Sports Betting Market Size & Share Analysis

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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 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 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.

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Top players covered in Sports Betting Market research report: Betsson AB, Fortuna Entertainment Group A.S., Las Vegas Sands Corporation, Bet365., Flutter Entertainment plc, 888 Holdings Plc, Entain, Kindred Group plc, MGM Resorts International, Kindred Group plc, Wynn Resorts Ltd, NOVIBET, Galaxy Entertainment Group Limited, Resorts World at Sentosa Pte. Ltd., Sun International, RTSmunity a.s., SKY INFOTECH, Peermont Global Proprietary Limited, SJM Holdings Limited, Sportradar AG, FanUp, Inc., Rivalry Ltd., EveryMatrix and Others.

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.

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.

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.

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Sports Betting Market: Table of Contents

The Sports Betting Market is segmented into various segments such as platform, betting type, sports type, and region:

Based on Platform

Offline
Online

Based on the Betting Type

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

Based on the Sports Type

Football
Basketball
Baseball
Horse Racing
Cricket
Hockey
Others

Based on Region

Asia Pacific
North America
Europe
South America
Middle East & Africa

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.

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