Sports Betting Market, By Platform, By Betting Type (Fixed Odds Wagering, Exchange Betting, Live/In-Play Betting, eSports Betting), By Sports Type and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
Sports Betting Market Overview
The global Sports Betting market size was estimated at USD 89.91 billion in 2023 and is projected to reach USD 182.02 billion in 2030 at a CAGR of 10.6% during the forecast period 2023-2030.
Sports betting refers to the act of placing a financial wager on the outcome of one or multiple games or events within a particular sporting occasion. It also encompasses the act of wagering on sports over the course of a week or an entire season-long competition. The essence of sports betting lies in the prediction of the outcome of sporting events. Bettors strive to forecast the result of an event in order to secure their wager and potentially generate a profit. The realm of sports betting encompasses iconic American sports such as the NFL, NHL, NBA, and MLB, among others. Moreover, it also encompasses a diverse array of European and otherworldly sports, making online sportsbooks a desirable option for individuals hailing from various regions around the globe.
The expansion of digital infrastructure and the widespread availability of wireless connectivity are the primary catalysts behind the burgeoning sports betting market. The advent of smartphones has revolutionized consumer behavior across a multitude of domains, including the realm of game betting. The global count of smartphone users currently stands at approximately 6.3 billion individuals, with this figure exhibiting steady growth on an annual basis. Furthermore, the escalating number of athletic competitions and leagues is fueling the surge in demand for the sports betting industry.
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The market has experienced a favorable impact as a result of the COVID-19 pandemic. This can be attributed to the rise in popularity of online games, including betting and fantasy sports games, among other types. Consequently, the utilization of sports betting has considerably expanded among the global population. Therefore, it can be concluded that the pandemic has had a positive effect on this particular market.
Delvens Industry Expert's Standpoint
The pandemic had a considerable impact on businesses globally, with nations like India and China bearing the brunt of the virus's outbreak. The expansion of the market is propelled by the proliferation of internet infrastructure and the evolving regulatory landscape of the entire gambling industry on a global scale. Moreover, the rise in the number of sports events and leagues worldwide, such as the NFL, FIFA World Cup, Carabao Cup, and UEFA Europa League, has had a positive impact on the growth of the market. Additionally, the increase in disposable income and the growing utilization of AI and blockchain technologies to enhance the prediction algorithms in betting software are expected to contribute to the growth of the market during the projected period. These factors have led to the expansion of the market and increased demand for Sports Betting solutions.
Key Findings
- The Platform segment is further fragmented into Offline and Online. The online platform is expected to account for a larger market size during the forecast period. The growth of the segment can be credited to the proliferation of smartphones and boosting internet infrastructure worldwide. Moreover, the global trend of digitization and technological advancements have influenced the lifestyle of the global population, contributing to the growth of the online platform segment.
- The Betting Type segment is further bifurcated into Fixed Odds Wagering, Exchange Betting, Live/In-Play Betting, eSports Betting and Others. The fixed odds wagering is the largest market during the forecast period. The majority of individuals who possess internet connectivity are participating in recreational endeavors, such as engaging in sports betting, while simultaneously actively pursuing supplementary earnings for their amusement.
- The Sports Type segment is further bifurcated into Football, Basketball, Baseball, Horse Racing, Cricket, Hockey and Others. Football to account for a larger market size during the forecast period. The major factor contributing to the growth of the market is the ever-increasing number of annual events by the sports leagues such as NFL, IPL, and EFL, among others.
- The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. Europe is estimated to account for the largest market share during the forecast period. In Europe, the adoption of safety legislation and regulations for both offline and online wagering is responsible for the region's growth.
Sports Betting Market Regional Analysis
Europe to Dominate the Market
- Europe is estimated to account for the largest market share during the forecast period. In Europe, the adoption of safety legislation and regulations for both offline and online wagering is responsible for the region's growth.
- Moreover, prominent games such as horse racing and football, as well as popular football clubs such as Liverpool, Manchester United, and Chelsea F.C., are well-known in countries such as Germany and the United Kingdom.
Sports Betting Market Competitive Landscape
- 888 Holdings Plc
- Bet365.
- Betsson AB
- Entain
- EveryMatrix.
- FanUp, Inc.
- Flutter Entertainment plc
- Fortuna Entertainment Group A.S.
- Galaxy Entertainment Group Limited
- Kindred Group plc
- Kindred Group plc
- Las Vegas Sands Corporation
- MGM Resorts International
- NOVIBET
- Peermont Global Proprietary Limited
- Resorts World at Sentosa Pte. Ltd.
- Rivalry Ltd.
- RTSmunity a.s.
- SJM Holdings Limited
- Sky Infotech
- Sportradar AG
- Sun International
- The Stars Group
- William Hill PLC
- Wynn Resorts Ltd
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Sports Betting Market Recent Developments
- In March 2023, OpenBet, a multinational company that provides sports betting entertainment, expanded its presence in the United States with a day-one launch in Massachusetts.
- In September 2022, Bet365, the renowned sports betting giant, successfully launched its online sports betting service in the state of Colorado. Leveraging one of Century Casinos' master licenses with the state, the sportsbook operator made its highly-anticipated betting application available to the market. This strategic partnership enabled Bet365 to swiftly go live with its cutting-edge platform, offering an exciting array of sports betting options to enthusiastic Colorado bettors.
Reasons to Acquire in the Sports Betting Market
- Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
- Gain authentic and granular data access for the Sports Betting Market to understand the trends and the factors involved in changing market situations.
- Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
- In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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