Sports Betting Market

Sports Betting Market Outlook (2024 to 2034)

Developing digital infrastructure and high penetration of connected devices in gaming are increasing the indulgence of sports betting around the world. The global sports betting market was valued at US$ 102.4 billion in 2024 and is projected to accelerate at a 10% CAGR to reach US$ 265.5 billion by the end of 2034.

Rising popularity of sports betting is attributed to an upsurge in different forms of betting and eSports. Furthermore, the growing use of smartphones is leading to wide accessibility and availability of sports betting, subsequently contributing to the market growth. The digitalization trend, which has been backed up by constant technological advancements in betting software and smartphones is enabling betting operators to offer enjoyable experiences and simplify their platforms.

The incorporation of advanced technologies is estimated to attract new customers, which is estimated to contribute to the growth of the sports betting market. Moreover, framework relaxation for regulations imposed against gambling or betting activities by various governments is anticipated to contribute to the expansion of the market size.

• Demand for sports betting solutions in Japan is anticipated to increase at a CAGR of 10.5% from 2024 to 2034.
• North America is forecast to account for 24.3% of the global sports betting market share by the end of 2034.
• Demand for online sports betting platforms is projected to accelerate at 10.6% CAGR and reach a value of US$ 233.6 billion by 2034-end.

Increasing regulation and legalization of sports betting in multiple regions and countries are projected to positively impact market dynamics. The increasing incidences of legalization by more governments and the comparatively easy accessibility to a larger population base of these sports betting activities have been noticed in recent years. These regulations help minimize the cases of illegal betting activities, therefore ensuring a more transparent and safer betting environment.

The growing popularity of different types of sports, particularly some major events, including the UEFA Champions League, FIFA World Cup, NBA Finals, and NFL Super Bowl, etc. are further positively influencing the sports betting market trends.

Report Attributes	Details
Sports Betting Market Size (2024E)	US$ 102.4 Billion
Forecasted Market Value (2034F)	US$ 265.5 Billion
Global Market Growth Rate (2024 to 2034)	10% CAGR
East Asia Market Share (2034E)	23.1% CAGR
Market Share of Football Betting Segment (2034F)	42%
South Korea Market Growth Rate (2024 to 2034)	10.8%
Key Companies Profiled	IGT 888 Holdings Plc Endeavor Group Holdings Inc. Bet365 Viscus Infotech Ltd. Betsson AB William Hill Plc Churchill Downs Incorporated Sportech Plc Entain plc Kindred Group Plc Flutter Entertainment Plc

What’s Responsible for Rising Demand for Sports Betting Facilities?

“Increasing Shift toward Online Betting”

Multiple areas of people engagement are available in online gambling, particularly sports betting, which is estimated to entice the younger generation. It is capable of reaching people who do not watch any sports and is available in more countries irrespective of legal or illegal approach to sports betting.

In recent years, cloud platforms have become popular for data storage owing to the global digital revolution. There has been an increase in retail and commercial online payments and transactions. Moreover, the escalating internet speed is projected to lead to the rising consumption of digital content.

Increasing wireless connectivity and expansion of digital infrastructure are estimated to drive demand for sports betting. Increased use of smartphones is also forecast to alter consumer behavior in terms of sports betting.

Which Factor is Anticipated to Slow Down Demand for Sports Betting Solutions?

“Growing Concerns about Illegal Activities in Sports Betting”

In recent years, growing incidences of illegal activities taking place in sports betting are projected to limit market expansion. Therefore, the implementation of stringent regulations by some government bodies related to sports betting is anticipated to impede sports betting market growth.

How are New Companies Gearing Up to Satisfy Growing Demand for Sports Betting Platforms?

“Integration of Advanced Technologies”

The increasing impact of technology, including virtual reality, blockchain, AI, etc., particularly machine learning tools, is contributing to market dynamics. Numerous startups are investing in machine learning methods and tools to ensure promising results. Machine learning tools assist in the development of accurate predictive models and algorithms for optimized betting efficiency. The adoption of sports betting through instant messaging services and video streaming by startups is also projected to help them attract more individuals and generate leads.

Country-wise Insights

As opined by Fact.MR, 24.3% share of global market revenue is forecast to be held by North America by 2034. Increasing popularity of some prominent sports events, including the FIFA World Cup, etc. is contributing to market expansion in the region.

Why is the United States Set to Offer Remunerative Opportunities for Market Players?

“Increasing Sports Activities Contributing to Involvement of More Americans in Sports Betting”

Attribute	United States
Market Value (2024E)	US$ 10.9 Billion
Growth Rate (2024 to 2034)	10.5% CAGR
Projected Value (2034F)	US$ 29.4 Billion

The United States is anticipated to enjoy 45.6% share of North American market revenue by 2034-end. Rising sports activities in the country are leading to societal integration. Increasing participation of more individuals in multiple sports types is also forecast to lead to their growing involvement in sports betting.

What Helping China Stand Out as a Key Market in This Space?

“Growing Popularity of Different Games among Individuals”

Attribute	China
Market Value (2024E)	US$ 11.2 Billion
Growth Rate (2024 to 2034)	10% CAGR
Projected Value (2034F)	US$ 29.1 Billion

China is estimated to account for 47.5% of East Asian market share by the end of 2034. A growing number of individuals wagering on multiple games, including football, cricket, basketball, hockey, etc. is leading to rising incidences of sports betting. Further, increasing internet penetration along with easy access to smartphones is contributing to the popularity of sports betting in the country.

Category-wise Insights

The newly updated research analysis by Fact.MR, a market research and competitive intelligence provider, mentions that online sports betting platforms are projected to hold 88% share of the global market by 2034 due to the growing use of smartphones as well as the internet. In addition, the convenience provided by these platforms compared to offline platforms led to their increased adoption in sports betting.

Why is Online Sports Betting Crucial in Today’s World?

“Proliferation of Smartphones and Well-developed Internet Infrastructure”

Attribute	Online
Segment Value (2024E)	US$ 85 Billion
Growth Rate (2024 to 2034)	10.6% CAGR
Projected Value (2034F)	US$ 233.6 Billion

Online platforms for Sports betting are evaluated to contribute 88% share of the global market by 2034-end. The proliferation of smartphones along with boosting internet infrastructure is contributing to rising preference for online platforms. The global trend of digitization is positively influencing lifestyle, which is resulting in the adoption of online platforms for sports betting at a larger scale. Moreover, the increasing count of annual sports leagues, such as the NFL, etc. is positively impacting market dynamics.

Which Sport Accounts for High Volumes of Betting Transactions?

“Betting on Football Games Big Business”

Attribute	Football
Segment Value (2024E)	US$ 51.2 Billion
Growth Rate (2024 to 2034)	8.1% CAGR
Projected Value (2034F)	US$ 111.5 Billion

Among various other sports types, football is anticipated to hold 42% share of global market revenue by 2034. Various online football betting sites offer the best possible experience through an online sportsbook, which is more secure and safer, offering a reliable and honest platform for betting and earning money. Some prominent online betting websites may differ in their tricks, offerings, tips, providing tools, and other resources for betting. Further, the popularity of some football betting teams, including Chelsea Football Club, Manchester City Football Club, Manchester United Football Club, etc. is also contributing to market growth.

Competitive Landscape

Prominent market players are concentrating on the development of engaging websites while offering various exclusive deals. Numerous market companies are focusing on the development of integrating technology, including offering a user-friendly interface and APIs for improving functionality. Third-party offers are also contributing to helping players match the requirements of end users.

For instance :

• Endeavor Group Holdings Inc. is a United States-based sports and entertainment company. In September 2021, the company acquired OpenBet from Scientific Games.

Key players in the sports betting industry are IGT, 888 Holdings Plc, Endeavor Group Holdings Inc., Bet365, Viscus Infotech Ltd., Betsson AB, William Hill Plc, Churchill Downs Incorporated, Sportech Plc, Entain plc, Kindred Group Plc, and Flutter Entertainment Plc.

Segmentation of Sports Betting Market Research

• By Platform :

  • Offline
  • Online

• By Betting Type :

  • Fixed Odds Wagering
  • Exchange
  • Live/In Play
  • Pari-mutuel
  • e-Sports Betting
  • Others

• By Sports Type :

  • Football
  • Basketball
  • Baseball
  • Horse Racing
  • Cricket
  • Hockey
  • Other Sports

• By Region :

  • North America
  • Europe
  • East Asia
  • Latin America
  • Middle East & Africa
  • South Asia & Oceania