According to projections, the market for sports betting would grow at a CAGR of 10.2% from 2022 to 2032, when it is expected to reach USD 84.58 billion. The popularity of sports betting, the growth of digital infrastructure, and the rising use of connected devices all have an impact on consumer demand.
The COVID-19 epidemic had a significant impact on the sports betting industry due to restrictions on sports in most of the world. However, eSports betting helped online sports betting become more popular throughout the epidemic, having a substantial impact on market trends and prospects.
The industry that involves making bets on the results of sporting events is known as the sports betting market. Although gambling has been established for centuries, the emergence of online betting has caused it to develop into a multibillion-dollar industry on a global scale.
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Numerous sports, from mainstream ones like football, basketball, and baseball to specialized ones like cricket, rugby, and even esports, can be gambled on in sports. In addition to the standard pre-match betting, there are live in-play betting options that let bets be placed while the game is in progress.
The market for sports betting has expanded as a result of a number of causes, including the proliferation of mobile betting apps and online betting sites, the relaxation of gambling regulations in some nations, and the rising popularity of sports betting as a respectable form of entertainment.
KEY TAKEAWAYS:
- The online platform segment, which is predicted to dominate the sports betting market with growth at a CAGR of 12.6% through 2032, led the sports betting market in terms of platforms.
- While the eSports betting segment is expected to grow at the fastest CAGR of 14.8% through 2032, the fixed odds wagering segment currently holds a sports betting market share of over 25%.
- Football holds a 23.0% sports betting market share in terms of sports type and is anticipated to grow over time.
- The second-largest sports betting market share was held by the horse racing industry, which is projected to expand at a CAGR of 10.3% through 2032.
- Through 2032, the sports betting market growth in the basketball and baseball segments is anticipated to be close to 10%.
- Around 30.0% of the revenue of the sports betting market was generated in the Asia Pacific region, which is also predicted to have the highest CAGR over the forecast period.
- During the forecast period, the Europe region is expected to exhibit a CAGR of nearly 11%.
- In 2022, Europe held a 37% sports betting market share.
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COMPETITIVE LANDSCAPE:
A new market research report on sports betting says that 888 Holdings Plc; Bet365; Betsson AB; Churchill Downs Incorporated; Entain plc; Flutter Entertainment Plc; IGT; Kindred Group Plc; Sportech Plc; William Hill Plc are among the legacy players vendors.
The research offers a comprehensive competition analysis of these top competitors in the sports betting market, including sports betting market growth, sports betting market share, sports betting market key trends and opportunities, and important sports betting market statistics.
RECENT DEVELOPMENT:
LAUNCH:
A new website on a sports betting platform powered by blockchain technology was launched by Bitgame, a sports betting platform operator with headquarters in Poland, in May 2021. To give users a seamless and engaging experience, the new website combined sports betting and blockchain-secured cryptocurrency.
ACQUISITION:
For US$1.2 billion in cash ($1 billion) and Endeavor Group Holdings Inc.’s Class A common stock ($200 million), Scientific Games sold OpenBet to the US-based entertainment and Sports Company in September 2021.
Key Segments
By Platform:
- Offline
- Online
By Betting Type:
- Fixed Odds Wagering
- Exchange Betting
- Live/In Play Betting
- Pari-mutuel
- eSports Betting
- Others
By Sports Type:
- Football
- Basketball
- Baseball
- Horse Racing
- Cricket
- Hockey
- Others
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