U.S. Sports Betting Market Size, Share, Growth

United States Sports Betting Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Report Format: PDF+Excel | Report ID: SR112023A5949

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Market Overview:

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:

Offline
Online

Breakup by Betting Type:

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

Breakup by Sports Type:

Football
Basketball
Baseball
Horse Racing
Cricket
Hockey
Others

Breakup by Region:

Northeast
Midwest
South
West

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players

Report Coverage:

Report Features	Details
Base Year of the Analysis	2021
Historical Period	2016-2021
Forecast Period	2022-2027
Units	US$ Billion
Segment Coverage	Platform, Betting Type, Sports Type, Region
Region Covered	Northeast, Midwest, South, West
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 2699 Five User License: US$ 3699 Corporate License: US$ 4699
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report

We expect the United States sports betting market to exhibit a CAGR of 13.67% during 2022-2027.

The increasing number of annual sports events and leagues across the US, along with the growing integration of blockchain technology with sports betting apps for automating real-time data, is primarily driving the United States sports betting market.

The sudden outbreak of the COVID-19 pandemic has led to the rising adoption of online betting and increasing utilization of various virtual currencies, such as Ripple, Bitcoin, Dogecoin, etc., for administering transactions, owing to the temporary closure of numerous retail sports-betting across the nation.

Based on the platform, the United States sports betting market can be categorized into offline and online, where offline holds the largest market share.

Based on the betting type, the United States sports betting market has been segregated into fixed odds wagering, exchange betting, live/in play betting, pari-mutuel, eSports betting, and others. Among these, live/in play betting currently accounts for the majority of the total market share.

Based on the sports type, the United States sports betting market can be bifurcated into football, basketball, baseball, horse racing, cricket, hockey, and others. Currently, football exhibits a clear dominance in the market.

On a regional level, the market has been classified into Northeast, Midwest, South, and West, where South currently dominates the United States sports betting market.

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