Sports betting refers to a type of gambling in which bets are placed on sporting events to gain a specified sum if the team or person chosen wins the event.
Sizing and Forecast
The sports betting market size has grown strongly in recent years. It will grow from $109.01 billion in 2023 to $114.68 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to an increase in number of sports events, growth in millennial population, a rise in disposable income, and increasing access to smartphones and smart computing devices such as pcs, laptops..
The sports betting market size is expected to see steady growth in the next few years. It will grow to $137.48 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The growth in the forecast period can be attributed to increasing focus of virtual sports betting, focus on product innovations, increasing adoption of 5g networks, increasing in mergers and acquisitions, urbanization, and an increase in internet penetration.. Major trends in the forecast period include focus on adoption of augmented reality and virtual reality, focus on providing mobile betting services, focus on implementation of artificial intelligence in betting platforms, focus on increasing investment, focus on entering into strategic partnerships, focus on the use of blockchain technology and focus on live streaming-integrated mobile sportsbook..
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Segmentation & Regional Insights
The sports betting market covered in this report is segmented –
1) By Type: Live/In-Play, Fixed Odd Betting, Exchange Betting, Daily Fantasy, Spread Betting, Pari-Mutuel, Other Types
2) By Sports Type: Football, Basketball, Baseball, Horse Racing, Cricket, Hockey, E-Sports, American Football, Other Sports Types
3) By Platform: Online, Offline
Western Europe was the largest region in the sports betting market in 2023. The regions covered in the sports betting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increase in the number of sports leagues and events is expected to propel the growth of the sports betting market. A sports league or an event is a group of clubs, countries, associations, or people trying to compete with each other in a game for a championship or a title. These leagues are planned to happen in a particular schedule or during a particular season, in which all the teams or members are required to participate in naming an overall champion of the event or league. For instance, according to a study published by Wire, currently, more than 100 professional leagues in various sports are active across the globe. The establishment of new professional sports leagues across the globe is providing customers with the opportunity to diversify their betting expenditures. Therefore, the growing sports leagues and events are driving the growth of the sports betting market.
Key Industry Players
Major companies operating in the sports betting market report are Flutter Entertainment plc, Bet365 Group, Entain PLS, Caesars Entertainment, Kindred Group plc, Churchill Downs Incorporated, DraftKings Inc., Betsson AB, 888 Holdings, IGT, Dream11, 1xBet, 22bet, PureWin, 20Bet, REXLot Holdings, Aspect Gaming, STORMGAIN, Sattamatka5com, Go Winning, Wozo Gaming, Playwin Lotto, Rngplay, FDJ – La Francaise des Jeux, Betclic Everest Group, Royal Panda, Lapalingo, Bet3000, Bayes Esports, Mail.ru Games, Lottohelden, FCwetten, Zapitano, Sazka, Synot Tip, Tipsport, flashscore.ru.com, crsdmnautologin123.com, winline.ru, FanDuel Sportsbook, BetMGM, Barstool Sportsbook, PointsBet, BetRivers, FOX Bet, Endeavor Group Holdings Inc., Sporttrade Inc, SuperDraft Inc, BetWarrior, Bplay, William Hill, LSports Data, Mostbet, Bettilt, Shangri La Live, Parimatch, NetBet, Unibet.
The sports betting market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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