The United States sports betting market is expected to exhibit a CAGR of 13.67% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Sports betting is a type of gambling activity that entails making predictions about sports outcomes and then placing a wager on the outcome. Bets on games allow fans to showcase their expertise or allegiance to a specific team or competitor. Sports gambling is more common in some cultures than others, with the most popular leagues for wagers being basketball, baseball, boxing, track cycling, football, etc. Sports bettors with in-depth knowledge of athletes and teams are more likely to make consistent profits.
United States Sports Betting Market Trends:
The increasing number of annual sports events and leagues in the US, such as Major League Baseball (MLB), National Football League (NFL), National Basketball Association (NBA), National Hockey League (NHL), etc., is primarily driving the United States sports betting market. Moreover, the rising penetration of smartphones along with the growing influence of user-friendly betting apps is also stimulating the market growth in the country. In line with this, the emerging trend of digitalization in the sports industry and the widespread adoption of wireless connectivity are creating a positive outlook for the regional market. Furthermore, the increasing popularity of Ripple, Bitcoin, Dogecoin, and Litecoin in the sports betting landscape is encouraging bettors towards these virtual currencies for attaining ease of transaction. In addition to this, the introduction of supportive government initiatives for the legalization of sports betting activities is also propelling the market growth. For example, sports betting became legal in eight states across the US after the enactment of the Professional and Amateur Sports Protection Act (PASPA). Apart from this, several online sports betting organizations are collaborating with various teams as a part of their marketing innovative and strategic expansions, which, in turn, is positively influencing the market across the United States. For instance, the National Basketball Association (NBA) confirmed its betting data partnership with Genius Sports Group (GSG) and Sportradar, allowing them to continue distributing official data to licensed operators. The league currently has more than 20 partnerships with gambling companies. Moreover, the increasing integration of blockchain technology with sports betting apps for automation of real-time data using smart contracts that assist in payment, past event analytics, bet confirmations, etc., is further catalyzing the regional market. In the coming years, the development of cutting-edge machine learning (ML) algorithms that aim to predict the outcomes of games is anticipated to fuel the growth of the United States sports betting market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the United States sports betting market, along with forecasts at the country and regional level from 2022-2027. Our report has categorized the market based on platform, betting type and sports type.
Breakup by Platform:
Breakup by Betting Type:
- Fixed Odds Wagering
- Exchange Betting
- Live/In Play Betting
- eSports Betting
Breakup by Sports Type:
- Horse Racing
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players
|Base Year of the Analysis
| Historical Period
||Platform, Betting Type, Sports Type, Region
||Northeast, Midwest, South, West
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