The sports betting market size is estimated to be at USD 91,940.9 million in 2023 and is expected to increase at a CAGR of 10.3% to USD 245,792.4 million by 2033.
The growing popularity of connected devices, the adoption of sports betting, and the evolving digital infrastructure all contribute to the demand for sports betting.
The online segment of the sports betting market is anticipated to experience significant growth. Further, the forecast period might be impacted by the growing demand for a sport betting’s digitalization. Various governments are regulating the frameworks impacting the sports betting market's future trends to give consumers new sports betting market opportunities for employment and enriching experiences.
| Attribute | Details |
|---|---|
| Sports Betting Market CAGR (2023 to 2033) | 10.3% |
| Sports Betting Market Size (2023) | USD 91,940.9 million |
| Sports Betting Market Size (2033) | USD 245,792.4 million |
According to DataReportal's Global Social Media Overview April 2021, there are more than 4.8 billion internet users worldwide. Also, online betting allows players to monitor betting activity in real-time using internet-connected devices escalating the sports betting market growth as well as the sports betting market trends and forecasts.
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The sports betting market growth is anticipated to be fueled by the expansion of sporting leagues and events. Further, a sports league or event is a gathering of teams, nations, associations, or individuals competing against one another in a match for a trophy or championship.
These leagues are scheduled to take place at specific times or during specific seasons, and all participating teams or individuals are required to do so to determine the league's overall champion which surges the adoption of sports betting resulting in positively influencing the sports betting market's future trends.
New professional sports leagues are starting up all over the world, giving customers the chance to diversify their wagering expenses. As a result, the sports betting market is expanding as a result of the expansion of sports leagues and events in the sports betting market.
One of the key factors driving the sports betting market growth is the global expansion of digital infrastructure. Additionally, the growing number of sports leagues and events around the world, as well as the surge in demand for sports betting among millennial and older people, are driving sports betting market growth along with sports betting market adoption trends.
Strict rules governing the game are predicted to impede the sports betting market expansion. During the forecast period, worries about illegal activity are expected to pose a challenge to the sports betting market opportunities as well as sports betting market trends and forecasts.
The growing impact of technologies such as blockchain, virtual reality, and AI, specifically machine learning tools are the sports betting market key trends. Moreover, the sports betting market is predicted to expand during the forecast period as a result of increased consumer demand for sports betting, which is being driven by technological advancements.
The leading sports betting market vendors are increasingly focusing a significant portion of their investments on machine learning tools and methods that have demonstrated promising results in prediction. Further, machine learning assists in the development of predictive algorithms and accurate predictive models for improved betting efficiency.
Consumers must develop useful strategies and make accurate predictions to increase their efficiency as the sports betting market evolves. New machine learning algorithms that attempt to predict the outcomes of games and races are expected to become familiar to sports bettors.
As a result, the rise of machine learning might be a boon to the global sports betting market during the forecast period.
The sports betting market is also influenced by the adoption of sports betting through video streaming and instant messaging services, as well as changes in the regulatory landscape of the sports betting market. Moreover, the sports betting market expansion of distribution channels, increase in purchasing power of middle-income groups, increase in product awareness and smart strategic marketing activities all have a positive impact on the sports betting market key trends and opportunities.
The use of 5G networks, as well as the use of AI and blockchain technologies is estimated to provide profitable sports betting market opportunities to participants during the forecast period.
In 2022, the fixed odds wagering segment held a sports betting market share of more than 25%, while the eSports betting segment is expected to secure a significant CAGR of 14.8% in the sports betting market during the forecast period.
Interactive games are gaining popularity among children. While a significant portion of the population participates in competitive matches for entertainment, income, and recreation, eSports competitions draw large audiences. Further, the sports betting market has begun to capitalize on the opportunity through eSports betting which in turn influences the sports betting market adoption trends.
The platform segment of the sports betting market was led by the online platform segment, which is expected to dominate the sports betting market by the end of the forecast period, with a CAGR of 13%.
The online sports betting market is a stable and a notably expanding sector of the global economy which might escalate the sports betting market key trends and opportunities on the whole.
The anticipated sports betting market growth can be attributed to the increasing global use of smartphones and the internet. Further, the global population's lifestyle has been influenced by technological advancement and digitalization.
Financial sports betting market growth, an improvement in living standards, and an increase in disposable income are all co-dependent factors affecting the sports betting market's future trends.
Football events generate the majority of revenue from all other types of sports in the sports betting market. Also, Football accounted for more than 20.2% of the sports betting market share in 2022 and is expected to grow in the future positively affecting the sports betting market adoption trends.
Following football, the horse racing segment accounted for the second-largest sports betting market share and is expected to thrive at a CAGR of 10.3% during the forecast period. Further, the basketball and baseball segments of the sports betting market are also expected to expand by close to 10%. Many different types of sports are expected to grow in popularity.
The increasing number and annual events of sports leagues such as the NFL, IPL, EFL, and others are factors contributing to the development of these segments constructively impacting the sports betting market opportunities as well as the sports betting market trends and forecasts.
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The Asia Pacific region accounted for around 30.0% of revenue and is expected to maintain the high CAGR in the sports betting market.
The presence of a significant percentage of young population who also participate in various forms of sports is the most important factor contributing to the sports betting market development. Also, gambling is a popular trait among the people of China and India. Further, the sports betting market is expected to grow significantly as a result of such collective factors along with the sports betting market opportunities.
The Europe held a market share of 22.6% in 2022. The Europe region is expected to thrive at a CAGR of nearly 11.0%. Sports betting regulations in Europe are favorable to the population of Europe.
Online gambling increased significantly positively affecting the sports betting market adoption trends, since the pandemic restricted land-based gambling. The majority of firms extend into regulated sectors to earn a sustainable income, the industry derives a substantial amount of its earnings from the United Kingdom, Spain, Germany, and other nations in Europe.
Europe's sports betting business has grown significantly in recent years, because sports betting is mostly used in tournaments like the FIFA World Cup, Wimbledon, and European Championships.
Additionally, Tennis appeared to be one of Europe's leading betting sports in 2021 as a result of the 2021 Wimbledon Championship, although Wimbledon combined with the UEFA Euro Cup, indicating the increasing appeal of sports betting throughout the Europe region.
The leading sports betting market players focus on developing engaging websites and offering exclusive deals to gain a competitive advantage in the sports betting market. Additionally, companies are also focusing on integrating technology such as APIs to improve functionality and provide user-friendly interface.
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| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 10.3% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Sports Betting Market Size (2023) | USD 91,940.9 million |
| Sports Betting Market Size (2033) | USD 245,792.4 million |
| Quantitative Units | Revenue in USD Million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Platform, Betting Type, Sports Type, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia & Pacific; East Asia; The Middle East & Africa (MEA) |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Poland, Russia, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC Countries, South Africa, Israel |
| Key Companies Profiled | 888 Holdings Plc; Bet365; Betsson AB; Churchill Downs Incorporated; Entain plc; Flutter Entertainment Plc; IGT; Kindred Group Plc; Sportech Plc; William Hill Plc |
| Customization | Available Upon Request |
The market is valued at USD 91.9 billion in 2023.
888 Holdings Plc., Bet365, and Betsson AB are key market players.
The market is forecast to register a CAGR of 10.3% through 2033.
Fixed odds wagering segment is likely to remain preferred through 2033.
Expanding digital infrastructure is encouraging the market growth.
| Estimated Market Size (2024E) | USD 35,471.6 million |
|---|---|
| Projected Market Size (2034F) | USD 83,974.2 million |
| Value-based CAGR (2024 to 2034) | 9% |
| Estimated Market Size (2023) | USD 9 billion |
|---|---|
| Projected Market Size (2033) | USD 17 billion |
| CAGR (2023 to 2033) | 6.6% |
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