United States Sports Betting Market to Grow at 12.54% During 2024-2032, Propelled by Widespread Legalization of Sports Betting

October 11, 2022 | Technology & Media

According to the latest report by IMARC Group, titled “United States Sports Betting Market Report by Platform (Offline, Online), Betting Type (Fixed Odds Wagering, Exchange Betting, Live/In Play Betting, Pari-Mutuel, eSports Betting, and Others), Sports Type (Football, Basketball, Baseball, Horse Racing, Cricket, Hockey, and Others), and Region 2024-2032,” the United States sports betting market is expected to grow at a CAGR of 12.54% during 2024-2032. Sports betting is the act of predicting sports results and placing wagers on them, which is a way for fans to prove their expertise or loyalty to a specific team or competitor. A variety of sports are gambled upon by different cultures, but most frequently mixed martial arts, American football, basketball, baseball, hockey, track cycling, auto racing, and boxing are bet upon. Sports betting can be made online or offline, on both professional and amateur levels. Additionally, this applies to non-human contests such as greyhound racing, horse racing, and illegal cockfighting.

United States Sports Betting Market Trends:

The market in the United States is primarily driven by the legalization of sports betting activities across the country. This can be attributed to the introduction of favorable government initiatives for betting activities in a wide range of sports and non-sports activities. In line with this, the considerable rise in the popularity of the annual sports events and leagues in the United States is providing an impetus to the market growth. Also, the increasing penetration of high-speed internet and user-friendly betting apps is also impacting the market growth positively. The market is also propelled by the rising trend of digitalization in the industry along with the growing adoption of smart devices and wireless connectivity. Apart from this, the increasing integration of blockchain technology and cryptocurrencies for automating real-time data is creating a positive outlook for the market. Some of the other factors contributing to the market growth include partnerships and collaborations between online sports betting organizations and sports teams, continual advancements in predictive machine learning (ML) algorithms, inflating disposable income levels of the consumers and extensive research and development (R&D) activities conducted by the key players.

Market Summary:

  • Based on the platform, the market has been segmented into offline and online.
  • On the basis of the betting type, the market has been divided into fixed odds wagering, exchange betting, live/in play betting, pari-mutuel, esports betting, and others.
  • Based on the sports type, the market has been categorized into football, basketball, baseball, horse racing, cricket, hockey, and others.
  • On the geographical front, the market has been segregated into Northeast, Midwest, South, and West.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Platform, Betting Type, Sports Type, Region
Region Covered Northeast, Midwest, South, West
Customization Scope 10% Free Customization
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United States Sports Betting Market to Grow at 12.54% During 2024-2032, Propelled by Widespread Legalization of Sports Betting
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