Sports Betting Market

Market Definition

The Sports Betting Market size was valued at USD 113.54 billion in 2023 and is predicted to reach USD 223.66 billion by 2030 with a CAGR of 10.17% from 2024-2030. Sports betting refers to the activity of predicting the outcome of sporting events and placing wagers on the predicted results. It involves placing bets on various sports such as football, basketball, baseball, tennis, and many others.

Participants in sports betting, commonly known as bettors, analyze factors such as team/player performance, statistics, injuries, and other relevant information to make informed predictions. They then place bets with bookmakers or sportsbooks, who offer odds on different outcomes. If the bettor's prediction is correct, they receive a payout based on the odds offered. Thus, Sports betting is a popular form of gambling and entertainment, enjoyed by millions of people worldwide.

Market Dynamics and Trends

The legalization of sports betting in various regions and countries has significantly contributed to the sports betting market growth. As more jurisdictions recognize the potential economic benefits and address the demand for regulated gambling, the sports betting market expands. Also, the popularity of sports around the world has a direct impact on the sports betting market. Major sporting events, such as the Olympics, FIFA World Cup, Super Bowl, and various league championships, attract a significant number of bettors. The growing fan base and interest in sports lead to increased betting activity, which in turn boosts the growth of the market.

Moreover, aggressive advertising and marketing campaigns by sports betting operators have contributed to market expansion. Promotional activities, sponsorships, and partnerships with sports teams and leagues increase brand visibility and attract new customers. Effective marketing strategies have played a vital role in driving the growth of the sports betting market.

However, in some countries including UAE, Singapore, and Poland, sports betting is still restricted or limited to certain channels, such as physical betting shops or specific platforms, thus these restrictions may restraint the growth of the market. On the other hand, the integration of AI algorithms and blockchain is further expected to create opportunities for the market in the future. AI algorithms will be employed to analyze vast amounts of data, including historical statistics, player performance, and betting patterns as well as Blockchain will bring transparency, security, and efficiency to the sports betting market. This will enable more accurate predictions and personalized recommendations for bettors, enhancing their overall betting experience.

Market Segmentation and Scope of Study

The global sports betting market is segmented on the basis of platform, betting type, sports type, and geography. Based on platform, the market is divided into offline and online. On the basis of betting type, the market is categorized into fixed odds wagering, exchange betting, live/in-play betting, esports betting, and others. Based on sports type, the market is divided into football, basketball, baseball, horse racing, cricket, hockey, and others. Regional breakdown and analysis of each of the aforesaid classifications include regions comprising of North America, Europe, Asia-Pacific, and RoW. 

Geographical Analysis

Europe dominates the global sports betting market and is potently expected to remain dominant in the market during the forecast period. This is attributed to the well-established regulatory framework for sports betting, with many European countries legalizing and regulating the industry. This creates a favorable environment for operators to offer their services legally, leading to increased market participation and consumer confidence. For instance, in 2021, the UK hold the highest share of the sports betting market in Europe with a 23% share of the market followed by France with a 20 %share of the market. The rest of Europe accounted for 36%of the sports betting market.

Moreover, the presence of various market players including Sportech Plc, William Hill Plc, Bet365 - Stoke-on-Trent, and Entain plc that are taking several initiatives including  product launch is significantly fuelling the growth of the market in the region. For instance, in September 2022, Sportech Venues, Inc., a division of Sportech PLC, launched its "Sports Betting in Connecticut" initiative. The program aims to offer an immersive sports betting experience to customers in Connecticut, providing them with convenient access to a wide range of betting options and enhancing their overall engagement in the sports betting market.

Also, in May 2022, William Hill launched its sports betting brand in Latvia, expanding its presence in the country's gambling market. The new offering provides customers with access to a comprehensive range of sports betting and casino games, allowing them to enjoy a diverse and exciting gambling experience. This expansion highlights William Hill's commitment to catering to the growing demand for sports betting services in Latvia.

On the other hand, Asia pacific shows substantial growth in the global sport betting market owing to the increasing percentage of the regional population engaging in various forms of sports betting activities along with the legalization of the gambling industry in several countries within the region, is further propelling the market growth. According to the India Internet Player Society (IIPS), around 80% of Indians gamble once a year in the form of sports betting, lotteries, casino games, or local gambling.

Furthermore, Asia Pacific has witnessed significant growth in internet and mobile penetration, leading to easy access to online sports betting platforms. The widespread availability of smartphones and affordable internet plans has made it convenient for people to engage in sports betting anytime and anywhere, fueling the market growth. According to the Groupe Speciale Mobile Association (GSMA), the number of mobile internet users in Asia Pacific exceeded 1.2 billion, reflecting a penetration rate of just under 45% of the population by the end of 2021.

Competitive Landscape

Various market players operating in the sports betting market include 888 Holdings Plc, Bet365, Betsson AB, Churchill Downs Incorporated, Entain plc, Flutter Entertainment Plc, IGT, Kindred Group Plc, Sportech Plc, and William Hill Plc. These market players are adopting various strategies such as acquisition and product launch to maintain their dominance in the global sports betting market. For instance, in June 2023, Bet365 announced its launch in Iowa, marking its entry into the US sports betting market. With a multi-year agreement in place, Bet365 aims to provide a comprehensive and enjoyable sports betting experience to customers in the state.

Also, in June 2023, Betsson AB acquired of BetFIRST, a sports betting and gaming operator in Belgium. This strategic move allows Betsson to enter the Belgian market and expand its presence in the European online gambling industry. By leveraging the expertise and resources of both companies, Betsson aims to enhance its market position and deliver an exceptional gambling experience to its users.

KEY BENEFITS

• The report provides quantitative analysis and estimations of the sports betting market from 2024 to 2030, which assists in identifying the prevailing market opportunities.

• The study comprises a deep-dive analysis of the sports betting market including the current and future trends to depict prevalent investment pockets in the market.

• Information related to key drivers, restraints, and opportunities and their impact on the sports betting market is provided in the report. 

• Competitive analysis of the players, along with their market share is provided in the report.

• SWOT analysis and Porter’s Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of the roles of stakeholders.

KEY MARKET SEGMENTS

By Platform

• Offline

• Online

By Betting Type

• Fixed Odds Wagering

• Exchange Betting

• Live/In-Play Betting

• eSports Betting

• Others

By Sports Type

• Football

• Basketball

• Baseball

• Horse Racing

• Cricket

• Hockey

• Others

By Region 

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The UK

  • Germany

  • France        

  • Italy        

  • Spain        

  • Denmark        

  • Netherlands        

  • Finland        

  • Sweden        

  • Norway        

  • Russia        

  • Rest of Europe    

• Asia-Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia-Pacific

• RoW

  • Latin America

  • Middle East

  • Africa

REPORT SCOPE AND SEGMENTATION:

Parameters	Details
Market Size in 2023	USD 113.54 Billion
Revenue Forecast in 2030	USD 223.66 Billion
Growth Rate	CAGR of 10.17% from 2024 to 2030
Analysis Period	2023–2030
Base Year Considered	2023
Forecast Period	2024–2030
Market Size Estimation	Billion (USD)
Growth Factors	Legalization of sports betting in various regions and countries fuels the market The popularity of sports around the world boosts the market growth. Aggressive advertising and marketing campaigns by sports betting operators drives the market.
Countries Covered	28
Companies Profiled	10
Market Share	Available for 10 companies
Customization Scope	Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.

KEY PLAYERS

• 888 Holdings Plc

• Bet365

• Betsson AB

• Churchill Downs Incorporated

• Entain plc

• Flutter Entertainment Plc

• IGT

• Kindred Group Plc

• Sportech Plc

• William Hill Plc