
• What is the impact of each driver, restraint, and opportunity on the global sports betting market?
• What are the key regional markets?
• Which countries represent the most attractive sports betting market?
• What is the breakup of the market based on the platform?
• Which is the most attractive platform in the sports betting market?
• What is the breakup of the market based on betting type?
• Which is the most attractive the betting type in the sports betting market?
• What is the breakup of the market based on the sports type?
• Which is the most attractive industry in the sports type betting market?
• What is the competitive structure of the market?
• Who are the key players/companies in the global sports betting market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the sports betting market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global sports betting market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the sports betting industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.