DUBLIN--(BUSINESS WIRE)--The "Global Sports Betting Market: Analysis By Platform, By Type, By Betting Type, By Sports Type By Region Size, Trends and Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global sports betting market was valued at US$98.36 billion in 2023 and is forecast to reach US$169.37 billion by 2029. The market is expected to grow at a CAGR of approx. 9% during the forecasted period of 2024-2029.
As more jurisdictions legalize sports betting and regulations become more standardized, the sports betting market is expected to expand further, unlocking new revenue streams and driving competition among operators. Moreover, ongoing technological innovations, such as blockchain and virtual reality, hold the potential to revolutionize the industry and offer novel betting experiences to consumers. Additionally, the proliferation of sports content across various digital platforms and the rise of e-sports present new avenues for growth and diversification within the sports betting market.
Overall, the convergence of regulatory reforms, technological advancements, and evolving consumer preferences is poised to sustain the momentum of the sports betting industry in the years to come.
Market Segmentation Analysis:
By Platform: The online segment held the highest share of the market and is expected to be the fastest-growing segment in the forecasted period. The online sports betting market has seen solid growth fuelled by the structural shift from land-based to online gambling and the increased demand for digital products and experiences in the sector.
The US market has in recent years stood out in terms of growth, and has gradually started to regulate and allow online gambling licenses. Moreover, the increasing accessibility of smartphones, tablets, and computers has made it easier for individuals to engage in betting activities from virtually anywhere, at any time. This convenience factor is driving more people to opt for online betting platforms over traditional brick-and-mortar establishments.
By Type: Onshore online sports betting held the highest share of the market and is expected to be the fastest-growing segment in the forthcoming years. The onshore segment of the online sports betting market is experiencing robust growth as governments recognize the economic benefits and consumer demand for online betting, they are enacting legislation to permit and oversee these activities. This legalization not only legitimizes the industry but also fosters consumer trust and confidence, leading to higher participation rates. Additionally, onshore online betting platforms are often subject to stringent regulatory requirements and consumer protection measures, which can help mitigate risks and ensure fair play.
By Betting Type: Fixed odds wagering held the highest share of the market, whereas eSports betting is expected to be the fastest-growing segment in the forecasted period. Fixed odds wagering is expected to continue growing in the forthcoming years due to its simplicity, accessibility, and widespread popularity among bettors. Fixed odds betting provides certainty to bettors regarding potential returns, which appeals to both casual and experienced bettors alike. On the other hand, the growing popularity of eSports as a spectator sport, particularly among younger demographics, has fueled the demand for eSports betting. Additionally, advancements in technology and the widespread availability of high-speed internet connections have made it easier for fans to watch eSports tournaments and place bets online.
By Sports Type: Football held the highest share of the market and is expected to be the fastest-growing segment in the forecasted period. The immense popularity of football, with its large fan base and widespread coverage across various media platforms, provides ample opportunities for betting operators to capitalize on the sport's popularity. Major football leagues and tournaments, such as the English Premier League, UEFA Champions League, and FIFA World Cup, attract millions of viewers worldwide, creating a high level of interest and engagement among sports enthusiasts. Additionally, the global nature of football ensures a continuous stream of betting opportunities throughout the year, with matches taking place across different leagues and competitions.
By Region: Asia Pacific held the major share of the market. The rising disposable incomes in many Asian countries have contributed to a higher demand for recreational activities, including sports betting, as people have more expendable income to allocate towards entertainment. Additionally, the popularity of sports, particularly football, cricket, and basketball, has surged in the region, driving interest in related betting activities. While gambling is generally illegal in Mainland China, state-run lotteries like the Welfare Lottery and Sports Lottery are exceptions and are permitted by the government. Online sports betting in the country offers convenience and a plethora of options, including markets for popular games like League of Legends and Dota.
Sports betting is legal in the UK, with a rich history and a well-regulated industry that has made the UK a world leader in sports betting. The Betting and Gaming Act of 1960 legalized betting shops, which quickly became a staple of British high streets. The UK has a long tradition of sports betting, particularly on horse racing events, dating back hundreds of years. The industry underwent a significant transformation with the digital revolution, leading to the development of online betting platforms that revolutionized the way bets are placed, making sports betting more accessible and diverse. The UK Gambling Commission, established in accordance with the Gambling Act of 2005, enforces stringent regulations to protect customers, prevent minors from gambling, and address problem gambling.
The US is regulating online sports betting on a state-by-state basis. For example, New York State introduced online sports betting in 2022, which significantly increased the US TAM (total addressable market) in its first year of going live. To a large extent driven by the potential tax dollars from regulated gambling, more US states and Canadian provinces are expected to regulate in the near term, further expanding the market. Moreover, as the market matures, operators will be able to optimize their offerings and attract more consumers.
Market Dynamics:
Growth Drivers
- Rising Purchasing Power
- Increasing Number of Internet Users
- Increasing Casino Visitation
- Growing Popularity of Sports Events
- Integration of Sports Betting with Media and Entertainment
- Favorable Government Regulations
- Increasing Use of Mobile Betting Apps
Challenges
- Increasing Gaming Tax Revenues
- Data Integrity and Security
- Match Fixing and Integrity Concerns
Market Trends
- Growing Popularity of E-Sports
- Increasing 5G Adoption
- Insourcing of Sportsbook Technology
- Growing Popularity of In-play/Live Betting
- Consolidation in Online Gambling Market
- Platform Universality
- Growing Impact of Technologies (AI & ML, AR/VR, and Blockchain)
- Increasing Engagement through Social Betting Platforms
- Multicurrency Factor
Competitive Landscape:
The global sports betting industry is highly competitive landscape characterized by a mix of established players, emerging startups, and technological innovations. The key players in the global sports betting market are:
- International Game Technology Plc. (IGT)
- Super Group Limited (Betway)
- Kindred Group
- Flutter Entertainment
- 888 Holdings (888sport)
- Entain
- Churchill Downs Incorporated
- Sun International (SunBet)
- Rivalry Corp.
- Draftkings Inc.
- ComeOn Group
- Fortuna Entertainment Group
These industry giants continuously engage in mergers, acquisitions, and strategic partnerships to expand their market presence and diversify their offerings. Additionally, the industry has witnessed the rise of digital platforms and mobile betting apps, intensifying competition further. Regulatory changes and the legalization of sports betting in various jurisdictions worldwide also shape the competitive landscape, influencing market entry strategies and investment decisions for both established firms and new entrants.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 193 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $107.92 Billion |
| Forecasted Market Value (USD) by 2029 | $169.37 Billion |
| Compound Annual Growth Rate | 9.4% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Introduction
2.1 Sports Betting Overview
2.2 Sports Betting Segmentation Overview
3. Global Market Analysis
3.1 Global Sports Betting Market Analysis
3.2 Global Sports Betting Market: Platform Analysis
3.3 Global Sports Betting Market: Betting Type Analysis
3.4 Global Sports Betting Market: Sports Type Analysis
4. Regional Market Analysis
5. Impact of COVID-19
6. Market Dynamics
6.1 Growth Drivers
6.1.1 Rising Purchasing Power
6.1.2 Increasing Number of Internet Users
6.1.3 Increasing Casino Visitation
6.1.4 Growing Popularity of Sports Events
6.1.5 Integration of Sports Betting with Media and Entertainment
6.1.6 Favorable Government Regulations
6.1.7 Increasing Use of Mobile Betting Apps
6.2 Challenges
6.2.1 Increasing Gaming Tax Revenues
6.2.2 Data Integrity and Security
6.2.3 Match Fixing and Integrity Concerns
6.3 Market Trends
6.3.1 Growing Popularity of E-Sports
6.3.2 Increasing 5G Adoption
6.3.3 Insourcing of Sportsbook Technology
6.3.4 Growing Popularity of In-play/Live Betting
6.3.5 Consolidation in Online Gambling Market
6.3.6 Platform Universality
6.3.7 Growing Impact of Technologies (AI & ML, AR/VR, and Blockchain)
6.3.8 Increasing Engagement through Social Betting Platforms
6.3.9 Multicurrency Factor
7. Competitive Landscape
7.1 Global Sports Betting Market: Competitive Landscape
7.2 The US Sports Betting Market Players by Gross Gaming Revenue Share
8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/p3qmno
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