Sports Betting Market Report Cover

Sports Betting Market

Sports Betting Market Report Cover

Sports Betting Market Size, Share, Growth & Industry Analysis, By Type (Fixed Odds Wagering, Exchange Betting, Live/In-Play Betting, eSports Betting, and Others), By Sports (Football, Basketball, Baseball, Horse Racing, Cricket, Hockey, and Others), and Regional Analysis, 2024-2031

Author : Ashim L.

Pages : 120

Base Year : 2023

Release : July 2024

Report ID: KR811

Sports Betting Market Size

The global Sports Betting Market size was valued at USD 99.87 billion in 2023 and is projected to grow from USD 108.73 billion in 2024 to USD 212.82 billion by 2031, exhibiting a CAGR of 10.07% during the forecast period. In the scope of work, the report includes services offered by companies such as 888 Holdings plc (U.K.), DraftKings, MGM Resorts, Entain, Flutter Entertainment plc, Kindred Group plc, Scientific Games., Sportradar Group AG, Wynn Resorts Holdings., BETSSON AB and others.

The legalization of sports betting, technological advancements, increasing sports viewership, strategic partnerships, and the integration of data analytics are key factors driving the growth of the market. The expansion of the sports betting market is propelled by the widespread legalization of sports betting in various countries and states.

Technological advancements, particularly in mobile and online platforms, have made betting more accessible and convenient. The increasing popularity of sports and the growing number of sports enthusiasts globally further boost market growth. Additionally, strategic partnerships between betting companies and sports leagues or teams enhance market visibility and credibility.

The integration of data analytics and artificial intelligence in betting platforms provides users with more accurate predictions and personalized experiences, further attracting customers. The sports betting market is experiencing robust growth, mainly fueled by legalization, ongoing technological advancements, and increased sports viewership.

North America, Europe, and Asia-Pacific are key regions contributing to market expansion. In North America, the United States hold significant prominence due to the recent legalization of sports betting in many states.

Europe remains a mature market with well-established betting infrastructures, while Asia-Pacific shows significant potential with its large population and rising internet penetration. Online and mobile betting are the fastest-growing sectors, outpacing traditional betting methods. Major companies in this market are continually innovating to provide enhanced user experiences, which fosters market competitiveness and overall growth.

Sports betting involves predicting sports results and placing a wager on the outcome. It covers a wide range of sports, including football, basketball, baseball, horse racing, and others. Bets are placed on various outcomes such as the winner, score, or specific events within a game. The market encompasses both legal and illegal betting activities, with the legal sector growing rapidly due to increased regulatory support.

Online and mobile platforms have revolutionized the market, offering bettors convenience and a variety of betting options. The market includes sportsbooks, betting exchanges, and other platforms that facilitate betting activities for both individual and institutional bettors.

Analyst’s Review

Manufacturers in the sports betting market are focusing on enhancing user experience and sustaining competitiveness. Continuous investments in technological innovations, such as AI-driven predictive analytics and immersive live betting features, are aimed to attract and retain customers.

  • In January 2024, SuperSportsAI Nexus was introduced by SSTraders as a Telegram Bot for the igaming industry, tailored for bookmakers, tipsters, and marketing departments. It offered features such as seamless integration, tailored AI models, real-time sports predictions, and multilingual capabilities. The bot aimed to enhance audience engagement with live, accurate predictions and interactive content, ensuring 24/7 engagement and easy integration into existing platforms.

Additionally, strategic partnerships with sports leagues and teams bolster brand visibility and credibility. The introduction of new products, such as customized betting options and interactive betting platforms, further diversifies offerings and meets evolving consumer preferences.

To capitalize on market opportunities, manufacturers should prioritize responsible gambling practices and regulatory compliance. Furthermore, expanding into emerging markets, particularly in Asia-Pacific, presents lucrative growth prospects. Fostering innovation while maintaining ethical standards is essential for sustained success in the dynamic market.

Sports Betting Market Growth Factors

The ongoing legalization of sports betting is a significant factor stimulating the growth of the market since countries and states are progressively allowing sports betting, thereby creating a broader legal framework. This legal acceptance is attracting new players, fostering a competitive environment, and increasing tax revenues for governments. The regulatory frameworks ensure fair play and transparency, thereby bolstering consumer confidence.

This is leading to an increasing number of established financial institutions and investors entering the market, thereby augmenting sports betting market growth. The gradual destigmatization of sports betting, coupled with robust legal structures, is continually boosting market penetration and acceptance.

  • Sports betting was legalized in Kentucky, North Carolina, and Vermont in 2023. Kentucky's HB 551 was signed into law on March 23. North Carolina's House Bill 347 was signed on June 14, expanding from limited retail betting to mobile betting. On the same day, Vermont's H.127 was signed, with input from the NCPG, including amendments on problem gambling.

The potential for gambling addiction presents a key challenge hampering the growth of the market. This issue raises ethical concerns and often leads to stringent regulatory measures, significantly impacting market growth. To overcome this challenge, companies are actively implementing responsible gambling initiatives. These include self-exclusion programs, setting betting limits, and providing access to support services for problem gamblers.

Technological solutions, such as AI-driven monitoring systems, are continuously being developed to detect and prevent compulsive gambling behaviors. Prioritization of responsible gambling practices, helps industry players maintain regulatory compliance and build a sustainable, trustworthy market environment.

Sports Betting Market Trends

The increasing integration of live betting features is emerging as a notable trend, enabling bettors to place wagers on events as they unfold in real-time during a sporting event. This trend is further fueled by advancements in technology, particularly in mobile applications and internet connectivity, facilitating seamless and instantaneous betting experiences.

Live betting provides bettors with a higher level of engagement and excitement by allowing them to respond to changing game dynamics and fluctuating odds during the event. Betting operators are investing heavily in live streaming services and innovative betting platforms to capitalize on this trend and attract more customers who seek interactive and dynamic betting experiences.

The rise of esports betting is a significant trend influencing the market landscape. Esports, or competitive video gaming, has gained immense popularity globally, especially among younger demographics. Due to this, betting on esports events has emerged as a lucrative segment within the broader sports betting market.

Betting on esports events offers unique opportunities for bettors, with diverse betting markets and formats tailored to the specific characteristics of each game. The esports betting trend is expected to continue to grow as esports tournaments attract larger audiences and mainstream recognition.

Segmentation Analysis

The global market is segmented based on type, sports, and geography.

By Type

Based on type, the market is categorized into fixed odds wagering, exchange betting, live/in-play betting, esports betting, and others. The fixed odds wagering segment led the sports betting market in 2023, reaching a valuation of USD 47.26 billion, primarily due to its widespread popularity and accessibility among bettors. Fixed odds wagering offers bettors the opportunity to place bets with predetermined odds, providing a sense of certainty and control over potential winnings.

Moreover, advancements in technology have enhanced the user experience, making fixed odds wagering more convenient through online and mobile betting platforms. The availability of diverse betting markets and events further contributes to the growth of the segment, attracting a broad range of bettors with varying preferences and interests. 

By Sports

Based on sports, the sports betting market is classified into football, basketball, baseball, horse racing, cricket, hockey, and others. The basketball segment is poised to experience significant growth at a CAGR of 10.98% through the forecast period (2024-2031), largely attributed to its surging global popularity and increasing viewership.

Basketball boasts a large and dedicated fan base worldwide, with particularly strong support in regions such as North America, Europe, and Asia-Pacific. The growing number of professional basketball leagues and tournaments, coupled with the rising popularity of international competitions such as the Olympics and FIBA World Cup, fuel demand for basketball betting.

Additionally, the emergence of new betting markets and betting formats specific to basketball, such as player performance bets and live betting options, further stimulate the growth of the segment. The basketball segment is estimated to experience sustained expansion, primarily fueled by ongoing developments in the sport and increasing engagement from bettors.

Sports Betting Market Regional Analysis

Based on region, the global market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.

Sports Betting Market Size & Share, By Region, 2024-2031

The Europe sports betting market accounted for a substantial share of around 42.50% in 2023, with a valuation of USD 42.45 billion. The region boasts a long history of sports betting, with well-established regulatory frameworks and a mature betting infrastructure. This stability and legal clarity attract both operators and bettors, thereby fostering a competitive market environment.

Additionally, Europe's diverse sporting culture and strong tradition of sports fandom contribute to high levels of sports betting activity. The presence of prominent sports leagues and events further enhances regional market growth.

Moreover, technological advancements have facilitated the proliferation of online and mobile betting platforms, making sports betting more accessible and convenient for European consumers, thereby consolidating the region's dominance in the global sports betting market.

Asia-Pacific is set to experience robust growth at a CAGR of 11.33% through the projection period. The region's large population, particularly in emerging economies such as China and India, presents a vast untapped market for sports betting operators. Increasing internet penetration and smartphone adoption rates further boost accessibility to online betting platforms.

Moreover, the growing popularity of sports, particularly in countries such as China, South Korea, and Japan, fuels demand for sports betting services. Additionally, regulatory reforms and initiatives aimed at legalizing and regulating sports betting in several Asia-Pacific countries create a conducive environment for domestic market growth.

Competitive Landscape

The sports betting market report will provide valuable insight with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their market shares across different regions.

Manufacturers are adopting a range of strategic initiatives, including investments in R&D activities, the establishment of new manufacturing facilities, and supply chain optimization, to strengthen their market standing.

List of Key Companies in Sports Betting Market

The global sports betting market is segmented as:

By Type

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

By Sports

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

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • U.K.
    • Spain
    • Germany
    • Italy
    • Russia
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia-Pacific
  • Middle East & Africa
    • GCC
    • North Africa
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
  • Check Icon Additional Company Profiles
  • Check Icon Additional Countries
  • Check Icon Cross Segment Analysis
  • Check Icon Regional Market Dynamics
  • Check Icon Country-Level Trend Analysis
  • Check Icon Competitive Landscape Customization
  • Check Icon Extended Forecast Years
  • Check Icon Historical Data Up to 5 Years
Frequently Asked Questions (FAQ's)
The global market is projected to reach USD 212.82 billion by 2031, growing at a CAGR of 10.07% from 2024 to 2031.
The global market was valued at USD 99.87 billion in 2023.
The legalization of sports betting, technological advancements, increasing sports viewership, strategic partnerships, and the integration of data analytics are key factors driving the sports betting market.
Top key players in the market are 888 Holdings plc (U.K.), DraftKings, MGM Resorts, Entain, Flutter Entertainment plc, Kindred Group plc, Scientific Games., Sportradar Group AG, Wynn Resorts Holdings., BETSSON AB, and others.
Asia-Pacific is the fastest growing region with the CAGR of 11.33% in the forecast period (2024-2031) with the market value forecast to reach at USD 74.93 billion.
By type, fixed odds wagering segment will hold the maximum share in the market with the revenue value of USD 96.45 billion in 2031.
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