Sports Betting Market

Global Sports Betting Market Research Report Global Industry Analysis, Size, Share, Growth, Trends, Regional Analysis, Competitor Analysis and Forecast 2024-2032: By Type (Fixed Odds Wagering, Exchange Betting, Live/In-Play Betting, Pari-Mutuel, E-sports Betting, Others), By Platform (Online and Offline), By Application (Draw games, Instant games, Lotto, Number games, and Others), By Sports (Football, Basketball, Baseball, Horse Racing, Cricket, Hockey, and Others), and Region (North America, Europe, Asia-Pacific, and Rest of the World)

ICT & Media | February 2024 | Report ID: EMR00547 | Pages: 301

The global sports betting market was valued at USD 85.41 billion in 2023 and is estimated to reach approximately USD 220.05 billion by 2032, at a CAGR of 11.0% from 2024 to 2032.

People bet on the results of athletic events in the vibrant sports betting market. Online platforms have transformed accessibility and enabled worldwide engagement, driven by technological developments. To generate well-informed forecasts, bettors examine odds, team performance, and statistics. Because of the thrill of placing bets on sports like basketball, football, and horse racing, this market has expanded quickly. Its reach has been further increased by changes in regulations and the emergence of mobile betting apps. In a diverse and dynamic entertainment scene, the sports betting business is always changing and offers chances for investors as well as enthusiasts.

 

 

SPORTS BETTING MARKET: REPORT SCOPE & SEGMENTATION

Report Attribute

Details

Estimated Market Value (2023)

85.41 Bn

Projected Market Value (2032)

220.05 Bn

Base Year

2023

Forecast Years

2024 - 2032

Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- By Type, By Platform, By Application, By Sports, & Region

Segments Covered

By Type, By Platform, By Application, By Sports, & Region

Forecast Units

Value (USD Billion or Million), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2024 to 2032

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and the Rest of World

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.

Delivery Format

Delivered as an attached PDF and Excel through email, according to the purchase option.

 

Global Sports Betting Market Dynamics

Technological advancements that improve accessibility and user experience, including as live betting and mobile platforms, propel market expansion. Market consolidation and growth are impacted by regulatory developments, which produce a dynamic environment. Strategic decisions are informed and odds are shaped by the combination of artificial intelligence and data analytics. Economic factors, cultural changes, and sports trends all have a significant impact on consumer behavior and market trends. The sports betting sector is constantly changing due to the intricate interactions between technological, regulatory, and societal factors.

 

Global Sports Betting Market Drivers

  • Technological Advancements

Modern technology, such as data analytics, mobile apps, and live betting capabilities, are integrated to improve the entire betting environment. By offering smooth transaction possibilities, tailored insights, and real-time information, these advances encourage greater interaction from bettors. Furthermore, improvements in artificial intelligence and machine learning lead to more precise odds calculation, enabling users to make defensible choices. Not only does technology continue to advance worldwide, but it also significantly contributes to the dynamic and competitive sports betting environment.

  • Data Analytics and AI Integration

These systems evaluate massive volumes of data, such as player statistics, team performance, and historical trends, using complex algorithms. As a result, odds are established more precisely, improving gamblers' total capacity for prediction. By customizing recommendations depending on each user's unique betting habits, AI-driven solutions also enhance individualized user experiences. As these technologies are continuously improved, sportsbooks become more efficient and the market becomes more competitive because bettors can now place bets with greater dynamic and data-driven approaches.

 

Restraints:

  • Addiction and Responsible Gambling Concerns

As concerns over gambling-related harm and addiction grow, the industry is under examination and may be subject to new regulations. To prevent excessive betting and promote responsible gaming, governments, and regulatory agencies are placing a greater emphasis on consumer protection. Increased public scrutiny and stigmatization due to the detrimental social effects of addiction may harm the reputation of the sector. It is difficult for operators to strike a balance between profitability and ethical considerations in the ever-evolving regulatory framework because addressing these concerns requires significant investments in responsible gaming programs.

  • Match-fixing and Integrity Issues

The legitimacy and fairness of the sports sector are in danger due to the possibility of manipulated results. Incidents of match-fixing may result in legal action, regulatory actions, and reputational harm to sports betting companies. The industry must work with sports organizations, put strong monitoring and detection systems in place, and uphold strict integrity standards to reduce these dangers. Maintaining the long-term sustainability of the sports betting market and retaining the confidence of regulators and bettors both depend on effectively resolving these issues.

 

Opportunities:

  • Mobile App Enhancements

Accessibility and engagement can be increased by making betting apps better overall, functionally, and aesthetically. Purchasing feature-rich and intuitive mobile applications becomes a strategic potential as consumers choose betting on the go more and more. By providing smooth navigation, real-time information, and tailored experiences, operators can draw in and keep a larger clientele. Because smartphones are so widely used, it is strategically necessary to take advantage of mobile app advancements in order to reach the growing number of sports betting aficionados who use their smartphones.

  • Responsible Gambling Initiatives

In addition to satisfying regulatory requirements, actively supporting moral and responsible betting practices gives businesses a competitive advantage. Operators can set themselves apart by putting in place policies like spending caps, self-exclusion programs, and awareness campaigns to lessen the negative effects of gambling. Developing a reputation for putting player welfare first increases brand confidence and draws in more customers. The chance is in coordinating corporate goals with social responsibility, which will eventually support the sports betting sector's long-term viability and foster good customer relations.

 

Segment Overview

  • By Type

Based on type, the global sports betting market is divided into fixed odds wagering, exchange betting, live/in-play betting, pari-mutuel, e-sports betting, and others. The fixed odds wagering category dominates the market with the largest revenue share in 2023. Bettor placement at predefined odds established by the bookmaker is known as fixed odds wagering. Regardless of future fluctuations in the odds, the possible payoff is known at the time the wager is made and cannot be altered.

Bettors can use an exchange betting platform to lay (bet against) as well as back (bet for) outcomes. Consumers determine their own chances, and the platform serves as a middleman if they are matched with another user. Ongoing sporting events are the time for live, or in-play, betting. When the game moves forward, bettors can put bets in real-time, responding to events like player performance, game dynamics, or score changes.

  • By Platform

Based on the platform, the global sports betting market is categorized into online and offline. The online vehicles category leads the global sports betting market with the largest revenue share in 2023. The term "online betting" describes placing bets on sporting events via websites, mobile applications, or other internet-based platforms. Customers are able to open accounts, make electronic money deposits, and wager on a variety of sports and events. There are many betting alternatives, accessibility, and conveniences associated with online betting.

  • By Application

Based on application, the global sports betting market is segmented into draw games, instant games, lotto, number games, and others. The draw games segment dominates the sports betting market. Participants in draw games choose numbers or combinations, and random drawings are used to determine the winners.  Instant games usually use scratch-off tickets or their digital equivalents to deliver outcomes instantly.  In order to be eligible to win rewards, players of lotto games usually have to choose a certain set of numbers.

  • By Sports

Based on sports, the global sports betting market is divided into football, basketball, baseball, horse racing, cricket, hockey, and others. The cricket category dominates the market with the largest revenue share in 2023. Betting on cricket matches includes possibilities including match results, runs scored, wickets taken, and different in-play betting chances. Bettors on Major League Baseball (MLB) and other baseball leagues can place bets on these events.  Horse racing betting entails placing bets on individual horses to win, place, or show during horse races. Predicting which races will finish in what order is one type of exotic bet.

 

Global Sports Betting Market Overview by Region

The global sports betting market is categorized into North America, Europe, Asia-Pacific, and the Rest of the World. Europe emerged as the leading region, capturing the largest market share in 2023. The sports of football, rugby, and other games are very popular throughout the continent, which has a rich sporting culture. Positive regulatory environments in a number of European nations have fostered the development of a thriving and competitive sports betting market. Technological developments and widespread internet usage have also contributed to the growth of online betting platforms. Europe has established itself as a leader in the global sports betting business, and its developed gambling market and wide variety of sports fans have greatly aided in this leadership.

Throughout the forecast period, Asia-Pacific is anticipated to post a significant CAGR. Both the popularity of sports and the acceptance of gambling are growing in the area. The rise in online sports betting is partly due to rising smartphone adoption and internet accessibility. Furthermore, new opportunities are being created by the way some countries' regulatory frameworks are changing. The Asia-Pacific area has a sizable and diversified population, which offers significant market opportunity.

 

 

Global Sports Betting Market Competitive Landscape

In the global sports betting market, a few major players exert significant market dominance and have established a strong regional presence. These leading companies remain committed to continuous research and development endeavors and actively engage in strategic growth initiatives, including product development, launches, joint ventures, and partnerships. By pursuing these strategies, these companies aim to strengthen their market position, expand their customer base, and capture a substantial share of the market.

Some of the prominent players in the global sports betting market include,

  • 888 Holdings Plc
  • Bet365
  • Betsson AB
  • Churchill Downs Incorporated
  • Entain plc
  • Flutter Entertainment Plc
  • IGT
  • Kindred Group Plc
  • Sportech Plc
  • William Hill Plc, and various others.

 

Global Sports Betting Market Recent Developments

  • In October 2023, Entain completes the purchase of Angstrom Sports. In a deal worth up to £203.0 million, gambling behemoth Entain has completed the acquisition of sports modeling, forecasting, and analytics expert Angstrom Sports.
  • In August 2023, Penn Entertainment's betting app will be rebranded by Disney-owned ESPN, which will grant it exclusive rights to use the ESPN moniker. The sports broadcaster has pledged to promote the ESPN Bet app on its online and broadcast platforms, and Penn will run the app. Penn's rights are ten years long now, with the possibility of a further ten years. Apart from the licensing price of $1.5 billion, Penn will also provide ESPN the ability to acquire shares in the company for around $500 million.
  • In September 2022, The world-renowned sports and entertainment company Endeavor Group Holdings, Inc., also known as "Endeavor," closed the previously announced acquisition of OpenBet, a top platform, content, and service provider to the sports betting industry, from Light & Wonder, Inc., for an estimated $800 million, which was paid for with a combination of cash and shares of Endeavor's Class A common stock.

 

Scope of the Global Sports Betting Market Report

Sports Betting Market Report Segmentation

ATTRIBUTE

DETAILS

By Type

  • Fixed Odds Wagering
  • Exchange Betting
  • Live/In-Play Betting
  • Pari-Mutuel
  • E-sports Betting
  • Others

By Platform

  • Online
  • Offline

By Application

  • Draw games
  • Instant games
  • Lotto
  • Number games
  • Others

By Sports

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

By Geography

  • North America (USA, and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

Customization Scope

  • Available upon request

Pricing

  • Available upon request

 

Objectives of the Study

The objectives of the study are summarized in 5 stages. They are as mentioned below:

  • Global Sports Betting Market Size and Forecast: To identify and estimate the market size for the global sports betting market segmented by type, by platform, by application, by sports, region and by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers of sports betting between 2019 and 2032.
  • Market Landscape and Trends: To identify and infer the drivers, restraints, opportunities, and challenges for the global sports betting market
  • Market Influencing Factors: To find out the factors which are affecting the sales of sports betting among consumers
  • Impact of COVID-19: To identify and understand the various factors involved in the global sports betting market affected by the pandemic
  • Company Profiling:  To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.

 

Intended Audience

  • Investors and Financial Analysts
  • Sports Betting Operators
  • Technology Providers
  • Gambling Industry Associations
  • Media and Advertising Professionals

Research Methodology

Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region.  The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.

Data Collection

Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.

Primary Research

After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market. 

Secondary Research

A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.

Top-Down Approach & Bottom-Up Approach

In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.

In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.

This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.

Market Analysis & size Estimation

Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.

Quality Checking & Final Review

The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.

Frequently Asked Questions

On the basis of Geography, the sports betting market is classified into North America, Europe, Asia Pacific, and the Rest of the world.
According to sports betting market research, the market is expected to grow at a CAGR of ~11.0% over the coming years.
Europe is expected to register the highest CAGR during 2024 - 2032.
Asia-Pacific held the largest share in 2023.
The major players operating in the global sports betting market include 888 Holdings Plc; Bet365; Betsson AB; Churchill Downs Incorporated; Entain plc; Flutter Entertainment Plc; IGT, Kindred Group Plc; Sportech Plc; William Hill Plc, and various others.