Sports Betting Market
Sports Betting Market Analysis By Platform (Offline & Online Sports Betting) By Betting Type (Fixed Odds Wagering, Exchange, Live/In Play, Pari-mutuel & E-Sports Betting) By Sports Type and By Region – Global Market Insights 2022 to 2032
Sports Betting Market Snapshot (2022-2032)
The global sports betting market size is anticipated to be valued at US$ 84.66 Billion in 2022. Due to the growing need for digitalization and penetration of connected devices, the sports betting market will witness significant growth in the forecast period.
Overall demand for Sports Betting is poised to increase at a CAGR of 10.3% between 2022 and 2032, totaling around US$ 225.65 Billion by 2032.
Sports Betting Market Value 2022
US$ 84.66 Billion
Sports Betting Market Projected Value (2032)
US$ 225.65 Billion
Sports Betting Market CAGR (2022-2032)
Prominent Sports Betting Service Providers
Sports betting is the activity of foretelling sports results and then wagering on the outcome. Sports bet on vary by culture, with the vast majority of bets placed on association sports such as mixed martial arts, American football, basketball, baseball, hockey, track cycling, auto racing, and boxing at both the personal and amateur levels.
Sports betting can also extend to non-athletic events such as political elections and reality show competitions. This also applies to nonhuman competitions such as greyhound racing, horse racing, and illegal, underground cockfighting.
The burgeoning need for digitalization is found to affect the market's online segment, which is presumed to grow significantly during the forecast period. However, successive governments are legislating the frameworks to provide consumers with earning expansion and career experiences.
For example, eight states in the United States have decriminalized sports betting since the Supreme Court overturned the Professional and Amateur Sports Protection Act (PASPA) in May 2018.
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Sports Betting Demand Analysis (2017 to 2021) Vs Market Outlook (2022 to 2032)
The global demand for sports betting is expected to increase at a CAGR of 10.3% during the forecast period between 2022 and 2032, reaching a total of US$ 84.66 Million in 2032, according to a report from Future Market Insights (FMI). From 2017 to 2021, sales witnessed significant growth, registering a CAGR of 5%.
The number of sports leagues and events mounting demand for the sports betting market. Customers can broaden their betting expenditures as innovative professional sports leagues are established around the world. As a result, the exponentially growing sports leagues and events are fueling the global sports betting market.
The use of AI and blockchain in sports betting applications is a key trend that is gaining steam in the sports betting services market over the 2022-2032 forecast period. Blockchain technologies are increasingly being used in sports betting applications to precisely automating real-time data using decentralized applications, which aid sports betting in payment, bet confirmations, past event analytics, monitoring, and event recording.
Which Drivers underpin Sports Betting Industry Expansion?
Growing Reliance on Online Betting to Propel Growth
There are many areas where people engage in online gambling, especially sports betting, which chiefly entices the younger population. It also reaches people who don't watch sports and is available in many countries where sports betting is legal or illegal. An online sports bettor's average age is 38 years, while a land-based sports bettor's average age is 45 years. The growing popularity of sports betting is expected to propel the online market growth rate.
With the recent global digital revolution, cloud platforms are being favored for data storage, and there has been a surge in commercial and retail online transactions and payments. In addition, with the escalating speed of the Internet, there has been a substantial consumption of digital content over the last five years.
The expansion of digital infrastructure and the prevalence of wireless connectivity is supposed to propel the pace of growth of the sports betting market. The enhanced utilization of smartphones has altered the way consumers perform their activities, particularly in sports betting. There are approximately 6.4 billion smartphone users worldwide, and this number is growing every year, which is the primary reason for higher inhabitants in the sports betting market.
Ushering in Machine Learning to expand Market Growth
The growing impact of technologies such as blockchain, virtual reality, and AI, specifically machine learning tools, is one of the vital trends in the global sports betting market. The global sports betting market is anticipated to increase during the forecast period as a result of heightened consumer demand, which is being inspired by technological advancements.
Major market vendors are increasingly focusing a substantial portion of their investments on machine learning tools and methods that have demonstrated promising results in prediction. Machine learning assists in the development of predictive algorithms and accurate predictive models for optimized betting efficiency. As the global sports betting market evolves, consumers must develop useful strategies and make accurate predictions to increase their efficiency.
New machine learning algorithms that strive to assess the outcomes of games and races are anticipated to become more familiar to sports bettors. As a result, the rise of machine learning will be a boon to the global sports betting market during the forecast period.
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Which Factors are limiting the growth of the Sports Betting Market?
Illegal activities in Sports Betting to Slowdown Market Expansion
Concerns about illegal activities in sports betting are expected to challenge the sports betting market over the forecast period, and stringent regulations the government imposed regarding sports are the major market strictures that will impede the growth rate of the sports betting market.
Will the Asia Pacific Continue Dominance in the Global Sports Betting Market?
The Asia Pacific market for sports betting accumulated around 30% of revenue in 2021, and is expected to grow at a CAGR of 10.9% during the forecast period ranging from 2022-2032. The inclusion of a significant percentage of young populations who also engage in various forms of sports is the most important determinant of the market's development.
Gambling is a popular trait among the people of China and India. The market is expected to grow the fastest as a result of such collective factors.
A substantial proportion of young people engage in multiple regional sports, which aims to push market demand in the Asia Pacific. Furthermore, rising internet and smartphone penetration, combined with rising middle-class disposable income, is obliged to encourage regional market growth.
How Will Growth of the North America Sports Betting Market unfold?
During the forecast period of 2022 to 2032, the North American sports betting market is anticipated to grow at a CAGR of around 12%. As of October 2021, sports betting is legal in 29 states in the United States, which is a great aspect of industry growth. Custom slot types are the most prominent in the market, owing to the scope of consumer innovation and personalization.
In terms of online gaming, Canada is largely unregulated. The Canadian Gaming Commission oversees the entire Canadian gaming industry, providing information and responding to any serious issues that arise. Individual provinces enact and enforce laws governing sports betting and other similar activities. It has been unearthed that between 70% and 80% of Canadians gamble in some type of sport.
The online betting segment is primarily used in the sports category, particularly during major events such as the FIFA World Cup and European Championships. Football, horse racing, e-sports, and other sports betting are among the most prominent online sports betting options. Players are entering into long-term partnerships and agreements to gain a competitive edge in sports betting.
For example, in June 2019, the NBA and gaming supplier Highlight Games announced a collaboration for a simulated, real-money sports gambling product based on NBA highlights and footage.
How Will Growth of the European Sports Betting Market Unfold?
Safety laws and regulations tend to favor growth in Europe’s market
During the forecast period, the Europe region is expected to grow at a CAGR of 11.6%. Sports betting regulations in Europe are preferable to the European population. Because of the pandemic confined land-based gambling, online gambling has grown substantially. Data derived from National Authority Data, for example, examined taxation of all credentialed Swedish gambling operators and denoted the increase in cyber gambling.
In 2021, Europe was the largest region in the sports betting market. During the forecast period, Europe dominates the sports betting market in terms of revenue. This is attributable to the increasing popularity of sports betting in this region. Because of the region's safety laws and regulations for both online and offline betting, Europe leads the sports betting market.
By Sports Type, which Sports Betting Category will remain Prominent?
Football Sports Betting to beat Competition in The Market
Football events generate the majority of the revenue raised by all other types of sports. Football accounts for around 24% of the market and is expected to grow significantly.
Following football, horse racing held the second-largest sales volume and is anticipated to expand at a 10.5% CAGR during the forecast period. Basketball and baseball are also poised to increase by approximately 10.2 percent. Many different types of sports are anticipated to boost. The increasing number and annual events of sports leagues such as the NFL, IPL, EFL, and others are facilitating the development of these segments.
By Betting Type, which Sports Betting Category will lead the Market?
E-Sports betting segment to lead the market growth
The fixed odds wagering segment led the market in 2021, accounting for more than 25.2% of the market share, while the eSports betting segment is expected to witness the fastest growing CAGR of 15% during the forecast period.
The internet is available to approximately 60.0 percent of the world's population. The majority of customers are entangled in leisure activities such as sports betting and are looking for alternative income in addition to entertainment.
The Start-Up Ecosystem: How key Players are opening Frontiers for Future Growth?
Companies are adopting various marketing strategies such as new product launches, geographical expansion, mergers and acquisitions, partnerships, and collaboration to identify the interest of potential consumers and create a larger customer base. For instance,
- Betway Group, founded in 2006, is one of the world's biggest online betting and gaming companies, serving millions of customers in regulated markets around the world. It covers all live sports.
- BetMGM is a sports betting and gaming entertainment company that pioneered the online gaming industry. It was founded in July 2018 on the East Coast, Northeastern United States. On SpaceX's Inspiration4 mission in September 2021, BetMGM sportsbook took the first sports bet from space.
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Who are the Leading Players in the Sports Betting Market?
Prominent players in the Sports Betting market are 888 Holdings Plc, Bet365, Betsson AB, Churchill Downs Incorporated, Entain plc, and others. To gain a competitive edge in the market, the major players focus on developing engaging websites and offering exclusive deals. Companies are also focusing on integrating technology such as APIs to improve functionality and provide a more user-friendly interface. Third-party offers are also available in the market that progress requirements for sports betting companies.
- Endeavor Group Holdings Inc., a US-based entertainment and sports company, acquired OpenBet from Scientific Games in September 2021 for US$1.2 billion in cash ($1 billion) and Endeavor's Class A common stock ($200 million).
- Viscus Infotech Ltd., an Indian software company, generates sports betting applications and offers algorithm-based sportsbook betting solutions.
Key Segments Covered in the Sports Betting Industry Analysis
By Platform :
- Offline Sports Betting
- Online Sports Betting
By Betting Type :
- Fixed Odds Wagering Sports Betting
- Exchange Sports Betting
- Live/In Play Sports Betting
- Pari-mutuel Sports Betting
- E-Sports Betting
- Others Sports Betting Types
By Sports Type :
- Sports Betting in Football
- Sports Betting in Basketball
- Sports Betting in Baseball
- Sports Betting in Horse Racing
- Sports Betting in Cricket
- Sports Betting in Hockey
- Sports Betting in Other Sports
By Region :
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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